Financial Coaching for Small Businesses – What You Need to Know

Do you know what the trend is nowadays? “DIY” or Do It Yourself. Whether a lovely frame or kitchen table or running a business, we love to do it to ourselves! Why? The feeling of achievement in completing a masterpiece ON OUR OWN. However, the real business world is very different. Taking a DIY approach to your business problems could quickly keep or take you down an undesirable path. In fact, DIYing your business problems can  lead you down multiple desperation paths before you reach the realization that the DIY approach isn’t the quickest and most effective path to getting the results you’re looking for:

Desperate for help Level 1: Ask for help with Google, family, and friends. Until you realize the information is completely understandable yet totally generic, so you don’t really know if implementing that advice will be good or bad for your business.

Desperate for help Level 2: Join free community groups. Follow IG and Youtube personalities for tips. Until you realize they are sharing random things, and you may not have that specific issue in your business.

Desperate for help Level 3: Join paid classes in groups because it is much cheaper than 1-on-1 coaching. Until you realize your need is so big that none of the above can help except a FINANCE COACH.

If you’re looking to take your small business to the next level, you may want to consider financial coaching. This means finding a qualified professional who can help you make better business decisions related to money management and finances, ultimately resulting in greater success for your business. In this blog, let’s discover what a business finance coach can and cannot do for you, the typical cost of working with a business finance coach, what to look for in a good business finance coach, and how often you should meet with a business finance coach.


What is financial coaching for small businesses?

Small business financial coaching is a service a financial expert or coach provides to help you, small business owners, manage your finances effectively.

GOAL OF A FINANCE COACH: To provide guidance and support to business owners in making informed financial decisions and improving the financial health of their businesses.


What a business finance coach can and cannot do for you?

Some of the areas that small business financial coaching may cover include:

  • Strategic Planning
    • Developing a strategic plan rooted in achieving your financial goals
    • Goal setting
    • Monthly/quarterly review of your financial hygiene and health
    • Financial process reviews and recommendations
    • Plan monitoring with actual to budget analysis to monitor whether your business is on track or underperforming and highlight where you may need to adjust your strategy
    • Overall ongoing financial strategy analysis and recommendations
  • Fundraising and Raising Capital Support
    • Development of your overall fundraising strategy & approach
    • Defining capital raise amount
    • Pitch deck review and recommendations
    • Financials and financial plan & projections review
    • Financial slide support for pitch deck development support
    • Option to be a part of your investor calls


By working with a financial coach, you can gain a better understanding of your finances and develop the skills and knowledge needed to make informed business decisions while keeping the financial implications top of mind. This can ultimately help you improve your business’s overall financial performance and financial health required to sustainably achieve your financial goals. However, there are certain limitations on what a financial coach cannot do. Here are some examples:

❌ Offer legal advice: Financial coaches are not lawyers and cannot provide legal advice or services to you. They can provide general information about legal issues related to small business finances, but they cannot offer specific legal advice or represent you in legal proceedings.

❌ Provide tax advice: While financial coaches can provide general information about tax laws and regulations, they cannot provide specific tax advice unless they are certified in this area. A good finance coach that wants to see you minimize your tax liability will recommend that you seek the services of a tax professional who studies taxes as their profession if you need specific help with your taxes.

❌ Sell financial products: Business financial coaches typically will not sell you financial products to ensure they remain independent.


What is the typical cost of working with a business finance coach?

The fees charged by financial coaches can vary widely depending on a number of factors, such as their level of experience, their geographic location, the scope of services they provide, and the type of clients they work with.

Ultimately, the cost of financial coaching will depend on your specific needs and goals, and it is important to discuss fees and expectations upfront before committing to working with a financial coach.


What to look for in a good finance coach?

Choosing the right financial coach can be crucial in achieving your financial goals. Here are some important factors to consider when looking for a good finance coach:

✅ Qualifications and experience: Look for a financial coach with the appropriate education, training, and experience to provide high-quality coaching services. Consider their certifications, professional affiliations, and years of experience in the field.

✅ Communication skills: A good financial coach should be able to communicate complex financial concepts clearly and understandably. They should be able to listen actively, ask insightful questions, and provide practical advice tailored to your specific needs and goals.

✅ Personal fit: Choosing a financial coach who you feel comfortable working with and who understands your unique financial situation and business finance goals is important. Look for someone approachable, supportive, and has a coaching style that resonates with you.

✅ Track record: Consider the coach’s track record of helping business clients achieve their financial goals. Look for testimonials or case studies from previous clients and ask for references to understand their success rate.

✅ Services offered: Consider the financial coach’s range of services and whether they align with your specific needs and business goals. Some financial coaches specialize in specific areas, such as financial planning or fundraising, while others offer more general financial coaching services.

✅ Ethics and professionalism: Look for a financial coach committed to ethical and professional standards, such as confidentiality, transparency, and client-focused service. They should also have a clear fee structure and be upfront about their policies and procedures.

Choosing a good finance coach is about finding someone with the qualifications, experience, and communication skills to help you achieve your financial goals while also being a good fit for your style and business needs.


How often should you meet with a business finance coach?

The frequency of meetings with a business finance coach will depend on several factors, such as the scope of services provided, your financial situation’s complexity, and your individual needs and goals. Meeting with your business finance coach at least once a quarter to review your progress and make any necessary adjustments to your plan is recommended.

However, the frequency of meetings may be higher or lower depending on your specific needs and goals. It is important to discuss the frequency of meetings upfront with your coach and establish clear expectations for communication and follow-up.


How to find one?

It is important to note that the cost of financial coaching should be viewed as an investment in your financial future and the longevity of your business. The value of the services provided should be weighed against the cost. It is also important to consider the qualifications and experience of the financial coach, as well as their track record of helping clients achieve their financial goals when evaluating their fees.

If you need a strategic finance leader outside of your small business to provide top-tier finance, business, accounting, and financial operational guidance for your business, Marguerite Pressley Davis is your woman!

Explore who she is, her services offered, the success she’s helped her clients achieve, and all the amazing things she has contributed in the financial coaching field for small businesses here!