The tools you need to build your business
Financial skills don’t come naturally to everyone. Many business owners start out with a great business idea, but don’t have a good grasp on the accounting side of things. This can impact on cashflow and slow your growth.
If you’re starting a business, or in the midst of running one, getting your head around your finances is a good idea – even if you have a professional managing your accounts. Understanding basic accounting concepts and financial reports helps you see what’s going on in your business, and gives you the tools you need to make it grow.
Our Financial Awareness Coaching service is designed to support people struggling with the numbers, or trying to do more with their business. It guides you through the basics and gives you the skills you need to keep monitoring your business as it grows.
Understanding and awareness
We talk to many business owners who don’t understand where their profit is going or why they have no cash available when sales are increasing. They may be succeeding in some parts of the business, but they’ll struggle to grow or profit if they don’t know how to manage their money.
Monitoring your credit and debit, balancing your income and expenses, paying taxes, dealing with payroll – these can all be difficult to understand if you don’t have a background in accounting. When you get into concepts like the cash conversion cycle, it gets even more complex.
Financial awareness means keeping your eyes on your business finances at all times, and knowing how to spot potential issues before they become huge problems.
Expert support for ongoing success
Our coaching programme teaches you to keep accurate records, monitor your cashflow, understand your financial reports, and manage your debtors and creditors effectively.
We can help you identify weaknesses and challenges in your business, and find strategies to improve – introducing efficient processes or reducing your overheads, for example. We’ll also help you tailor your reporting to your business, making sure you’re capturing useful, accurate information and putting it into a relevant format.
How our coaching works
One of our experts will go through your records with you every two months, helping you see where your money is coming from – and where it’s going. When you feel more comfortable with your level of financial awareness, you can choose to stop coaching or reduce the number of check-ins. Simply having a regular time set aside to focus on your finances is invaluable for most business owners – but building a strong foundation of financial knowledge is even better.
Keen to improve your financial awareness? Talk to Thrive CA today.