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What Can an Oklahoma Small Business Coach do to Improve Your Financial Forecast?

By Jamie Ward, CPA

When you look into the future of your business, what do you see? If the vision is murky, a small business coach could help clear things up.

Business coaching guides you toward assessing your company’s goals and developing a step-by-step approach to accomplishing them. Even if your business is already successful, a coach helps you take it to the next level.

Here are some ways a small business coach could improve your financial forecast.

Starting or Buying a Business

When you launch a new business or buy an existing business, there’s immediately a huge checklist of details to deal with: hiring, payroll, taxes, debt, renting or buying a building, and all of the daily bookkeeping, just to name a few.

A small business coach can help you prioritize your to-do list. They’ll identify the most urgent and important issues, so you can avoid mistakes that would put your new venture at risk.

A coach always thinks proactively, which is a big help during a stressful time. They can help you continue to see the bigger picture, even when you’re managing a lot of small details.

Handling Fast Growth

Is your business experiencing fast growth? That’s terrific - but it means you might need extra help managing everything during a busy time, when things can easily fall through the cracks.

Rapid growth means rapidly-growing needs. You’ll need at least a few of the following things:

  • More space
  • More staff
  • Better revenue management
  • Better expense control
  • Investment in materials or equipment
  • Legal protections
  • Tax and accounting advice

A small business coach can direct you to resources that will address these issues and ensure your expansion goes smoothly. They can also tip you off to things that could save serious money along the way, like tax deductions that apply to small business purchases.

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Surviving an Audit or Lawsuit

If your company is facing a serious legal or financial situation, a small business coach can provide a voice of reason during the upheaval. You’ll still need an attorney or accountant to advise you on the specific matter, but your coach can help you cope.

For example, let’s say you’re being audited by the IRS. A tax attorney or CPA can provide expert guidance on the tax issue and help you communicate with the IRS.

Meanwhile, your small business coach can help you understand how the audit will affect your day-to-day business and manage its fallout for your staff. They can help you minimize the impact and survive the situation successfully.

Understanding an Evolving Business

When you own a business, things often go in a direction you don’t expect. Maybe you suddenly see huge sales from a product or service that isn’t your main focus. Maybe one of your locations is wildly successful, while another is on the verge of failure.

A small business coach can help you analyze your total business picture and understand how things are changing. As your business evolves, they help you leverage new opportunities for the best outcome possible.

Finding a Small Business Coach

Does your company already have an established relationship with a business coach? If not, look for a coach with a robust set of business qualifications and a proven track record.

Ascension CPAs & Consultants is a full-service business coaching company that improves financial forecasts through accounting, bookkeeping, payroll, taxes, planning, and CFO services.

We can reduce the tax burden your company faces and provide accounting consulting services with a personal touch. Call 405-759-2796 or use our contact form for a free consultation.

All In One Accounting Solutions for Small Businesses

Tags: Accountant, CPA