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Reasons to Hire a Financial Coach for Your Startup Business

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StrategyDriven Starting Your Business Article | Reasons to Hire a Financial Coach for Your Startup Business

In today’s market and economy, starting a new business can be an exciting but risky thing to do, especially since many starting businesses are sprouting almost everywhere. Fortunately, there are financial coaches who can help you establish your business, not just in terms of finances, but also in fixing issues related to personal development and business growth.

Financial coaches also know your business’ field and its best interest, which are required for you to develop and grow your business. Hiring a financial coach can give you advantages over your competitors and will give you a great headstart in dominating the market.

What Is a Financial Coach?

To emphasize what a financial coach is and what they bring on the table, a financial coach is someone capable of helping you handle and learn necessary money management skills. Of course, that is only skimming the top as financial coaches have a lot of tricks up their sleeves that are important in growing a business.

Their specialty in money-making and managing skills is a great help if you are having difficulties managing your money or business in general. Whether you are making a mess out of financing in your startup business or are struggling with debt, a financial coach can help you alleviate your immediate or recurring problems. They can help you make decisions that will make your business go in the right direction.

Simply put, a financial coach’s primary goal is to empower your critical thinking and money management skills in both a personal or business setting. Here are some great benefits you will get when hiring a financial coach.

Learning How to Set Goals

Ask yourself: what do you want to achieve with your business the next year or more? If you don’t have a clear answer to that question, you will have a hard time formulating a plan and taking the right steps. For many small and startup business owners, it can be hard to develop realistic, practical, and measurable goals, especially in terms of financing. That is why it is beneficial to hire a financial coach business expert.

Financial coaches, especially those who have knowledge in business, can collaborate with you to set realistic goals that can be attained in practice. They stand by the acronym SMART: Specific, Measurable, Achievable, Relevant, and Timely. With these values in mind, formulating financial goals that can be attained through practical means will be easy.

Sustainable Support

Financial coaches do not only support you through your journey, but they also see you through the end of your goals.

There are two common scenarios once a new company experiences little significant success: they either stabilize without much growth or implode because of the demand and workload. Financial coaches make sure that your business can handle its finances while growing smoothly and steadily.

Financing Insight

Of course, financial coaches will not be called such if they don’t help you with your finances. As a business owner, you are responsible for a lot of things, including finances. That said, it will be a struggle for you to balance these things. With a financial coach, you will worry less about your finances.

One of the things financial coaches are good at is creating a significant financial picture. In simpler terms, this is a visualization of your business money flow, gains, losses, and potential currently and in the future. This will teach you to monitor your gains, allocate your profits to the right place, and monitor the flow of cash while they advise you on what things you should do and prioritize.

Understanding in Market Trends

Since financial advisors are experts when it comes to financial matters, expect that they have excellent and a deep understanding of market trends. Having a financial advisor on your side means that he/she will help you to get the right information as to how to run your business according to what’s in demand or the current trend in the market.

Also, given a financial advisor’s knowledge and skills, he/she can comprehensively answer all of your financial questions. This will help you understand how to conquer the market by taking advantage of the current trends.

Takeaway

Whether you are looking for financial help or only looking to learn new insights and money management skills, or even looking for support and guidance, a financial coach can help you with that, along with critical thinking, prioritization, and decision making. Not only that, but the lessons you’ll learn with your financial coach can be helpful to your company in the future. As a business owner, your focus should be on improving your business and yourself as a whole.

About the Author

StrategyDriven Expert Contributor | Lauren CordellLauren Cordell is a writer with a passion for business and finance. She likes to write just about anything related to growing business and making money. When not busy working, Lauren spends her time reading her favorite novels.

5 Money Management Tips for Entrepreneurs

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StrategyDriven Managing Your Finances Article

As an entrepreneur, you know how important money management is. Both inside and outside of the workplace, it can be the difference between struggling to make ends meet and paving your way for financial success. What’s more, it can be the difference between making and losing a profit. For this reason, money management simply must be a skill that you work on and try to become well versed with regards to.

If you feel that your career as an entrepreneur is being held back by a lack of knowledge on your part in the art of money management, then make sure to check out the five pieces of advice below.

1. Establish personal financial goals and steps to reach them

In order to turn over a profit in your career and grow your entrepreneurial portfolio as a result, you must, first, be able to manage your money on a personal level. Well, if you can’t look after your own money, how are going to be able to look after a business’s or even another person’s?

To learn how to look after your own money, you should establish some personal financial goals. It means setting targets and being proactive in the steps that you take to reach them. Whether this means aiming to have a specific amount of money saved by a particular time, or whether this means spending a certain amount in a week, you should set your targets and put plans into place so that you can reach and hit them. By becoming well versed in the art of goal setting and step taking as a person, you’ll succeed as an entrepreneur because these are skills that are exchangeable.

Something else that you should do on a personal level is to know what your credit score is. You’re never going to get anywhere as an entrepreneur if you don’t know what your rating is. What’s more, you could actually be held back from making future investments based on past discrepancies. It means that knowing where you stand with regards to credit is essential.

2. Get educated

If you want to become a genuinely great manager of money, then you need to educate yourself financially as often and as fervently as you can. It doesn’t necessarily mean taking a course in finance or accounting; this just means throwing yourself into tasks in which you have to be on the ball in a financial sense to stand any chance of success.

A good first port of call is to throw yourself into the deep end with investing and stock markets. By learning all about what it takes to study and manipulate ever-changing financial markets, you will soon understand how to stay afloat financially no matter what financial fiasco comes your way. By educating yourself in regards to bull and bear markets and what kinds of investments can and should be made within them, especially, you will set yourself up for a lifetime of financial strength and longevity. In this instance, you should check out Dr Kent Moors stock picks, specifically the information that details oil investment, as this will help you to have a better grasp on what, how and when certain investments should be made.

3. Learn to crunch numbers

By learning how to crunch numbers, you will be able to make sense of every financial figure that comes your way, which means that you’ll never be left dumbfounded by anything that you come across, and you’ll find yourself missing out on profit far less. To learn how to crunch numbers and reach financial figures easily, spend as much time as you can with your company’s accountants. Also, you could try playing games that rely heavily on one’s ability to read and understand financial patterns, one such game being poker.

Learning how to crunch numbers will also benefit you in your quest to become a great marketer. This is because number crunching will teach you what it takes to translate the impact of trends and then turn them into tangible results for yourself.

4. Become well versed in the art of organization

You’re never going to become an entrepreneur that has a reputation for being great with their money if you aren’t good at organization. It doesn’t just means learning how to organize your money, either. You should treat organization as if it is a way of life. You should know where everything is at all times, and you should know where you have to be at all times too.

In regards to chronicling your financial information specifically, start by organizing everything into categories. Put information of the utmost importance and outgoing payments that are deemed urgent at the forefront of your financial plans, and sums that can afford to be left unattended for a while on the back burner.

5. Find yourself a mentor

If you aren’t a professional accountant or financial advisor, you will struggle from time to time when it comes to money management. Sometimes you’ll feel like you can’t keep up with all of your monthly outgoings and incomings, and sometimes you’ll spend far more than you can afford to. To stop yourself from inflicting irreparable damage on yours or your business’s financial status, you should find yourself a mentor who can guide you. It could mean working alongside an accountant at your firm, it could mean hiring a financial consultant to help you from time to time, or it could simply mean talking to an older friend or relative of yours that has some experience in equity and asset holding.

If you want to be a successful entrepreneur, then learning how to manage money is an absolute must. To do this, you should ensure that your personal finance is as strong as it can be, you should educate yourself with regards to investment, you should learn how to number crunch, you should organize yourself in a business sense and as a person, and you should align yourself with a mentor. By doing all of this, you’ll be well on your way towards being able to handle even the largest sums of money. Lastly, don’t forget to check out https://www.moneyexpert.com/za/ for all the best deals for helpful financial purchases from loans to insurance for your business.

Dealing with Payroll for Small Business Owners

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StrategyDriven Managing Your Finances Article | Dealing with Payroll for Small Business Owners

Single touch payroll is one of those essential tasks that small businesses must undertake, but it can be a confusing and time-consuming process. The basic principle is straightforward enough – calculate the gross monthly earnings of your employees, then subtract deductions to arrive at a net figure. Inevitably it isn’t as simple as it sounds, and you need to be aware of every detail and produce 100% accurate net figures. If you don’t yet have small business accounting software, here is how you can understand it.

Deductions

Statutory payroll law states that the employer must retain this deduction and transfer the money to the relevant tax office. Statutory deductions include federal income tax, social security tax, Medicare tax (with an additional percentage for high earners) and state income tax. There will also be local taxes that come under the statutory umbrella, such as city and county taxes, plus school district, state disability and unemployment insurance.

Voluntary deductions are agreed with the employee and cover employment benefits such as health insurance, life insurance, retirement plans and stock purchase plans. It also includes any job-related expenses, for example, uniform, meals and union subscriptions.

Employer’s role in tax collection

It is essential that every employer keeps records of their payroll accounting and adheres to the law regarding tax deductions. It is the duty of the employer to deduct the correct tax amount from the employees’ wages and ensure that it is transferred to the right tax agency. To maintain comprehensive accounts of all monies dealt with, the employer must produce reconciliation reports, file payroll tax returns and include all payroll expenses in the company accounts and financial reports.

Taxes paid by the employer

In addition to the taxes an employee pays, the company must contribute to payroll taxes. These are payable in addition to an employee’s earnings and include social security, Medicare, federal unemployment taxes (FUTA) and state unemployment taxes (SUTA).

The importance of good record-keeping

Make sure your payroll accounting is kept meticulously recorded and up to date. Taxes need to be paid on time, and the mandatory forms filed when due. These forms include the annual federal unemployment tax return, the employer’s quarterly payroll tax return, the annual return of withheld federal income tax, and the wage and tax statements form. As well as federal requirements, employers also have to file reports with state and local agencies.

How do you run your payroll accounting

Large businesses can employ payroll experts or even entire teams to take care of all aspects of payroll. Small businesses often don’t have trained personnel, and with payroll being a crucial factor in running a legitimate business, the responsibility needs to be taken on by someone with the knowledge and abilities necessary to ensure that standards are being met. Small business owners often need to learn new skills, and this can often be facilitated by researching the topic on the Internet. For many needs, as long as you are careful to check that your sources of information are authoritative and reliable, then the knowledge you wish to obtain can be found quite easily. However, the skills required to run a well-managed payroll operation will not be so readily acquired using the same method. The intricacies of payroll and possible complications require professional training if you want to be confident you won’t end up in a payroll tangle further down the road.

Learning to run the payroll

The American Payroll Association runs courses on payroll, and offers virtual study options as well as having training suites in most major cities. The study can lead to Certified Payroll Professional (CPP) and Fundamental Payroll Certification (FPC) qualifications. It could be a good option if you wish to master the art of payroll for yourself or have a member of staff that is suitable for the role.

A less formal option might be to enlist the help of friends, family or anyone else who understands payroll and could help you with keeping records and doing tax returns to the required standard. It could be a good option if you only have one or two members of staff and limited resources. It cannot be stressed enough, however, that whoever you ask for help must be an expert, not just a buddy from the office next door who says he knows all about payroll! Make sure your adviser is qualified and can prove their expertise. Payroll is far too important to get right to trust it to just anyone.

Not learning to run the payroll

You may not want to spend your precious work time doing payroll, let alone learning about how to do it properly. If you don’t have the time or inclination to do it yourself, one option is to outsource. Outsourcing has become a popular choice for many discrete business functions and is a good way of getting aspects of your business taken care of professionally when you don’t have the skills or availability to do it yourself. If your business needs you to bring in sales leads and meet with clients in order to generate business, then that is what you need to devote yourself to. The business is likely to make more profits with you acting in your strongest role rather than spending time doing payroll, which could be accomplished more cost-effectively with outsourcing. Choose your outsourcing company carefully to ensure you get the highest standards of service. This option sounds expensive, but it needn’t be. It is perfectly possible to find a Cheap Payroll Service that will do a good job for you, so don’t assume it will be too costly.

Payroll matters

The thought of tackling payroll may make you groan, or induce a headache as you contemplate the lists of tax percentages, welfare contributions and complicated calculations. The key message here is that payroll is vitally important, and it won’t go away. However much you might dislike it, it has to be done. Spend some time assessing which solution is most suitable for you, your staff and your company. Decide the method you want to use to tackle your payroll, put a plan into action, and then quit worrying about it.

Energy Saving Tips | How to Reduce Bills

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StrategyDriven Managing Your Finances Article | Energy Saving Tips | How to Reduce Bills

A recent study shows that energy usage in the United States is doubling every 20 years. If you are like most homeowners, reducing the amount of energy your home consumes is something you are passionate about. Luckily, there are a number of things you can do to conserve energy and save money.

However, implementing the changes needed to reduce home energy use can be difficult. In this article, we will discuss some methods you can use to conserve energy and save money.

Make Sure You Are Getting the Best Energy Rates

One of the main things you need to focus on when trying to reduce monthly energy costs is getting the best rate. In states like Texas, the energy sector has been deregulated. This means that the energy providers in this state are competing with each other for business. This level of competition can help you get cheaper electricity rates.

By taking the time to compare the various rates being offered by providers in your area, you can get a much better deal. Ignoring the need for this type of research may result in you paying too much for your home energy needs.

Check Your HVAC Air Ducts

Finding sources of home energy waste will usually require you to perform an audit. Inspecting the various parts of your home can help you see where problems exist. During this audit, you need to pay close attention to the condition of your HVAC air ducts. If these ducts are filled with dust and dirt, it will be hard for air to pass through them.

The longer this problem is left in place, the harder your HVAC unit will have to work. Not only will this result in higher than normal energy bills, it can also lead to the unit being damaged. Hiring professionals to clean your ducts is a great way to keep your HVAC system efficient and reliable.

Control the Amount of Natural Light Entering Your Home

During the summer months, temperatures inside of your home can get pretty hot. As a homeowner, it is your job to find ways to reduce the amount of heat that enters your residence. If you leave your blinds open or have curtains made from sheer material on your windows, a lot of natural light can enter your residence.

The more natural light you have entering your home, the higher the temperature will get. Rather than putting your HVAC unit in a bind, you need to work on controlling the amount of light entering your home. The best way to do this is by investing in blackout curtains. The money paid for these new curtains will be worth it considering the energy they can help you conserve. Just be sure to find blinds suited to your windows, such as blinds for large windows for instance.

Invest in Solar Energy Solutions

If you are trying to make your home more environmentally friendly, investing in solar energy solutions is a great option. With the addition of things like solar panels and solar-powered water heaters, you can save money and reduce your dependence on fossil fuel-based energy. Most homeowners fail to realize just how much energy their electric water heater wastes. With the addition of a solar-powered water heater, you can get the consistent supply of hot water you need without relying on fossil fuels.

Solar panels are also a great addition to your home. Allowing professionals to install these panels will allow you to avoid mistakes.

It’s Time to Take Action

Using any of the suggestions in this article can help you save a lot of money and energy. With the help of professionals, making these energy-efficient changes will be easy.

4 Things You Should be Looking for When Picking a Contract Management Solution

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StrategyDriven Managing Your Finances Article | 4 Things You Should be Looking for When Picking a Contract Management SolutionBad contract management costs companies in many different ways, and it exposes them to unnecessary risks. This is why contract management is essential to the long-term success of your business. Fortunately, there are many contract management systems on the market to choose from. The challenge is finding the right one for your business’ needs. Here are four things you should be looking for when picking a contract management solution.

Ease of Use

Many firms are reluctant to adopt a contract management system because of the time, money, and effort involved. When picking an option, you aren’t just spending money on a software application and its support, you also have to train people how to use it. This is why ease of use is one of the top factors to consider when researching contract management systems.

Lifecycle Management

Before you start shopping for contract management software, it is important that you understand what contract lifecycle management is and how important it is. It isn’t enough to have a decent data repository. You need a system that manages contracts from initial negotiation to completion. This ensures that salespeople present contracts from approved templates, have any changes to the standard contract approved, and save the final version in an accessible database.

The ideal contract management system ties into your task management system and email servers. This allows your legal department to know what contracts need to be reviewed as soon as possible and how much work is in their queue. Salespeople can also look up the state of the contract, and the system may send a final version of the contract to the customer for approval or just their own records. The best contract management systems notify management when contracts are up for renewal or may no longer be legally valid.

The ideal contract management system is customisable, allowing you to integrate it with your finance, customer relationship management, and enterprise resource planning system. Then your customer support staff can view a customer contract when someone calls in with a complaint, and approved contracts automatically feed into your financial planning systems.

Collaboration and Sharing Capabilities

A good contract management system should allow you to create, assign, manage, collaborate, and execute in minutes instead of days. For example, a good tool would allow a salesperson to upload a draft contract to the repository and have it available for legal review within moments. Team members should be able to share relevant documents and discuss them in real-time, and approval should arrive within minutes of legal signing it off.

Risk Management

You should also make sure that the contract management tool you choose has risk management capabilities. For example, the tool may notify you when contracts expire so that you don’t continue to work without a valid legal agreement in place. Or it may warn you when there are risks associated with various contracts. Not all contract management systems have legal analytics built-in but knowing when contracts are now null and void due to changes in the law allows you to work on mitigating that risk or renegotiating the contracts.

Email and spreadsheets aren’t good enough for managing your contracts. Choose a contract management system that streamlines your administrative processes, manages risk, and provides the legal protection you expect from your contractual agreements.