There are a lot of different coaches out there. A sports coach, supporting athletic teams to bettering their game and winning championships. A personal coach, to guide you in creating a life you dream about. A business coach, to help you develop a strategy to keep your business growing.
Once your business is running and you’ve started bringing in regular revenue, have you considered the benefits of a profit coach?
A profit coach can truly change the health and sustainability of your business, something we’ve seen with so many of our clients over the years.
What is a Profit Coach
A profit coach is someone who helps you discover ways to bring more profit into your business. They help you implement systems in your business to make sure your business is profitable. For us at Fit For Profit, that system is Profit First.
But aside from helping you implement Profit First, how can a profit coach help your business?
Holds You Accountable
I know that talking to other people about money can feel sticky, but that’s exactly what a profit coach is for! You’ll set goals together and they’ll hold you accountable, making sure that you’re making the right decisions with your money and making progress each quarter.
Offer New Insights
Great business owners have a lot of knowledge about their industry. And the most efficient business owners know where their limitations are. They know that they can’t be experts in every facet of their business, so they hire help to support them. The support they hire, like a profit coach, can offer new insights to their finances that they wouldn’t have thought of or worked through on their own.
Answer Questions & Provide Support
Most business owners dream of growth. They want to make a big impact and help more people every year. And as a business grows, its needs change. You need new equipment, a bigger space, or more team members. All of this impacts your bottom line, but there are ways to maximize revenue and keep expenses under control. A profit coach can help answer questions around this and provide the support you need to move forward in the best way possible.
Adjust Your Allocations
If you’re using Profit First in your business, as we recommend, you’re going to need to adjust your monthly allocations from time to time. One way to do this is by starting at square one and calculating your percentages like you did when you first started using Profit First. We think a better way is to track your revenue and percentages over time and look closely at trends. A profit coach will do that with you and for you, providing a visual that you can look at together so you can make informed decisions about your allocations.
Find Money Leaks
Have you ever wondered where your money is going each month? You’re not alone. And there IS something you can do about it. Doing a quality expense analysis is important, and sometimes that’s better done with a trusted profit coach. They can help you identify tools you may be paying for twice or that you can let go of entirely, helping you to cut expenses so you can keep more money in your business.
You can’t do it all in your business, and quite frankly you shouldn’t try to.