Small Business Talk For Coaches

The Podcast To Transform Your Coaching Passion Into A Thriving Business.

24 Business Tips for Coaches: Part 3

Show Notes

So this is the third part of our 24 Business Tips to Coaches. So what’s been your favorite tips so far? We’ve had 16 so far.

17. Setting a Budget

So when you have your business money what do you do with it? Mike Nichols writes from Profit First says it’s like a Thanksgiving plate. You have it all come in, and then you let everybody just dig out of that mine plate. Or do you start serving it up into smaller ones? So what do you do with your business money? How do you make sure that you keep some for tax? Do you have the budget so that you can go “okay I want to buy that new shiny object? Have I got the money for it? “ Or is it just all in one pool?

And then if you are separating it out, are you making sure that you’re putting different things for different areas? Do you need to upgrade your computer? Is there another training that you’d like to do? Do you have the money for that? Are you saving for that? Is that something that you’re going to give yourself as a treat when you’ve got your first ten clients, your first 100 clients?

When you’ve made that group, whatever it happens to be. So thinking about budgeting and what you can spend way. Because if you’re anything like me, if I’ve got lots of money, I tend to buy things that I shouldn’t. But if I constrain it down means at the end of the year, I’ve got money for tax and it’s not a problem.

I’ve got money that I’ve put aside for training. I’ve got money for going to conferences and traveling. Making sure that you’ve got all those different little buckets so you can budget, and then you can decide whether that must have is a really needs to be a must have, or is it a save for next year, or is it something that might be really don’t need at all?

18. Planning For Your Tax

Now, if you like most countries in the world, Australia in particular, we pay tax in arrears. So we’ve already earnt that money before we have to pay tax on it.

Sometimes if you do pay, you might pay in advance but generally you pay it in arrears. So, your tax money this year is probably what you weren’t last year. So quite often we end up with this sort of lag time. So, making sure that you’re planning for your tax now. So that might be putting that money aside said you’ve got more than you need.

But it also might be looking at different strategies about reducing your tax or buying things in a taxable year so that you can claim them. Now, I’m not a bookkeeper or an accountant. So you would need to speak to somebody about that. But just having the planning can be really, really important. So Episode 197 episode: Why Business Owners Find it Difficult to Manage their money with Amy Bett, because now she’s a profit first professional and had lots of great tips.

We had a wonderful gig at session, and that was why we ended up doing Episode 200: of The Big Celebration. So maybe episode 200 might be one to check out as well. Not specifically on tax, but it was about future proofing your business. So that’s definitely a great resource for you.

19. Ask for Help

It can be a bit overwhelming to as coaches we know we need to have a coach. But do you have one now? Is that somebody you need to ask for help for? Sometimes just verbalizing and getting it out there is what you need to do. Sometimes it could be getting a small team or getting a VA, starting to get those people that can help you so that you’re doing the thing that you need to be doing.

Your genius, the thing that’s going to make you the most money. We think that we can do everything and we should be doing everything. As Dan Mantell says, are you doing the hundred-dollar task? So if your hourly rate is $100, are you doing the task of that? Or are you doing things that you could be delegating at and having done for far less so that you can get on and do your $100 task?

So listen to Episode 244: Need help? That was a great episode for you to check out. Episode 241 Courageous Transition From Corporate to Entrepreneurship. That was also a great episode with Carmen Sederino. So, check that one out too. And maybe Episode 237: How to Manage Then Remove Your Negative Beliefs With Anne McKeown because sometimes negative belief is around we can do it all and we don’t need to ask help.

20. Updating Your Database

They say the money is in the list. Do you actually have a database? Are you keeping in contact with your people or is it full of people that just aren’t interested in your services anymore? Is it an old corporate database that doesn’t relate to what you’re doing now?

Are you sending out emails to people that are just not interested? Are you not sending them at all? What does your database look like? Is it working for you? Do you need to update that? So here are some resources to look at there.

Episode 243: Rule of 1
Episode 231: Irresistible Offer
Episode 210:  Future Proofing Your Business With Cathy Smith and Jackson Millan

That was a great one to check out. And he talked about lots of other things, but databases is definitely one thing that you need to look at.

21. Consider Modern Buying Methods

Are you spending all your time running around trying to invoice people, trying to get them to pay after the fact? Can you set it up so that they pay beforehand? Do they need to have a payment plan? Can you use some of these payment plan systems so you’re not physically having to invoice every month, every week chasing it up. Some of these ones you get paid upfront and then they deal with that. So, what kind of payment system do you have and do you need to be taking payment plans at all?

Is it a case that you’re only going to work with people that value your services, have the money and campaign now? Controversial, maybe, but that’s something you need to think about. But how much time are you spending chasing up, invoicing, doing those payments all the time. And then if you have a bad experience with a client or you’ve had to give them a bit of hard luck, is it really difficult to get the last of your money?

What kind of payments systems can you use? Are you doing the calendar where they immediately pay right there and then?

22. Hiring The Right People

Are you hiring the right people? As Dan Mantell says, “are you doing that hundred-dollar task?” We talked about that before, but making sure that you are delegating and getting the right people to come and help you and that you’re not micromanaging, that is on you.

So, systems are a great thing to have. So, making sure that you’re using your systems. Did a great interview with David Jenyns on SYSTEMology and making sure that you are doing that the right training, giving them that the best goes not micromanage chain. Listen to Episode 093: What Most System Owners Will Never Understand About Scaling Their Business with David Jenyns. Sir Henry Ford said there’s only one thing worse than training your employees and then leaving is not training them and having them to stay.

So make sure that you are giving them the best opportunities. Now, we haven’t done anything on these for a little while, but there’s still some great resources. Below are the lists:

Episode 116: How to Employ the Right Person for Your Business
Episode 027: It’s Time to Scale Up – How To Engage Virtual Staff with Esther Anderson
Episode 09: Tips on Employing Your First Employee with Jo Alilovic

23. Meeting Your Team

Making sure that you are meeting up with them regularly, particularly now that quite a lot of us are doing remote staff. So, whether that be a contractor in the same country or in a different country, making sure that everybody feels like a team so they know your why.

They’re all traveling in the same direction and they know each other. Keeping people in silos is not good. We learned that during Covid. Making sure that you are incorporating your team and having them trust you, telling them what’s going on, why are you doing certain things can make such a big difference. Here are some resources for you:

Episode 195: How to Motivate Your Staff to Want Them to Stay with Karen Chaston

To want them to stay. To get them to buy into your vision. So that’s a great one. And now we’re up to the very last one.

24. Be Grateful

Be thankful even when you’re having a bad day. You might go, oh, it’s so bad. Nothing could happen today. But if you write down five things that you’re grateful for, you might find out that it wasn’t such a bad day at all.

It was just that one little thing that happened. The dog barks, or you knocked over your tea or your coffee or spilled something, but the rest of the day was actually okay. So sometimes writing those small things down and being grateful really does make a big difference. So, I am grateful for my team, especially for Luke, for editing all this as it hasn’t been the easiest thing.

Doing 2040, it sounded like a great thing, but having to remember them and checking them out and then having to radio a few. But that’s okay. That’s what we’re grateful for. And having a team to support me, that’s amazing. Can’t do what I do without my team. So, to the team at CATCO Enterprises, to the team and Cathy Smith Coaching and also to Small Business Talk for Coaches.

I really do appreciate you guys and I am very grateful for all of you. So what are you grateful for? And a few resources there to check out.

Episode 220: Aligning Passion, Values & Purpose to Your Business With Liz Del Borrello
Episode 228: Power of Personal Connection With Cathy Smith and Lisa Brandis

So make sure you check out those ones as well


24 Business Tips for Coaches: Part 3

So I hope you’ve enjoyed these 24 tips. You’ll go back and check them out and do some implementing because as I said before, learning is great. But if you are not implementing, then why are we doing it? So I look forward to seeing you in the next episode of Small Business Talk for coaches.

Listen to the full episode of Small Business Talk episode 247.

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