‘Business coaches’ promise seven-figure plans for success, but don’t overlook your accountant
Social media feeds are full of business coaches promising ‘seven-figure’ success, but the role of an accountant is often overlooked.
If you’re anything like me, you’ve seen “I’ll help you build a six-figure or seven-figure business” plastered across every business coach’s social media feed for the past few years.
Or if you’re an accountant like I am, you’ve lost count of how many times a client has said to you: “I’ve just signed up with a new business coach. She’s going to help me to get to seven figures.”
But here’s the question nobody seems to be asking: Is aiming for seven figures really the right goal for their business?
What if six figures would actually give them the profit they need? And who’s considering the tax implications and tax planning? I could go on, but you get my point.
I’m all for enthusiasm, but whatever happened to setting tailored, informed goals? Not just shooting for arbitrary milestones like six figures or seven figures in revenue?
Business coaches vs accountants?
I’ve been noticing this trend for years: a sort of blind faith in the transformative powers of business coaches, while the invaluable strategic guidance provided by business accountants is often treated as an afterthought, or even a necessary evil.
For many business owners, investing in a business coach is seen as investing in the business’ growth, while your accountant’s fees are often seen as just another expense.
Don’t get me wrong: I’m not here to rag on business coaches. Some of my friends are coaches, many of my clients provide coaching services, and I’ve been through coaching programs myself.
My point is this: while business coaches undoubtedly have their place and can play a powerful role in motivating business owners, helping them move past mindset blocks, as well as giving them a business roadmap, community, and accountability, they shouldn’t overshadow the essential work that accountants do and the value they can bring.
It’s not a matter of one versus the other. We need to work together.
Accountants need to tell their success stories
Credit where credit is due: business coaches have done an excellent job of marketing themselves, which is something accountants could definitely learn from.
They are masters of saying, “I can help you get to where you want to go”, which is usually where they have also been. It’s relatable and inspiring.
In this environment, accountants must do a better job of highlighting their strategic value and proactively engaging with clients beyond just completing BAS statements and crunching numbers.
It often doesn’t come naturally to us, but it’s something we must get better at because the results of our work — though often hidden — are indispensable to the success of businesses around the world.
Take my client Sophie Margetts, the founder of Socoh Salon, for example. When she opened her second hair salon, it wasn’t a shot in the dark or part of some grand master plan concocted with her business coach as part of her plan to hit “six or seven figures”. It was the result of meticulous business planning and strategising, done hand in hand with her accountant — yours truly — over two years.
It simply could not have been planned and executed in a three-month coaching container or ‘Mastermind’ with a business coach. It involved cash flow management, tax planning, compliance, and market analysis that stretched far beyond the scope of a coaching relationship. Every aspect of Sophie’s expansion required careful attention and expertise that only an engaged and dedicated accountant could provide.
As it should be, my role went beyond the numbers to being a trusted confidant and strategic partner in Sophie’s expansion.
It’s a crying shame to think of how many business owners miss out on these crucial conversations, leaving opportunities on the table and hindering their potential for growth.
Then there’s the client of mine who was stuck in the wrong business structure, drowning in debt. With the right guidance and accounting advice, we turned their fortunes around in six-to-12 months. They couldn’t believe it.
We must do better at telling these stories and we must demonstrate the strategic and tangible value we bring to the table.
Give your accountant a call
So, if you’re a business owner, call your accountant.
If you have developed a plan or strategy with your coach, run it past your accountant.
If you don’t already have an ongoing dialogue with your accountant beyond BAS preparation or end-of-year, it’s time to initiate one.
If you don’t feel heard or supported in your financial decision-making, it’s crucial to address this with your accountant or maybe it’s time to find a new one.
And accountants, take note: clients want more than just compliance these days. They want a proactive partner who understands their goals and can provide strategic guidance to help them get there. Perhaps then, they won’t feel the need to splash so much on coaching.
And lastly, business coaches, here’s a friendly reminder: when it comes to financial decisions, goals and growth targets, please encourage your clients to chat with their accountant.
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