Your client is facing tough financial decisions. How can you guide them through this challenging process?

Unless I happen to be an expert in this area (which I am not), help them get to the right person to provide expert advice. A great coach knows when to advise a client to seek other input.

1. Listen, understand & learn their story. That's all that matters right now. It's not about you, ever, it's always about them. Figure out the why before you try to find the what, when or how to do it! 2. Educate the client with easy to read and completely free to find information from a trusted and verifiable source (such as: Plan.ProLaunch.ca). Misinformation confuses everyone and educates no one! 3. Help to solve the problem by asking relatable questions that the client may not have ever considered. Debt management isn't taught at elementary school and becoming an adult does not automatically make you an expert. Also refrain from taking advice from a "Financial Advisor" who themselves may not be in the best financial situation as well!

It’s really important to take into account that in business it’s 80% psychology and 20% business. Understanding the clients concerns is the first step because when we worry thoughts take over and they are mostly overinflated “get real” first. Another thing is that the tough financial decisions are likely going to have an impact on their personal life. Listen and have empathy. I would then use a couple of decision making tools and see which one resonates. All solutions suggested are great but this needs to come first. It’s also a big trust builder.

To develop a more effective action plan to specifically address issues of financial fragility, it will be necessary to seek out a corporate finance specialist. A coach is not a financial consultant, unless he or she has experience in this area!

Es gibt die verschiedensten Ans?tze, um Priorit?ten zu setzen. Von der Eisenhower-Matrix (Wichtigkeit/Dringlichkeit) über die Impact-Effort-Matrix (Kosten/Nutzen) bis zur BCG-Matrix (Relativer Marktanteil/Marktwachstum) sind viele Methoden vorhanden. Aber auch eine Kalkulation, eine Aufstellungsarbeit und selbst das Erstellen der intuitiven Priorit?tenliste kann jeweils viele Erkenntnisse liefern. Meine pers?nliche Erfahrung ist es, dass zwar mehrere Methoden im Prozess genutzt werden k?nnen – sogar übereinander gelegt, nacheinander geschaltet und kombiniert werden k?nnen – man jedoch mit einer starten darf. Schlie?lich ist nicht das Ziel des Coachings die Methoden zu maximieren, sondern eine optimale Wirkung für das Anliegen zu schaffen.

Setting a plan and predict all the financial details may help to have ease at this situation however if this would happen ,better to aid them to have distinguish between necessitate expenses and also set the default priorities to have better decisions.

As an expert, I would guide my client through tough financial decisions by first conducting a comprehensive review of their financial situation, identifying key areas of concern such as cash flow, debt, or investment risks. I would then prioritize their goals and evaluate all available options, such as restructuring debt or adjusting spending. Together, we would create a realistic action plan with clear steps to improve their financial position. Regular progress reviews would be essential to adjust the plan as needed, providing both practical solutions and emotional support to help them navigate through the challenges and stay focused on long-term financial health.

If the client assessment throws up this issue then the coach should help them to decide their objectives. In my experience the client will have had a long term goal for their business, and may need coaching to move the needle further along. This will not just be in the case of their budget, as the financial position of the business will likely of a wider impact. The most important thing the client will need at this juncture is help with prioritising in their budgeting. This action will help the client have more clarity for their business going forward.

Many people do not know what their priorities are (which is often why they don’t prioritise areas such as emergency funds). Start with assessing their value system. Your values dictate how you spend and save.

My first job after graduate school was at the New York City Office of Management and Budget and we always had a PEG Program - program to eliminate the (budget) gap. Most of us called it the PIG Program - program to ignore the gap. Either way generating ideas and solutions is critical to fostering a culture that embraces efficiency, trying new ways of working and saving money. Everyone on the same page and rowing in the same direction is the cornerstone of setting all financial goals and changing the landscape.

Oftmals sehen wir nicht all unsere M?glichkeiten, wenn wir vor allem eher emotional in einer Situation verstrickt sind. Genau deshalb ist es - auch bei Finanzen- sehr wertvoll, eine professionelle Person von au?en zu haben, die neue M?glichkeiten aufzeigt und hilft, neue Einnahme- Quellen zu finden und umzusetzen.

Your client is facing tough financial decisions. This is how you can coach them through the process. Help them consider their actions' short-term, long-term, and unintended consequences. Here are a few questions to ask: What are the unintended consequences of their possible decisions? What trade-offs could they consider? You can help them weigh the pros and cons of each option. What are the possible long-term and short-term consequences of their decisions? Are they willing to accept short-term pain for long-term gain? The assistance you provide helps them anticipate the immediate result of their decision and the effects of the decision that may be realized down the road. Your guidance can help them make informed choices.

Si je devais accompagner un client à réfléchir à différentes options, je commencerais par lister avec lui toutes les possibilités. Je le pousserais à produire beaucoup d’idées, des options évidentes, originales, idiotes. Puis nous partirions de cette liste pour chercher ensemble la fa?on dont fonctionne son processus décisionnel. Et en particulier repérer son cadrage, c’est-à-dire la manière dont il se pose ses questions. Un cadrage c’est comme une fenêtre dans un appartement, ?a ne vous donne accès qu’à une partie du réel. Tous nos processus décisionnels sont cadrés, inconsciemment. En sortant de son cadre on peut voir son client envisager des solutions innovantes pour lui. Cela demande une bonne agilité cognitive et un lien de confiance.

Once the options have been evaluated and a course of action has been chosen, it's time to implement changes. This is often the most challenging part of the process, as it requires not only strategic planning but also a strong commitment to follow through. Support your clients by breaking down the implementation process into manageable steps. This could involve setting specific milestones, creating a timeline, and assigning responsibilities. By providing ongoing support and accountability, you help ensure that these changes take root and lead to the desired outcomes. Ultimately, your guidance will enable them to navigate this challenging period with confidence, knowing they have a solid plan in place to secure their financial future.

En la fase de implementación, el apoyo del coach es vital en: 1. Superar obstáculos internos y externos. 2. Ser un "Accountability partner" para asegurar el seguimiento y apego al plan. 3. Ayudar a hacer cambios y ajustes. 4. Celebrar victorias. 5. Apoyar en momentos difíciles. 6. Mantener el enfoque. 7. Ayudar a superar la parálisis y el miedo a actuar.

I agree. In fact, they should not stop here as well. Business excellence should be a continuous process and should get institutionalised even if they attain financial stability. Thats the preventive step they could take so that they do not get into such situation again while they are poised for growth

Implementing changes is the critical next step after exploring options and setting priorities. Guide your client through the execution of these decisions, ensuring they are carried out in a structured and timely manner. Whether it involves cutting costs, streamlining operations, or adjusting the business model, your support is essential in helping them stay focused and maintain momentum during this challenging period. Emphasize that while these changes may be difficult, they are necessary steps toward achieving a more financially stable and resilient future.

As mudan?as devem acontecer drasticamente em alguns casos, fazendo com que o nivelamento das contas se ajustem, e assim poderá o setor responsável pelas vendas, acionar novos clientes para crescimento de faturamento e equilíbrio nas contas e negocia??es efetuadas. A depender do montante a ser ajustado, a estrutura pode conter dentre as negocia??es com fornecedores e prestadores de servi?os, assim como empréstimos novos com intuito de diminuir juros.

When doing similar work with clients, after changes are implemented, ongoing evaluation is crucial. I’d guide the client to regularly review their financial situation to assess whether the implemented strategies are yielding results. Monitoring progress ensures that if something isn’t working, they can adjust quickly before things worsen. By celebrating small wins and learning from setbacks, we can continuously refine their approach.

Absolutely agree that Continuous Improvement and staying on top of the current state is the key. Tracking the impacts will allow for re-prioritisation to ensure the business remains aligned with the strategic goals and that time is not wasted following through activitites that are adding zero value.

Here are three ideas: Set Clear Goals: Help your client define specific and measurable financial goals to track progress and guide decision-making. Review Financial Statements: Regularly assess income statements, balance sheets, and cash flow statements to monitor progress and identify areas for improvement. Implement Budgeting and Expense Tracking: Encourage your client to create a budget and track expenses to establish spending limits and make informed financial decisions.

Monitoring progress is crucial once changes have been implemented. Encourage your client to establish systems for tracking the impact of their decisions, such as regularly reviewing financial statements and evaluating the effectiveness of cost-cutting measures. Ensuring the business remains aligned with its strategic goals is key. Your role is to help them stay accountable and make necessary adjustments, promoting a culture of continuous improvement and sustained growth.

Success is measured not just by the decisions made but by their outcomes. I help clients establish a cadence of accountability, regularly reviewing progress against goals. This includes monitoring key financial metrics, ensuring that the company stays on track and continues to grow smarter and more profitably.

In our capacity of consultants, we should be aware and knowledgable about our customers' aspirations, but also fears, about their achievements, as well as failures. Thus, their companies' financial constraints or problems are not alien to us, and most of the time these difficulties show previous signs within the enterprise that we are advising. I would like to focus on offering support in the form of "uncovering" hidden or not so obvious revenue models, and in the form of innovating the routes to market. It is paramount to override the crisis, by implementing a new approach!

the support that a coach (not a financial advisor) can give in this situation is simply to help client to clarify his vision about himself and his reality in the future, how this is so important for him and which values are behind this decision. Then a good tool might be a scaling of the clarity towards the decision, so to give him the possibility to explore what he needs in order to make a progress in his decision. we just help to think in the way they want to think, we don't give feedback if not requested and we listen without judging.

Supporting your client through their storms is invaluable. Encourage them while defining reality, check in on them outside of scheduled times to demonstrate your true interest.

La gestion du stress est selon moi, le principal outil pour garder sa clarté mentale dans ces situations complexes. Pour ce faire, je lui proposerais de boire un verre d’eau, de revenir à sa respiration et à son corps. L’objectif étant de se détacher du mental qui s’agite, qui panique. Je lui propose de connecter la sécurité de l’instant présent pour quitter le passé qu’il projette. Et seulement après, il pourra mobiliser toutes les stratégies de prise de décision.