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One Coaching Thing: Day 145: Itemized Money For Your Clients
Day 145: Itemized Money For Your Clients
The greats don’t “do their best”…
They “DO WHAT IT TAKES!”
Good news to report, China’s new infections are close to zero and business there is quickly moving towards normal.
South Korea got the virus under control in short order and they’re moving towards some semblance of normality.
Reality is we have a strange period of time ahead….
But as per yesterday’s message when all is said and done the world will be a healthier, cleaner, fairer version of the world we now live in.
My wife is on Day 4 of her sentence with a bad cellmate… she said to report that she’s doing well under the unfortunate circumstances.
Your ONE COACHING THING Today Is
Something your coaching clients likely need help with right now…
Itemized accounts receivables.
You’ve heard the saying “Cash in King” and never has that been truer than right now for your coaching clients.
Your prospects and high-end coaching clients need to hunker down and watch their cash.
Once cash is gone… it’s gone forever.
I’m in the process of co-writing a new book “Accounting 101 for Business Coaches – How to Easily Find Your Fees Prior to Starting with Your New High-End Coaching Clients”
Have I told you what a pain in the arse writing a new book is?
It’s too important not to write… but I’ll need a head massage once it’s over.
This is part of a section I wrote on managing your client’s cash.
Generalizations murder intelligence.
Your client likely has a line item on their balance sheet that says “Accounts Receivable” and then a single number.
Let’s assume $100,000.
Zero itemization and no single place for your client to go and see exactly who owes money… nor how much.
- Your client needs to create a list of people that owe money (debtors) right now.
- Collecting the money should not be delegated nor delayed during this crazy time.
- They need to prioritize the list for age, amount and probability of collecting.
- A process must be created to ensure Accounts Receivables are tracked and kept current in the future.
Let Play This Out For You
Your prospective coaching clients drive new accounts… follow up with the new accounts… painstakingly close the new accounts… pay commissions on the new accounts… fulfill on the new accounts… pay staff that fulfill on the new accounts… pay for wear and tear on equipment for the new accounts.
But forget to collect the money.
Then get confused when their accountant provides financials that say they’re profitable. But they look in their bank account and don’t have any cash?
Then, of course, the phone rings and they agree to run a new sexy FB ad cause that’s going to fix their cashflow problem.
*whispers softly* yur Momma drop u when you wuz a lil baby or what?!
The level of stupidity required to do this with consistency… is mind numbing.
It’s also why many businesses are tight on cash a whopping 4 days into the CV crisis.
Please take seven minutes out of your day and help your local business owners itemize their accounts receivable.
You’ll end up with a ton of high-end coaching clients.
Profitable ones that can afford to pay you.
You heard it here first.
Obsessed with your business coaching success,
Karl Bryan aka King Karl
PS. Where did all those Bitcoin experts go anyway? Asking for a friend.
PPS. If you’re looking for a proven system to follow for your coaching…. I created business coaching software and high-end step by step training to support it…
It’ll teach you ‘How to find any small business owner $100,000 in 45 minutes without them spending an extra dollar on marketing or advertising.’
Imagine finding your annual $12,000 to $50,000 coaching fees BEFORE you started coaching your new clients?! And a proven coaching system created for you to follow with your new coaching client.
Reply to this post if you want to start following a proven coaching system.
PPPS. Forward this to someone that needs to subscribe to my daily emails and get a limited time, complimentary subscription to my business coaching magazine go here:
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