Are you an advisor or franchise consultant who is strong on operational or marketing issues but struggles with conversations about financial matters? Or are you knowledgeable about numbers but can’t get people engaged in this critical topic?
In this article, we will share our top eight coaching tips for creating financial insights and, most importantly, driving action. Learn how to confidently conduct goal-focused, solutions-oriented, and measurable coaching conversations to jump-start your clients and/or franchisees’ profitable growth.
BONUS CONTENT: Click here to download our “5 Steps & 25 Powerful Questions for High Impact Financial Coaching.”
To help you get in the right mindset, we refer to coaching conversation partners (be they clients, direct reports, or franchise owners) as clients.
Tip #1: Switch from consultant mode to coach mode.
Adopt a mind-set of curiosity, open-mindedness, and collaborative partnership, versus one of subject matter expert, and you’ll be on your way to impactful financial coaching interactions.
This is easier said than done, especially when you have worked so hard to acquire wisdom and are just itching to pass it on! Unlike consultants who are subject matter experts who excel in telling clients what to do, effective coaches lead clients to discover their own solutions by asking insightful and probing questions.
The goal is to get people to act. This is more likely to happen when clients come away from conversations with a better understanding of their current situation and “own” the action plan to address it. And while it may seem easier to tell them what to do (you are, in fact, the expert), when you lead the client to discovery through inquiry, they see the solution as their idea. And people don’t argue with their own data!
Tip #2: Get good at asking powerful questions.
Good coaches excel at asking questions that give clients opportunities to:
- Clarify their understanding of the issues
- Tell you what they believe is important
- Share more than just the facts
Powerful questions give you, the coach, the opportunity to:
- Gather information about your client’s agenda
- Clarify your understanding of the issues
- Connect with/understand the client better
Tip #3: Ask open-ended questions.
Questions that begin with “how, what, when, and where” cannot be answered with a simple yes or no, so they yield more helpful information that goes beyond surface level.
Avoid asking questions that begin with “why”.
Why not ask why?
Asking someone to justify a position can be interpreted as accusatory and may lead to defensive posturing instead of collaborative problem-solving. For example:
NOT “Why are your sales so disappointing?
INSTEAD “What would it take for you to have a high-functioning selling team?”
Tip #4: Be prepared!
Before the meeting, make sure everyone is on the same page.
- How will you know the visit was a success? Clearly define the outcomes you’re after.
- What are the best strategies for achieving those outcomes in the meeting? Develop an appropriate agenda.
- What information will you need to support the agenda? For example: Do you have pertinent financial statements formatted in a decision in a decision-relevant manner. KPIs? Industry and/or System Benchmarks?
- What advance preparation would make the visit more efficient, productive, and impactful? Confirm the responsibilities of all meeting attendees.
- Confirm that everyone is clear on logistics like date, time, and location. Plan for a meeting that will be free from interruptions.
Tip #5: Keep the conversation focused on the desired outcomes:
- Clarify the purpose of the meeting – restate the desired outcomes.
- Confirm the agenda.
- Execute the agenda. Here is a structure that works well for discussing financial results and establishing a profitable pathway forward:
Tip #6: Always (always!) end the meeting with a clear call to action.
Before the end of the meeting, summarize:
- Who will do what by when?
- What are the major milestones (rocks) and timelines that reflect progress?
- Next Steps – Set a date for when you’ll evaluate progress.
Tip #7: Reflect and focus after the meeting
Within a day or two of the meeting, follow up with a quick chat or an email chain for the coach and client to reflect and share:
- Things that went well based on the purpose of the visit
- Goals and commitments agreed upon during the visit
- Define the evidence of improvement – what will confirm we are on the right track?
- Related ideas that came up since the visit
- Things the client wants to continue working on
- Things the coach will concentrate on during the next visit
- Next steps – restate your call(s) to action and confirm the date for next visit
Tip #8: Practice!
As with any new skill, practice, reflection, and observation help you improve. Take the time to assess your effectiveness and seek opportunities to lift your skill sets. Here are some steps and approaches that work well:
- Think about when someone asked you a question that made you dig deep, gain insight, and take action. What was the question? What made it so powerful?
- Set a goal to avoid advising during any conversation for at least one day. (Bonus points to parents of teenagers who can achieve this!). You might be surprised at how often you slip into expert mode.
Don’t get us wrong—consultants don’t need to give up sharing their expertise. But by adding some coaching skills, you can take your financial conversations to a new level; one that makes an impact and drives action.
A Complimentary Resource for You
We hope you’ve found these tips helpful. Here is a link to download our 5-Steps and 25 Powerful Questions for High-Impact Financial Coaching to keep your coaching conversations going strong.
Join Us At IFA 2025 – Gain Valuable Professional Skills and CFE Credits
Profit Soup will be sharing more insights and tools at their CFE Special Sessions, “Level Up Your Financial Coaching” and “Profitable Growth Through Multi-Unit Expansion” at IFA 2025. Register and learn more here.