What I see successful coaches doing differently with their finances

Working with coaches and consultants, I've noticed a pattern: the ones who are able to grow their business consistently don't necessarily work longer hours or have more clients. Instead, they manage their money differently.

Here’s what they do that sets them apart:

1. They keep their books up to date

Instead of waiting until finances suddenly become urgent, they make sure their books are done every month. This allows them to review their reports regularly throughout the year. They know their income, their expenses, and what’s trending. Every month of the year. With that insight, they can make adjustments before things go sideways.

2. They plan for taxes

Successful coaches don’t let taxes sneak up on them. They set aside a percentage of their monthly net profit so when tax season arrives, the money is already there. No more scrambling, no more panic. As a bonus, it makes sure they never spend more than they actually have. Read my blogpost about setting aside taxes if you want to learn more.

3. They pay themselves

While many coaches run their business for the satisfaction of helping others, they also need to put food on the table. Paying themselves regularly is a necessity. And it’s not about taking what’s left at the end of the month. It’s about setting aside a steady percentage of their income and physically moving that money each month into their personal account.

4. They track income streams separately

Coaches tend to have multiple income streams. Think: 1-on-1 coaching sessions, group workshops, speaking engagements, book sales, or online programs, to name a few. By tracking those income streams separately in QuickBooks, they can see which ones are more profitable and which are less. This gives them clarity on where to focus their time and money. And sometimes, the most profitable stream isn’t the one they spend the most time on, or even the one they enjoy the most. It’s about finding the right balance between revenue and effort. A good bookkeeper or accountant can help you find that balance.

5. They delegate early

They don’t wait until they are buried in admin, receipts, or worse: CRA reminders. They outsource bookkeeping, admin, marketing, or anything else that frees up headspace. Yes, it requires money upfront, but they see it as an investment. It gives them the capacity to focus on clients, growth, and the parts of the business they actually enjoy. Spending money wisely on support, often ends up creating more money in return.

6. They ask questions

The clients I love working with most are the ones who ask me plenty of questions. It shows they are engaged in their business and have a growth mindset. And often, a question that seems simple at first can lead to better financial decisions, like pricing strategies, planning for taxes, or opportunities to save costs.

7. They invest in themselves

Whether it is courses, masterminds, or better systems, they see money spent on their own growth as a strategy rather than an expense. They know the strongest business asset they have is themselves, and they treat it that way.

👉 Curious to know where your finances stand? A monthly check-in on your books is the simplest place to start. Need help? Think about number 5 and reach out.

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Hi, I'm Katrien. With Second Banana Bookkeeping & Advisory, I help coaches, consultants and health professionals translate their numbers so they can make smarter, and calmer business decisions.