Between a tight labor market, the Great Resignation, and “quick quitting” (leaving a job in under a year), businesses are desperate to keep workers on staff. But could you actually charge employees a penalty for leaving?

Congresspeople and attorneys general are looking into the practice of training repayment agreements, which require workers to reimburse employers for the cost of job training if they exit before a set date. About 10% of U.S. workers are subject to such agreements, the Cornell Survey Research Institute told Reuters.

If you invest major resources into teaching valuable skills, it would be nice if employees stuck by your side. But billing them for thousands of dollars if they don’t is probably not going to help your Glassdoor reviews.

Financial coaches: Why small businesses can’t get enough.

Soccer: Ryan Reynolds checks himself before he Wrexham-self.

Birkenstock: “Ugly for a reason” is a beautiful campaign.

(Source: Shutterstock)

If you’ve noticed a lot of hype for financial coaches in the small biz world lately, you aren’t imagining things. Coaching has reached a U.S. market size of $14.2 billion, up nearly a quarter from 2015.

A financial coach is an outsourced pro who interprets internal and external data to guide you toward profitability and sustainability. For small businesses, this goes well beyond balancing your ledger; a qualified coach will spot money leaks in your pipeline, sure, but they can also draft formalized plans to encourage healthy scaling.

Why Financial Coaches Appeal to Small Businesses

Large companies can afford a chief financial officer (or an entire finance department), but small ventures face unique challenges.

“For smaller businesses, a qualified financial coach can provide the support of a CFO without the added cost,” Dallas-based certified financial planner Mellisa Cox tells b. “A coach that is well versed in running a business can assist the owner in cash flow, expenses, protection, structure, mindset and goals.”

You might have the skill to provide an outstanding product or service, but it might not necessarily transfer over to accounting skills. Mom-and-pops are especially at risk, Cox says, because “smaller business owners’ personal finances often mirror or entangle in the company finances.”

They’re Not for Everything … or Forever

A financial coach can be a great resource, but their services only go so far. Eventually, you’ll (probably) want an in-house financial expert.

“Coaches may be limited in their ability to advise in certain areas like advanced tax planning, legal documentation, and advanced accounting such as GAAP reporting,” Cox says. 

Rather than an end-all solution, then, think of financial coaches as collaborators who can lend a personal and bespoke touch at the proper growth point in your business journey.

74%

Managers who plan to use a coach in the near future, as of 2020

[Source: ICF]

(Source: FX)

Most financial experts wouldn’t recommend investing in a “fifth-tier” anything, but that’s exactly what Ryan Reynolds and Rob McElhenny do in the docuseries Welcome to Wrexham — by purchasing dismally ranked Welsh football team Wrexham AFC.

The affable duo’s business adventure might be ill-advised, but it does have some heartfelt takeaways. Reynolds and McElhenny avoid meddling in areas that aren’t in their wheelhouse — like team strategy or logistics — and instead focus on the social media and sponsorship synergy they bring.

Surprisingly, the series focuses less on the club’s new celebrity owners than on the players, coaches, and town of Wrexham. It ultimately illustrates how the personal, emotional power of patrons can keep a business alive … because investing in people always pays dividends. 

(Source: Birkenstock)

Tracing its roots to 1774, Birkenstock — once the shoe favored by hippies — has seen a fashion rebirth in recent years, even collaborating with such high-end labels as Manolo Blahnik, Dior, and Jil Sander.

So it’s quite a shock that they’re all-out embracing the word “ugly.”

In 2022, the company (which sells its shoes in 90 countries) launched its first global paid campaign, alongside The New York Times’ sister content studio T Brand: “Ugly for a Reason” explores how the human foot evolved in a way that enabled us to travel upright.

The key to content marketing is for brands to choose a topic they’ve got authority to speak on. With Birkenstock’s 200+ years in the shoe biz, it’s definitely positioned to speak about feet — and “why healthy shoes look the way they do.” Perhaps beauty is in the heel of the beholder?

(Source: Twitter)

“Good advice is always certain to be ignored, but that's no reason not to give it.”

— Agatha Christie

Written by Dan Ketchum and Carolyn Neuhausen.

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