How a financial advisor can help your business
If you own a business, you want it to succeed. However, it’s hard to deal with all of your personal and business finances when you’re busy handling personnel issues, capital allocation, how to grow sales, how to cut your costs, and many other challenges.
In a study conducted by the American College, 60% of business owners who participated in the study responded that they hadn’t met with a financial advisor. Other research has shown that about 30% have not put a retirement plan into place, and less than 25% have a succession plan in place or a plan that can deal with future changes that might have an effect on their business.
If you own a business, you should consider engaging the services of a financial advisor for business. They have the experience as well as the expertise needed to help you make the most of your initial capital investment. They can help you assess the feasibility of your business model as well as lay out strategies and timelines for making your business more efficient and more profitable.
While it does cost money to hire a financial advisor for your business, that initial investment can save you time and money in the long run, and result in an increase in profits. A financial advisor can offer insights with respect to such issues as your exposure to risk, where you can economize for cost savings, as well as sound investment opportunities.
You’re in this for the long haul, right?
Many business owners avoid hiring a financial consultant because they consider it to be an unnecessary cost. Not true! Financial consultants for businesses can not only end up saving you time and money, but can help relieve the stress of worrying about the financial state of your business now and in the future.
The many services that a financial advisor can offer to you, as a business owner, include:
- Spending and saving strategies
- Tax requirements
- Recommended accounts for operating your business
- Cash flow management
- Profit and loss analysis
- Successful execution of your goals.
Having your investments tied up in your business with the idea that you’ll sell your business down the road to fund your retirement is not a wise investment strategy. An experienced financial consultant will help you develop a healthy, diversified investment portfolio based on when and how you want to retire.
In addition, you need to consider what’s going to happen to your business when you’re no longer in charge. A financial advisor can help you draft a succession plan with clear instructions about how to keep your business going or prepare for its sale upon your retirement or in the event of your death or disability.
Years of growth ahead
Running your own business takes a lot of your time and energy so that you’re left with little of both when it comes to planning for your financial future as well as that of your family.
GYL CPAs and Advisors offer business financial consulting services designed to take your business further. Our business financial consultants can help you start your business, keep it on track, and, most importantly, always have your financial future our top priority so that you can make growing your business your top priority.