Every business should have a plan for their business to help focus and stay the course. As a business owner, it is challenging to handle the financial side of your business and personal life as well.  It is easier to just put it off ‘until later’.   In fact, only 40% of business owners have used a financial advisor’s services.  Approximately 30% do not know how much money they will need to retire and less than 25% do not have a succession plan for their business. 

A business financial planner can identify how to best use the business to accomplish your short-term and long-term goals.   Here are the benefits of investing in a financial planner:

1.) Prepare Your Business for the Future

As a business owner, you are emotionally invested in your company.  A financial advisor provides an unbiased, unemotional view of your business.  An advisor can help provide stability and growth for your business by evaluating what the financial value of the business is currently and target areas for future growth to bring value.   They can define your goals and come up with a timeline for achieving them.  They are also able to discuss opportunities for the business in certain areas that you might not have considered previously.  The advisor’s recommendations can help your business grow faster. 

In addition, a financial advisor can create an achievable succession plan for when you are ready to retire or move on.  A business planner can help you formulate an exit strategy to base your strategic choices around today.  It is important to choose an advisor who has experience in your industry so your goals can be realized.

2.) Improve Profitability

All business owners would like to improve the profitability of their business.  Financial advisors can increase the efficiency and profitability of your business with their expertise and experience.  An advisor will review how the business’s finances and cash flow are being managed and make suggestions on how to improve them.   They can give an objective opinion that is critical for a business’s growth and point out opportunities that would be beneficial to your business.

3.) Cuts Costs

A financial advisor can save you time and money while you concentrate on other business tasks.  One of the tasks a financial advisor can take on is establishing an internal accounting system that decreases business expenditures.  A business planner will explain how businesses are valued and how you can positively impact the value. 

4.) Personal and Business Finances

While businesses are concerned with improving their financial situation, the daily requirements of running a business often mean that personal finances take a back seat.   A financial advisor will ensure that both personal and business finances are taken care of.  They can work with your accountant, attorney, bookkeeper, and insurance agent to ensure that all finances are in order. 

A financial advisor allows you to concentrate on your business while helping to make decisions that will take your business to the next level.  Many business owners believe that an advisor will be a costly expenditure, but it is an investment in the business.  There are advisors that offer affordable rates that can really make a difference in your company.

Your Trusted Partner

Through our Flexure Foundations Program, we focus on the business owner and seamlessly meld their personal and business financial planning needs to achieve financial freedom. We surround business owners and their teams with business experience, technical expertise, mentorship, and insights that help them gain clarity on their entrepreneurial journey.

To learn more about our business financial planning contact us for a FREE, NO-OBLIGATION consultation with our financial guides.