If you’re a business owner, you rely on a lot of experts for help. You have a lawyer helping you form a corporation, a developer creating your website and a contractor improving your office. Your finances deserve the same level of expertise and attention. The right financial adviser can become like a partner in your business, aligning with you to create and grow your company.
Let’s explore some of the benefits a seasoned financial planner can bring to your business.
On-call financial expertise
It’s impossible to be an expert in everything. You’re busy enough planning your business; you shouldn’t have to gain a minor in accounting too. While business owners will likely have to do a bit of every job at some point, failing to manage money properly can quickly cause the business to fold and leave the owner in debt. Fortunately, you can hire a financial adviser to help you navigate complex tax codes and indecipherable reports.
Financial advisers know what you need to be focused on at every step of your business’s journey. Whether you’re trying to find the right business loan or thinking of expanding to another state, the financial adviser is there with answers like what a fair interest rate is and what tax rules you’ll need to consider in that state.
While some business owners may balk at the idea of hiring a financial adviser, advisers can ultimately save your business money. Besides the time saved by not having you focus on the business’ financials, a financial adviser will provide you with a complete financial picture allowing you to make data-driven decisions. They can recommend where the company could save money, or where it may want to focus its attention. They also know which costly mistakes to avoid and how to stay on the good side of the IRS and other entities.
Your business is your baby, which can make it hard to plan for the future with a realistic perspective. Your financial adviser can paint an accurate picture of your current financials and make educated projections about future growth. Financial advisers can recommend areas for growth and markets to explore, and caution the team when goals may not be realistic. As a party who is invested in your growth but not an actual member of the team, a financial adviser provides must needed perspective to help your business succeed.
While your business’ finances and your personal finances are ultimately separate, you likely invested a lot of your own money into starting your business. While getting your business up and running, you may have neglected your personal finances along the way. A trusted financial adviser can do more than help oversee your business’ books; she can also help you see and plan for the bigger picture as the company’s growth relates to your personal financial goals. The financial adviser can help coordinate both for cash flow, tax and investment purposes.
If you’re looking for a financial adviser to help your business grow, contact our team of finance professionals at Patin and Associates.