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Financial Planning For Your Business: How An Advisor Can Help You Be More Successful

| October 23, 2017
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Whether you're a new business owner, or you've been in the game for years, having a skilled Fiduciary Financial Advisor in your corner is essential for success. We often think of Financial Advisors as they relate to our personal finances, but an advisor can have a huge impact on your business as well. Not only can an advisor help you be more successful, you’ll start on the right foot with a proper plan. This ensures your business continues in the right direction for growth and stability.

Let’s Talk About The Big Picture

There are a lot of reasons why you may choose to start your own business.  One of them may be the potential to gain personal financial freedom; having access to expert advice can get you there. With the right planning, you can leverage your business finances to achieve those personal goals. 

Seeing business and personal finances overlap can be a shock for some business owners, and key details can be overlooked. A Financial Advisor could help you avoid costly mistakes. For example, both your business and personal finances need to be coordinated for cash flow, investment, and tax purposes.

The good news is that your business accountant and personal Financial Advisor can - and should - work together. Through solid planning and financial strategy, your business can seize otherwise hidden opportunities. 

Your Business Finances Shouldn’t Be Taken Lightly

Commonly, business owners think that as long as they have an accountant, they're fine. However, many financial problems could be avoided by working with a Financial  Advisor. If financial problems compound over time, they may cause a business to go under. The following are examples of issues that can be avoided with proper financial planning:

  • Cash flow problems caused by bad debt, disorganized books, or profit problems
  • Delayed or overpaid vendor accounts
  • Over-investment in capacity or too much overhead

All business owners would agree that they want to avoid financial challenges. And most would like to eventually reach a point where their business runs itself. Your financial advisor can be a key player in increasing efficiency and profitability for your business so that you can achieve that goal.

Additionally, your Financial Advisor can provide projections and help with future planning. If you feel the pressure of a congested marketplace or want to develop a niche market, they are there to offer their expertise. 

Leverage Financial Expertise For Your Employees’ Benefit

Your costs to expand or maintain your team of employees are important to consider. This will affect your ability to project growth as a company. Not to mention, offering a strong employee benefits package means you’ll have less turnover and more loyalty amongst your team.

At the Du Charme Financial Group, our advisors have access to a portfolio of best-in-class benefit options for businesses small and large. Your Financial Advisor can provide recommendations for employee benefits, and you can keep your focus on what you do best: providing your product or service to customers. 

Begin With The End In Mind

What happens when it’s time to think about getting out of your business? The first thing you'll need is a business valuation.

There are many reasons to have an up-to-date business valuation, including: 

  • Retirement planning
  • Obtaining equity financing for an expansion
  • Adding shareholders
  • Setting a baseline value for the business to identify whether it's growing, stagnant, or declining in value to restructure the business

These reasons may not be relevant to your business right now. However, it's invaluable having a finance professional who can talk through your options in advance.

If you make financial decisions for a business, we can help you be more effective in ways that save you time and money. The right advisor at the Du Charme Financial Group will help navigate the unknown with you, as well as allow you to focus on the core of your business. Contact us today. 

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