As a business owner, you have surely worked extraordinarily hard to establish yourself in your industry. Whether you’re a manufacturer, a shop owner, an attorney, or a landscaper, you have honed your skills in order to provide the very best product or service in your area of expertise.
Running a successful business, however, requires far more than high proficiency and know-how to be an expert in your market. Many business owners understand the basic financial principles needed to run their business, but dealing with the more complex financial aspects may lead to big mistakes. That’s why successful business owners leave the complex issues to the pros and employ the services of trained financial advisors. Simply put, these professionals provide the financial management expertise and oversight so that you don’t have to.
Here are 10 reasons why having a financial advisor is a good move.
The Benefits of Securing a Financial Advisor
- Provide projections to help you establish or expand your business. Start-ups can gain a great deal by drawing upon the targeted expertise of a financial advisor to help develop a business plan. Companies of all sizes and levels of experience can also significantly improve efficiency and profitability with the help of solid financial advisement.
- Help save you considerable time and money. Avoid making costly mistakes and keep your bottom line strong by offloading a number of key financial tasks to an appropriate advisor.
- Protect you in buy/sell agreements. A financial advisor is equipped to provide guidance on how to facilitate a smooth transition in ownership and safeguard a business in the event a business needs to be reassigned when a partner retires, dies, or decides to leave the business.
- Reduce retirement plan liability and expenses. Retirement planning is complex. A plan advisor helps to ensure you are offering a retirement plan for your employees that guides them toward a financially secure retirement, while allowing you to focus on your business.
- Provide guidance for future growth. Looking to grow? A financial advisor can help you evaluate market trends, review investment opportunities, and calculate risk.
- Assist you with retirement and succession planning when you are ready to retire. Whether you want to develop an emergency/contingency plan or a long-term/proactive plan, professional financial advice is absolutely essential when it comes to protecting your legacy and mapping out the future success of your business.
- Help ensure your personal finances are in line and coordinated with your business finances. For effective investment, cash flow, and tax purposes, your personal finances should align with your business finances so you can meet your strategic goals and objectives.
- Increase employee satisfaction. Improving financial wellness for employees leads to happier employees, which in turn, impacts your bottom line. To increase employee satisfaction, a financial advisor can assist you in making sure the right amount of your budget is set for fair wages, while giving you more time to focus on your business.
- Provide policy reviews. Annual policy reviews are critical to ensure your strategies are on track, you’re protecting your income, and preserving your assets. An annual check-in on the overall health of your business can help you prioritize what financial decisions you need to make to ensure you continue to meet your objectives and financial goals.
- Provide confidence. You’re not alone! As a business owner, it can often feel overwhelming trying to handle all aspects of running a smooth operation. With the help of a financial advisor, the burden of handling your company finances is decreased and will give you confidence knowing your company is on track and performing at the top of its game.
Should You Consult with a Financial Advisor?
In short, business owners who partner with an appropriate and qualified financial advisor free themselves up to do what they do best – serve their customers or clients. By outsourcing some of the trickiest and most time-consuming aspects of fiscal management to a financial advisor, you can gain the time you need to optimize your output, get a leg up on the competition, and concentrate on running your business with supreme confidence.
The financial advisors at Lakeland Bank can leverage their years of financial training and professional experience to help you make sound financial decisions for your business. They are ready to meet with you in person, via telephone or virtual meeting space for a free, no-obligation, initial consultation. To schedule your consultation at your convenience, complete this short online form.
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