As a small business owner, working out what to outsource and when can be a tricky business, on the one hand you want to alleviate a responsibility so that you can focus on something else, on the other hand, finances are key and you may not want to pay for something you don’t need. If you wish to succeed however, then your finances is somewhere that you should definitely be seeking to outsource or seek advice, consider this more as an investment in your future than a paid for service.
There are certain things that you should look for in a financial advisor, Patrick Dwyer Merril Lynch financial advisor put it best when describing what makes great advisor “knowledge, commitment, and passion for my profession,” that is exactly what you should be looking for. If you are in any doubt as to whether you need an advisor then here are some reasons why you and your business need to find one in order to succeed.
56% of small businesses fail within the first 3 years, and the biggest reasons why this happens? You’ve guessed it, financial mismanagement. Many people who start small businesses are experts within their field, not in finances and over spending and lack of investment often chokes many businesses out of the game before they’ve had a chance to succeed, a financial advisor can help you to avoid this fate.
As a small business owner, your attention should be placed firmly on the day-to-day running of your business, looking for new ways to expand and better serve your clients. What you don’t have time for is to be raking though the books every night, costing every cent that your company is spending and working out where you can save money. Time is precious when you’re running a business and hiring a financial advisor will save you plenty of it, this allows you to focus on where your business is heading with absolute confidence that the finances are safe.
Stay Above the Law
There are lots of financial and tax requirements that you will have to adhere to as a small business owner and many who start businesses simply aren’t aware of them, indeed some businesses have actually been forced to close through mis-payment of taxes. Hiring a financial advisor will ensure that you stay within all of the regulations that you need to fall within as a business.
As an owner, you are emotionally attached to your company, this can lead you to make financial decisions with your heart instead of your mind. A financial advisor will be able to give you completely neutral advice after weighing up all of the pros and cons, this impartiality will be vital to any plans that you have for future success and growth. Even if you are a very level headed person, there will still be times when your emotions get the better of you, hiring a financial advisor removes this possibility completely.