I’m very often asked this question by small business owners who are considering hiring a financial advisor, as any business owner knows, paying for anything has to be scrutinized down to the last cent and the idea of paying for advice alone can put some people off. My answer is always the same regarding the question of whether hiring a financial advisor is worth it, absolutely.
Any small business owner worth their salt should be looking at bringing in a financial advisor as soon as possible and not just for your financial security, as Patrick Dwyer Merrill Lynch advisor puts it “clients bring us more than their financial needs – they look to us to help make their lives better” and that is exactly what you will get with a financial advisor. If you are wondering whether a financial advisor is right for you then here are just some of things that a financial advisor will do for you and your business.
Time
Most small business owners are experts in their industry, not in finances, a financial advisor will save you vast amounts of time that you can better spend on growing your business. Time is invaluable and you will be surprised at how much time you will spend pondering a financial decision, perhaps making a financial mistake or looking through the books for ways to better look after your finances. An advisor alleviates all of this responsibility from your shoulders leaving you more time to focus on your business.
Impartiality
Whether you like it or not, the truth is that many of the financial decisions that you take for your business will be made with both the heart and the mind, the business is yours and as such you will be heavily involved emotionally in any decisions that are made. A financial advisor can remain neutral and impartial when it comes to decisions that affect your finances and they will be able to offer advice based on the cold, hard facts.
Expertise
Financial advisers are experts when it comes to all things financial, they can help you to cost-save in areas that you might not have seen, they can also find opportunities for growth in areas that you may no have seen or even know about. The expertise that a financial advisor brings will also ensure that you always stay above the law when it comes to your financial obligations as a small business. Many businesses have been forced to close as a result of financial mis-management or not adhering to the financial regulations that are in place for businesses. Using a financial advisor will ensure that this doesn’t happen to you and your business.
Contacts
A financial advisor will have several contacts within the industry, this can help you greatly when you are seeking to secure investment, a mortgage for new premises or any number of financial areas that your business will need. This type of network can prove very valuable to you and your business.