According to experts Andep, correct financial planning is an essential part of conducting business successfully. If you are considering purchasing a business or starting up one from scratch, having a financial advisor will be a great help and can save you a lot of money. If you are new to business, you might be wondering exactly what role a financial planner would play in your business.
Here are some of the aspects of business a financial expert would look at to help you: –
- Income protection
- Identifying business goals and aims
- Business debt management
- Risk management – insurance
- Long term planning for expansion and growth
- Investment strategies to maximise income
- Managing tax to maximise deductions
- Wills and trusts for when you sell the business
- Asset protection
- Estate planning
- The financial planner may also work with other professionals such as accountants or lawyers.
They don’t just fix up your finances and then leave. Working with a financial planner is a long term thing as circumstances and rules tend to change over time. This means that what was once a good plan may need to be tweaked or changed completely in order to continue as a plan that is successful. It takes time to review the strategies and work out if they are still right for your business and then if they are not, to advise of and implement different strategies that meet your goals better.