Having a financial advisor for your small business is a smart move but one which not enough small businesses realize the value of. Scott Tominaga is an expert in this field and prior to becoming a financial advisor he was also a business owner who didn’t quite see the benefits which bringing in a financial advisor can have. Since making the change however Scott now understands the need for small businesses to hire in a financial advisor, and we had a chat to him about when businesses should hire a financial advisor, what they can offer and why businesses will benefit as a result.
When Should You Hire a Financial Advisor?
Scott made it very clear during our chat with him that a business should be looking to hire a financial advisor as soon as they possibly can, prior to getting set up if possible. Many small business owners consider this a cost that they just can’t afford but the benefits that a financial advisor can bring will bring in more opportunities to make money than the cost of their wages, making this service well worth the investment.
What Can a Financial Advisor Do For a Business?
One of the biggest problems which many small business owners have is that they are emotionally invested in the business and this can often cloud judgement. This is even more true when it comes to financial decisions which the business owner needs to make. A financial advisor on the other hand will be able to offer completely impartial advice based solely on the facts and figures they have in front of them. The number of businesses which fail based on taking a risk on poor financial decisions is huge and in many cases that is because they weren’t prepared to make the tough decisions because they were emotionally invested.
A financial advisor will also offer contacts, something which all businesses need, especially when they are first getting set up. Whether a small business is looking for premises, an investor, lending, a mortgage or even contacts in other industries, financial advisors will have a wealth of clients who they have previously worked with who will be able to help out. Sometimes their black book of contacts is the biggest reason to hire a financial advisor in the first place.
How Your Business Will Benefit
The benefit that businesses can count on when they have a financial advisor in their corner is that they will have the perfect person to help them to build a solid financial foundation. This service will also ensure that the business can make smart decisions and seek out advice before looking to make changes to their business. Whether a small business is looking to grow, looking to move or looking to get a better grip on what their financial situation is, a financial advisor is going to be of great importance and ultimately they will help the business to reach their goals.
If you have a small business, perhaps it’s time you thought about hiring a financial advisor.