Reasons to consider engaging a financial planner
For business owners who seek financial security now and freedom in retirement, having a financial planner on the team is key. A financial planner will create a customised, strategic action plan to help you achieve your personal financial goals.
Getting to know you and your business inside out is the first step a financial planner will take to understand where you are now, where you want to go, and then determine the steps you need to take to get there.
Still not sure you and your business need a financial planner? Consider these key benefits.
Grow your retirement wealth
It’s not unusual for an entrepreneur to launch a business, hit the ground running, and never get around to planning for the future.
If you’re young and healthy, it may feel like retirement is too far off to think about – after all, your business is a going concern that needs your attention right now.
But even if you won’t retire for another thirty years, you’ll have a much better chance of achieving those far off goals if you lay the groundwork now. The earlier you start saving, the more time your money will have to compound, and your wealth to grow.
Protect what matters most
Hand in hand with retirement planning is protecting the financial wellbeing of your family and your business with the right insurances—not to mention having your estate planning in place, should the unforeseeable happen.
If you don’t have the answer for the following questions, it’s time to get in touch with a financial planner:
- Do you have sufficient insurance coverage in case you can’t work due to illness or injury?
- Are you satisfied you’re investing your money strategically for the projected number of years you plan to work before retirement?
- Do you have an exit strategy for when the time comes to leave the business – whether you hope to sell, or to pass the company on to a successor?
In the first few years of a business, it’s not uncommon for entrepreneurs to try to save money by doing everything themselves. When it comes to financial planning, however, hiring a professional can save you both time and cash.
Because financial planning for business owners tends to be complex – involving multi-faceted tax, estate and succession planning – it’s best left to a trained, experienced professional.
Moreover, if you DIY financial planning, you’re spending valuable time (and therefore, money) on tasks outside your area of expertise rather than working with your strengths to grow your business.
A financial planner can offer expertise and an objective eye – all the better to help you make the right decisions and avoid making costly mistakes.
Recent stats show that far too few small business owners have met with a financial planner, and most aren’t adequately prepared for the future.
If protecting your business, the people you care about, and your lifestyle aren’t reason enough to meet with a planner, consider this: working with a financial planner will help improve your company’s profitability.
Your planner can advise you on opportunities to cut costs, invest wisely, implement the right tax strategies, and, based on accurate forecasts and projections, when to scale.
If you would like to start taking the right steps to improve your bottom line, grow and protect your wealth your O’Brien Business Advisor would be happy to introduce you to our Financial Planning team for an initial conversation about how we can work together to help you achieve your goals. Alternatively, if you are new to our business please contact us and we will connect you with our FP team.