4 real-life situations where your small business needs a financial planner

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When you work day-in and day-out to keep the wheels turning in your business, it’s hard to remember that you can - and should - get outside help when the situation calls for it. One such case is that of reaching out to a financial planner. Everyone knows in broad strokes what they can do for you and that it’s a good idea to talk to them. But when?


The truth of the matter is that there is no wrong time to talk to a financial planner. Just like a lawyer or an accountant, these are the kind of consultancy contacts you want to have at hand at all times. Nevertheless, here’s a short list of when it’s really useful to bring a financial planner to the table.


When you’re trying to manage your business finances but you’re lacking the skills


Here’s the deal: no one tells you when you start your business just how much you’re going to stare at spreadsheets. And it happens that the business owner doesn’t have the time or the energy to learn a new skill set to stay on top of the business’ finances. This is when bringing in a pro can do more good than harm. For one thing, you know there’s someone tracking the business’ cash flow. For another, you’ve got an expert on the team who has a vested interest in making sure every employee does their basic financial tasks (expense sheets and travel logs and such). And finally, you get an additional skill set on your team that will help you grow your business.


When you’re looking to diversify your profits


It’s always a good idea to reach out to a financial planner when your business is starting to turn a profit. It’s easy to leave yourself out of the equation and just reinvest everything into the growing of the business, but the truth is that option is limiting. Another option is to talk about your plans with a financial planner and see what percentage of your profits you should reinvest, what you should pay yourself (and your employees) and what you should save for the future through saving accounts and other long-term saving options.


When you need help in understanding your finances


When you’re the business owner tracking your income, your spending, where you’re saving what finances, how you’re managing your debt payments, it’s easy to see that running a business financially is, in fact, a full-time job. That’s why getting a financial planner onboard proactively is something that can make your life easier. They can become an essential part of your team, bringing out your strengths and mellowing your weaknesses. Not only will they help you understand all the nuances of your finances, but they’ll also help budget, and plan for the future, and - in the long term - help you avoid financial hardships.


When you’re worrying about how to invest your profits

Many business owners know that investing is an important part of running their business. However, that doesn’t mean there aren’t business owners worrying about their investment options and hesitating to commit. If you’re such a business owner, stop worrying: this is why financial planners exist. They can help you in choosing the best investment decisions for your situation. Moreso, it’s not the only thing they can help with: preparing for taxes, rebalancing investments, spending strategies, all enter under their purview.


At the end of the day, as a business owner, you’re most aware of the parts of running your business you’re struggling with most. That’s why it’s best to get expert help early. A financial planner can help you run your business more easily today, but also set you up to make better decisions for the future.


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