Small business entrepreneurs often wonder about the necessity of hiring a financial planner for their business. However, being in a small business, one should remember that to sustain and grow in this intensely competitive business world, the valuable guidance of these professionals has been essential to staying at the competitive edge.
Working with a financial planner can benefit small businesses as they provide comprehensive financial planning including better cash flow management, saving, debt planning, and investment strategies as well as retirement. Scott Tominaga is well-known in the industry for his great services in personal financial planning, wealth management, and consultation. He has served in a series of industries like banking, financial management, stock trading, etc. At present, he is focused on financial planning and advisory for individuals and businesses.
What does a Business Financial planner do?
Typically, financial planners help individuals in managing their money. When it comes to small businesses, financial planners carry out similar tasks, however, they mainly take care of financial issues as well as challenges that small businesses tend to deal with. The services they provide may include cash flow management, debt management, tax obligations, and enhancing the overall profitability of the business. They may perform jobs like
- Generating financial statements like cash flow statements;
- Studying such financial statements in order to detect loophole areas of cash flow and also suggest where businesses can cut back spending to boost cash flow and count profitability;
- Recommends strategies to generate cash reserves for business so that they can utilize those savings while in an emergency instead of applying for a business loan;
- Assisting businessmen by preparing and assessing their tax obligations while recommending investments that can provide them with tax benefits;
- Recommending financial products that can be gainful for their venture.
Apart from serving us as business financial advisors, financial planners like Scott Tominaga can also help in managing personal financial planning. The advisor might provide the following services
- Providing advisory and assisting in budgeting as well as letting their clients know the techniques and rules of saving;
- Formulating customized debt repaying strategies for car loans, mortgages, and particularly about the usage of credit cards;
- Forming an investment approach enabling them to meet their different financial objectives as well as retirement goals;
- Often business financial planners may work together with other financial experts like an accountant, insurance agents, and estate planning lawyers to generate an all-inclusive financial plan for both personal life and business domain.
Advantages of Hiring a Business Financial Planner
According to Scott Tominaga, working with an experienced financial planner for business will require them to pay certain professional fees. Often many small business owners avoid hiring these professionals considering the extra expenses they have to bear. However, in turn, the way they can help make our business profitable with various advantages will be quite rewarding for their success. Some of these benefits include
- Proving the space to concentrate on the core business area of small businessmen while lessening their stress about common issues like poor cash flow, increased debt, or trying to find a solution for cost control;
- Creating investment plans for new opportunities, succession planning, tax saving techniques backed by investments;
- With their experience in the domain, they may even recommend adopting particular accounting software that helps manage cash flow of small businesses.
