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Why Your Small Business Can Benefit From a Financial Planner

As a business owner, you most likely have little time or energy to research financial issues on your own. Working with a CERTIFIED FINANCIAL PLANNER™ professional can allow you to focus on your small business’ needs, while your trusted professional works for you to help reach your financial goals.

CFP® professionals are trained on many key financial topics that impact your personal success, business success and overall financial success. They can help you with cash flow analysis, taxes, financial investments, estate planning issues, succession planning, insurance needs and even corporate structures. Your financial planner can act as the quarterback of your advisory team, allowing you to focus on business operations and strategic planning.

Here are three examples of how your small business can benefit from a financial planner:

  • Strategic Financial Plan: Do you know the success metrics that create sustainable financial value for your business to increase its value in case you decide to sell it or transfer it to the next generation of management? Your financial planner can help you diversify your sources of wealth so that your goals are not dependent on the sale value of your business. Establishing an exit plan from your business is another area where your financial planner can assist you. The best time to plan the “exit strategy” is when you start the business. Having a succession plan adds value and stability to any business.
  • Plan for Retirement: Do you know what financial resources you need to achieve your retirement goals? There are qualified and non-qualified retirement planning strategies that can truly benefit your long-term goals. Your financial planner can assist you in determining which plan best fits your needs. They will also help you create an operational business plan that is reasonable and profitable. Your financial planner will examine your revenues and expenses to ensure they are being correctly recorded and benchmarked in accordance with the plan that benefits you.
  • Create a Tax Plan: Do you know the minimum amount to pay for federal, state and local income taxes? Many business owners do not take advantage of business structure, expense categories and tax credits to reduce their overall income tax. CFP® professionals are trained and experienced in the nuances and applications of tax law and business structure, which can help you maximize your cash flow and minimize your tax bill.

A CFP® professional can help you with all your financial questions, issues and concerns. They are trained to listen to your goals and concerns to develop a long-term plan. They can coordinate with your other advisors so that all the pieces come together with the least amount of stress or friction.

Financial planning should be a disciplined journey that lays the path to your successful future. And you don’t need to go down the path alone. Find a CFP® professional near you to assist you with all your small business needs.

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