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 Canaccord Genuity Corp.

Seven Benefits of Hiring a Financial Planner for Small Businesses

Delwin Graham & Eric Brown - Sep 01, 2020
With financial planners on your side, you get the benefits of "proactive" advising. They can see these major changes coming long before you do and help you adjust.

What if you were ignoring the easiest way to grow your business? No matter the current size, every owner wishes to expand their business. And there are so many different methods to do so that it can be difficult to decide on the right one.

However, the best method is to hire a financial planner for your business. If you don't know why this is your best move, keep reading to discover the seven biggest benefits of hiring a financial planner!

1.  Proactive Problem-Solver

The main reason that businesses hesitate to hire financial planners is simple. These business owners manage their own finances and investments from month to month and often don't see the immediate need for a planner.

However, most business owners are "reactive" when it comes to money. That is, some major change comes along, and the business owner must move heaven and earth to adjust to this change.

With financial planners on your side, you get the benefits of "proactive" advising. They can see these major changes coming long before you do and help you adjust. And when it's time to make those changes, a good planner can tell you how to best take advantage of the situation.

Basically, this is your chance to get expert and proactive financial advice all throughout the year. And that will position your business well ahead of your competitors.

2.  Establish Long-Term Goals

You know what it's like to get really wrapped up in your business. In fact, quite a few business owners can barely imagine a future without their business.

However, even the most successful owners must eventually think about "life after running a business." Do you have any firm retirement plans? And if so, do you know how to make those plans into a reality?

Financial planners specialize in this kind of long-term thinking. They can advise you about investments and other money management tips that can help you comfortably enjoy plenty of "fun in the sun" when retirement comes along.

Furthermore, they can help you make plans that keep your business running very successfully long after you hang up your hat. In this way, a good planner can help secure your legacy.

3.  Extensive Knowledge of the Market

It may go without saying, but the main benefit of hiring a financial planner is their knowledge of the market. And it all comes down to hiring the right person for the right job.

If you want to look out for your tooth health, for instance, you don't just read a few how-to guides and assume you can handle everything yourself. Instead, you go to a dentist who has trained and specialized in this subject for many years.

Your business health is the same way. You could try to split your time between keeping up with financial and investment news while also running your business. But you're far better off having a financial specialist in your corner whenever you need them.

If you need further proof, look no further than the year 2020. Many small businesses faced unprecedented difficulties and obstacles due to COVID-19. Ultimately, some businesses buckled and others actually profited.

What was the difference? Simple: the surviving businesses knew how to manage their finances, even through a crisis. And with a financial planner by your side, you can be ready for anything.

4.  Saves Time

You've probably heard "time is money" since you were a small child. However, that phrase takes on new meaning when you're running a business!

Think of hiring financial planners like hiring managers. Could you personally handle management responsibilities if you needed to? Sure, but you're wasting a lot of time that you could better spend focusing on the bigger picture.

A planner can help you save time by monitoring your portfolio, monitoring the market, and keeping an eye on the overall financial health of your business. These are all things you could do (maybe you already do them), but this takes valuable time away from actually running your business. Hiring a planner helps you get that time back, and you can reinvest that time directly into your business.

5.  Reduces Stress

One of the simplest benefits of hiring financial planners is that it will reduce your stress levels. However, we'd argue this is one of the most important benefits of them all!

It's easy to feel overwhelmed as a business owner. You have to manage employees, finances, marketing, and much more. And no matter how talented your team is, the buck always stops with you.

And it's an open secret that money matters can be more stressful than almost anything. With a financial planner, you can largely remove that source of stress. In fact, when you see how much value you get from a financial planner, it will replace that stress with joy!

6.  Major ROI

On paper, running a business may sound simple. Your ultimate goal is to get more out of your business than you put into it. And that boils down to getting the most out of every dollar you spend.

Fortunately, financial planners represent an amazing return on investment. In the short term, the money they help you save far outweighs whatever costs and fees you pay to the planner.

Similarly, their advice can help you grow your business and therefore grow your profits. Between the opportunity to save a bunch of money and generate additional revenue, hiring a planner may be the best move you could ever make.

7.  Enhanced Coordination

You probably have many professionals in your life to help you with your business and your finances. This includes figures such as attorneys, CPAs, and tax preparers.

The problem with these professionals is that they often work on their own. And without coordinating with one another, they may accidentally end up working at cross purposes.

A good financial planner, however, can help coordinate everyone on your behalf. This further saves time and money while making sure you get the most out of each person's services.

Hiring a Financial Planner:  Who to Trust?

Now you know the benefits of hiring a financial planner. But do you know who you can trust to grow your wealth and protect your business?

We have an entire team of financial specialists that are waiting to help with all of your financial needs. To see what we can do for you and your business, contact us today!