Running a small business takes passion, perseverance, and commitment. On the financial side, it also requires time, money, and a strategic business plan.
As a business owner, you may spend all day overseeing operations, putting out small fires, and finding new ways to improve the quality of your products and services. Naturally, this leaves you with less time for financial planning and cash flow management.
If this sounds familiar, you may want to consider hiring an experienced financial planning firm.
Like you, our team of independent financial advisors at Focus Financial understands the challenges of operating and growing a business. From effective cash management to strategic succession planning, our financial services are designed to address your long-term business needs and create for you an individualized plan to achieve your financial objectives.
If you’re still on the fence, consider how our financial planning specialists can help you avoid these three common business mistakes:
Mistake # 1: Underestimating Your Service Fees
You need healthy cash flow to run a successful business, and if you’re underestimating the value of your products and services, you’re losing money and resources, fast. Reviewing your business plan and budget with a financial planning advisor is the first step to avoiding this common error and ensuring you stay on track with your finances.
Mistake # 2: Underutilizing Financial Reporting
Even if you have an accounting system in place and you’re managing your daily expenses, you may not see the big picture. Financial reporting is an essential tool for running a business, as it provides you with real-time analytics, as well as accurate projections to help you make informed decisions about your business.
Mistake # 3: Undervaluing Your Succession Plan
Although it’s recommended that you have a succession plan in place at least 15 years prior to retirement, a financial advisor may suggest that you begin the planning process earlier. Succession planning is a crucial component to your business’s long-term success. It not only affects you directly, but it also protects the status of your clients and employees.
Find a financial advisor near you to begin planning your business’s future.