What do business owners need from their financial adviser?

Posted 05.09.2023

When you’re at the helm of running your own business, you have to keep a lot of plates spinning. One minute you’re looking at maintaining a positive cash flow or securing capital, the next you’re looking at how you can protect key personnel or launching new products or services.

To ease the pressure, you need a trusted team to support you, and that includes a Financial Adviser who understands the challenges you face and can help plan your personal finances alongside the needs of your business.

Let’s look at some of the ways we are working with business owners to maximise their profits whilst creating a clear plan towards their personal retirement goals:

Tracking key metrics

As a business owner, you need to have a clear understanding of your numbers and the financial health of your business.  The choices you make about your finances will help set a clear path for the future and it’s important to have the right team around you to help you make those important decisions.

While an Accountant will be involved in the detail of your daily activities and tax liabilities, a Financial Adviser will be focused on the bigger picture, helping you to achieve your goals for long-term success.

We’ll get to know you and the business on a deeper level, so we can identify areas where you can reduce expenses and increase revenue. We can also help you with cash flow management, ensuring you have sufficient funds to meet your operational and growth needs.

Creating a long-term plan

You may not yet be thinking about a time when you want to sell or handover your business to someone else, but having a long-term succession or exit plan will give you peace of mind and help you plan for the future. It will also support you with the psychological and emotional challenges that inevitably come with letting go of a business you have worked so hard to build.

We’ll start with the outcome that you want to achieve, and work backward to create a plan that we can adjust along the way as your business evolves.

You may wish to step away from the business gradually while a successor fills your role and provide consultancy for a while so that the handover and sale is smooth and successful.

Every business is unique, and we treat our clients as such so you get a tailored plan that’s right for you and your future.

Solidify your Personal Financial Plan

This will be looking at your life goals and what you want your lifestyle to look like when you are no longer running the business. Even in the early stages of a business, developing a financial plan early on will help you reach your goals faster, and give you peace of mind that your future is secure.

Every business owner’s plan will be different, depending on the needs of your business, which stage of the journey you’re at and what retirement might look like.  We’ll help you understand where you are today, your needs for the future and develop a financial plan to help you get there.

Taking advantage of tax planning

By making the most of your allowances, reliefs and relevant tax rules, it is possible to put more money back into your pocket each year.

We help directors reduce needless tax liability – not only for the company, but also for themselves, including claiming your tax-free allowances for capital gains and reducing your employer’s National Insurance contributions.

Business growth

You may also need support and advice on company structures, systems and processes to ensure they fully support your long-term strategy and growth plan. Sometimes getting an objective, outside pair of eyes to look over things can help provide clarity on areas such as reducing high expenses and increasing margins.

We understand the challenges that business owners face, and our team can help you seize opportunities, overcome obstacles, and support you and your business throughout your journey, making your life easier and changing it for the better.

Contact our friendly team today to find out we can help you and your business.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

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