5 Ways a Business Finance Advisor Can Help you

Running a successful business takes time, patience, and a little bit of good luck. While there are many blogs out there that can offer tips and tricks to help you turn a profit, there is no substitute for tailored advice.

By partnering with trusted business finance advisors, you can be sure that you are receiving quality advice that is personalised for your situation. Finance advisors use their skills and knowledge to assist businesses across a vast and ever increasing range of areas.

Expertise and experience

As a business owner, you have a lot on your plate. Not only are you responsible for the success of your business but also the satisfaction of your employees. While you may have started your company with a dream and a passion for what you do, you most likely (and quickly) learnt that there was a lot more grunt work and time spent staring at a screen than first envisioned. 

Just because you own a business does not mean that your area of expertise is finance. This is particularly true for small business owners who have recently turned their side hobby into a full time career, or those transitioning from one industry into another.

By working with business finance advisors, all the stress of managing both day-to-day and long term financial considerations will melt away. An advisor can use their expertise and experience to make informed financial decisions on everything from investment opportunities to managing working capital. Simply put, an advisor can be thought of as just another member of your team who takes responsibility for all the financial decisions you struggle to make.

Implement strategic plans

Managing a business is an enormous responsibility. On any given day, you likely have several tasks that need your immediate attention and by 5pm, you may be wondering where your time has disappeared to.

Often, working in a high-stress environment such as this means that making long term strategic plans is next to impossible. However, doing so is arguably one of the most important responsibilities of a business owner. Without having articulated where you want your business to be in five, ten, or twenty years time, it’s very difficult to make day-to-day decisions that will put you on the path to success.

Often, long term goals are financial in nature, which is where business finance advisors can assist. By harnessing the expertise of a professional expert, you can be sure that you are making choices that are in your company’s best interests.

An advisor can sit down and do the hard work of planning out a long-term strategic plan, before implementing the changes required to get you where you want to go.

Tax compliance

Do you struggle come tax time? You’re not alone.

Many company owners find completing tax difficult, particularly if they have never run a business before. However, knowing how best to complete your tax return is very important. You have an obligation to the ATO to report your earnings accurately and there are very significant penalties for not adhering to legislation.

However, there are other important reasons why you should complete your tax return in a timely manner — and with the assistance of a business finance advisor.

The ATO acknowledges that businesses have a ‘right to arrange [their] financial affairs to keep tax to a minimum’. This process is often referred to as tax planning.

Tax planning must be done legally, otherwise you risk attracting the interest of the ATO and incurring severe financial penalties. A business finance advisor can assist you make smart decisions that are within ATO regulations while keeping the amount of tax you have to pay to a minimum.

Business restructuring

It is a fact of life that businesses often have to go through restructuring. This can be for a variety of reasons, and not all are bad. Perhaps your business is so successful, you are in the position where you are able to buy out a fellow competitor. Or, maybe you have a new partner joining the company.

On the other hand, restructuring can take place as a cost-saving measure that is designed to streamline a company and its operations. 

Whatever the reason, restructuring should not be undertaken without appropriate legal and financial advice. There are hundreds of decisions that need to be made, all with significant consequences. A financial advisor will be able to assist you make choices that are in the best interests of stakeholders, employees, and yourself.

Cost saving measures

2020 and the Covid-19 pandemic proved that running a business is a very hard task indeed. This is true at the best of times, let alone when you are having to battle lockdowns, border closures, and extreme economic downturn.

In times such as this, it is best to have experience and expertise by your side. A team of business finance advisors can assist you identify cost-saving areas and implement strategies to ensure you can continue operating in a more streamlined set-up.

As you can see, business finance advisors are here to help you and your company reach your long-term goals. If you are struggling to get on top of your financial situation or need an extra push to expand your operations, contact an advisor today.

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