Financial Plans For Small Business

When money is tight and sales are sluggish, it can feel as if that rise is never going to happen.Another of the benefits of financial planning is that it helps you keep the end game in mind.The importance of financial planning in business is that without it, your business may not survive.

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To know the answer to the question in the title, you only need to look at one stat provided by American Express Open Forum: 30% of small business owners haven’t calculated how much money they will need in retirement.

Only 40% of small business owners have consulted with a financial advisor. Even if a small business owner has made necessary plans for the future, it would be difficult for that small business owner to invest strategically for the near future when he or she has to deal with personnel decisions, capital allocation, how to grow sales, how to cut costs, and constantly putting out fires.

A commission-based financial advisor will make money on financial products sold to you, which leads to a more impersonal relationship.

No matter how passionate and committed you are to your business, you can't succeed if the money's not there.

Suppose your financial plan projected your company running at a loss for the first year, then starting to turn a profit.

Month after month of operating in the red can cut deep into your optimism.

Fraser Sherman has written about every aspect of business: how to start one, how to keep one in the black, the best business structure, the details of financial statements.

He's also run a couple of small businesses of his own.

Therefore, that small business owner will strongly consider hiring a financial advisor. Now that small business owner needs to figure out which financial advisor to hire.

Securian Financial Group conducted a study on what people felt were the most important factors when selecting a financial advisor.


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