Even in the midst of a global health crisis, small businesses are still on the rise. In fact, over 835,000 new businesses were registered in the UK over the last year.

This may be an encouraging statistic to be a part of in 2022, but opening — and growing — a business is no easy feat. It entails extensive researching and detailed planning to execute your vision — especially when it comes to finances. Although some might hesitate to seek out expert advice, a financial planner might just be the person you need for your business.

But first, what is a financial planner?


3 Signs it’s Time to Hire a Financial Planner for Your Business


Financial Planners: Who are They?


Financial planners are qualified investment professionals who have completed educational and work requirements, specialising in helping individuals and corporations achieve their financial goals. A post on financial planners by FXCM highlights three kinds of licences: Certified Financial Planners (CFP), Chartered Financial Analysts (CFA), and Personal Financial Specialists (PFS). These professionals will work with you in critical areas like capital determination, expense monitoring, tax planning, asset allocation, and risk management — studying the details of your financial situation so you can focus on the big picture.

They may also help boost your passive income, which is considered the future of business and finance here in the Passive Business Academy. In addition, financial planners will ensure that your personal finances are working in synergy with your business finances, for cash flow, investment, and tax purposes.

Is now the time to hire a financial planner for your business? Here are a few telltale signs that it is:


Your business faces budgeting challenges


If your business is struggling financially, that is the most obvious sign you need to hire a financial planner. Failure to manage your finances properly might lead to your business closing down earlier than you expected. In a report published by The Telegraph, it was revealed that 20% of small businesses do not even make it past their first year because of poor budgeting.

By creating budget plans with the help of a financial planner, you can be shown how to manage your finances, save on expenses, and monitor your company’s performance. Once your plan is in place, you can focus on increasing returns on investment and improving profits.



Your business has unclear goals


What do you want your business to achieve in the next quarter or year? Remember, every business decision needs to be geared towards your goals, which may include addressing a specific need in the market in exchange for a sizeable return on investment. But, it will be really difficult to accomplish your goals if they are not clearly defined in the first place. To make your brainstorming easier, you can get the help of a financial planner to create a well-written business financial plan.


Your business needs to prove its financial viability


Whatever type of business you have, at some point, you will need to raise funds. Whether you’re just starting out or are looking to scale, the primary requirement investors or banks often look for before funding a business is your financial plan. The details on how you plan to expand your business, what risks may be involved, and how profit will be earned can lead to either your plans being approved or rejected. To get the capital you need, you have to craft an impressive yet realistic business plan with the help of your financial planner.

If you want your business to succeed and eventually change the industry you are catering to, you have to take a step back and accept that you need help from other people, especially from financial experts. Owning and managing a business is never an easy task, and it is certainly not meant to be done alone. You may still try and reason your way out of hiring a financial planner for your business, but is that really worth the risk of eventually losing your business? You need to take action, and you need to do it as soon as possible. Take that step with Joelle Byrne now!


Guest post contributed by Jennifer Watson

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