We wrote a piece a couple of weeks ago about financial advisors when it comes to business and we got a huge amount of questions about when a company needs to get a financial advisor. To answer that question we consulted with our resident financial expert Scott Tominaga about when a business requires a service like this and he believes that businesses should recruit a financial advisor as soon as they get set up. Naturally not every business is able to afford a financial advisor from the outset, but as soon as the business can afford it they should, and here is why.
When a business is first getting set up they need a wide range of services, they have to find premises, seek investment, secure loans, deal with solicitors and sometimes lawyers. The reason why a financial advisor can help so much with getting set up is because they can bring with them their black book of contacts. You can only imagine the number of clients which a financial advisor has and they will be able to put you in touch with an investor, a lender and others who can help you in terms of getting set up.
Starting Off On the Right Foot
Very often financial advisors are hired later on in the business’ life and usually after there have been some financial issues which means that the advisor must first help to remedy those issues before they can begin to do their job. When you hire a financial advisor from the outset you can start your business off on the right foot, ensuring that you have the financial infrastructure set up to make a real go of your business without the worry of making poor financial decisions.
One of the biggest benefits which a financial advisor brings to a business is their ability to offer financial advice from a position of impartiality. When you start your very own business you are of course going to be very excited and very invested, which could cloud your judgement when it comes to making decisions. There are a lot of financial decisions to be taken in the first months of your business and having an advisor on board to help will be of great benefit to you.
The truth is that a financial advisor has been there and done it when it comes to offering support to new businesses and having that little bit of experience on your side is never a bad thing. We all make mistakes when we start a business and this is why it can really help to have someone experienced who you can ask for advice from and who can offer you some solid support. This is why the beginning is the perfect time to get a financial advisor on board, to start building a relationship with and to help your business put itself in the best position to be successful.