Small business owners are used to doing things themselves. It’s a necessary part of ownership and often what makes their business successful to begin with. However, handling your own finances alone might not be the best option for you or your business.
Tapping into a financial advisor is vital for the current and future success of a small business, in a few key ways.
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What is a Financial Planner?
A financial planner is someone who offers advice on both your short-term finances and long-term finances. They can help you plan where to save money, how to invest your money and what types of accounts to open.
However, not all financial planners specialize in the same advice. Some planners offer more general advice for multiple services, while others have a specific focus – such as taxes, retirement or small business management.
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4 Reasons Why Small Businesses Should Use a Financial Planner
A business financial planner is vital for helping you reach your financial goals. Here are just a few reasons why you should consider a financial planner for your small business.
1. Saves Time and Money
Business owners naturally have to wear many hats, but tapping into a financial expert frees up a lot of your time while saving you money. It takes a lot of time and effort to thoroughly investigate every option and become well-versed in wealth management, taxes, savings and every other aspect of financial literacy. A financial planner is already familiar with all these avenues and can instead focus on finding the best options for you, instead of you needing to do hours of research.
Additionally, a financial planner’s main goal is to help you make smart money decisions, and will help you identify ways to save money without negatively impacting your business.
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2. Benefits Planning
Offering benefits to your employees can be challenging for small business owners. A financial planner will analyze all options and offer guidance on the best balance of costs and benefits offered. A financial planner can help you with any type of benefit, including:
- Medical, dental, and/or vision insurance
- Flexible spending accounts (FSAs) and/or Heath savings accounts (HSAs)
- College saving plans (for employer’s children)
- Continuing education/college credit reimbursement
- Retirement plans
- Life and/or disability insurance
- Personal time off (incl. vacation, sick days, and personal days)
- Stock options
Additionally, a financial planner will revisit your options every year, to ensure you’re not overpaying.
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3. Manage Your Personal Finances AND Business Expenses
Many small business owners mix personal finances and business finances, but a financial planner will help you keep the two separate. Not only that, but they can offer advice on your personal finances in addition to your business finances.
This helps you make better decisions and choose the right accounts for you and your family.
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4. Plan for Retirement and Succession
A financial planner will have experience working with small businesses and therefore will be able to offer you a unique insight into your business and growth opportunities. Additionally, creating a financial plan where you’re at now will make it exponentially easier to manage as your business grows in the future.
When you own your own business, retirement looks different. Additionally, you’ll want to have a plan for what happens when you step aside. A financial planner will help you make plans for the future. Trying to navigate the complex world of retirement planning on your own while also trying to manage your current business’ finances can be extremely challenging.
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With Greater Midwest Financial Group
Your small business is safe with us.
Receive small business guidance from a trusted financial advisor. With years of experience backed by industry-specific knowledge, we’ll do what’s best for your business. Rely on us to keep a steady watch over your finances and provide you with smart, timely solutions for success.
Small business services
- Coordinate Business & Personal Planning: When you spend so much time at your business it hard to coordinate your Business Life with your Personal Life, we can help!
- Wealth Accumulation & Preservation: You work hard at your business and are good at what you do BUT how do you maximize your efforts and create a retirement nestegg.
- Benefit Plan Consulting including Key Person Retention Strategies: How do I attract quality employees and make sure I retain them and my key employees? You need a benefit plan consultant to put in the benefits so they join your firm and stay.
- Retirement Plan Consulting: When I get advice on what type of retirement plan I should have for my business and employees how do I know I am getting the best advice? You need someone who works to put you interest first. With 35 years of experience, we can help.
- Business Succession Strategies: How can I actually pass this business on to my family or a key person? You’ve worked hard but having a solid plan seems overwhelming. GMFG has been experience, resources, and service model to help you put this together.
- Tax Planning: Coordinate your personal and business tax planning needs.
Greater Midwest Financial Group is a financial advisor firm serving St. Paul, Minneapolis and the wider Twin Cities area. We specialize in wealth management, retirement planning, asset management and other personal finance needs.
