4 Ways a Financial Planner is Vital for Your Small Business

Posted by Greater Midwest Financial Group on Sep 14, 2021 11:21:00 AM

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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.

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.

→ Read Now: What Does a Financial Planner Do?

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.

→ Read Now: Wealth Management Tips for Business Owners

2. Create Plans for Future Growth

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.

3. Manage Your Personal Finances AND Business Expenses

Many small businesses 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.

4. Plan for Retirement and Succession

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. 

At Greater Midwest Financial Group, we understand small businesses. We know your time is valuable; that’s why we work to simplify your finances and help you prepare for the future. Whether you own a family business, a dentistry or another small business, our personal financial advisors are dedicated to deeply knowing your business and helping you take on every challenge.

Contact a Business Financial Planner


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.

photo credit: Unsplash accessed 10/21 via CC0

Topics: business owners, financial literacy, financial planner