In today’s competitive business space, companies are utilizing their resources to offer better customer experience with their products and services. They often forget to address important non-core aspects of their businesses such as Financial Planning and Corporate Tax Compliance.
Businesses, especially small and medium enterprises, don’t have a formal strategy or department to advise and look into their financial aspect. Companies need strong financial planning to sustain and stay ahead of their competitors. This is where the role of financial advisors become relevant.
A financial advisor helps you to Build Financial Strategies catered to your business and execute them. This helps you build a sound financial support system and help you sustain in the long run. For instance, a financial advisor helps you profitably plan your retirement and hand over the asset to a new owner. Less than 25% of firms have a formal retirement plan in place. According to this study,
“Less than 25% of firms have a real succession plan in place.”
The same study states that 72% of companies say that they have to create a succession plan and yet, only a small percentage of them seek the help of a financial advisor. A financial advisor can help you to invest strategically and smartly in such matters and others. The next section discusses the top few services a financial advisor offers.
Primary Services Of A Financial Advisor
Financial Planning is one of the most important services of a financial advisor. It requires a proactive approach to avoid any possible financial loss to your business. Laying down a safe path without any risks of financial loss and ensuring that your business avoids any such hail storms coming in your way are the primary responsibilities of a financial advisor.
A financial advisor also formulates a retirement plan for your employees and makes sure that all the regulatory tax compliance are duly met.
Financial Asset Management
To stay ahead of their competitors, SMEs utilize their time and other resources to focus on reaching out to more clients and customers. As such, very little room is left for investment research and financial asset management for business.
Financial advisors help you to manage your profits and financial bearings and help you to invest in the stock market, retirement plans, etc. This helps in setting up long term objective and planning sustainability of your business.
Corporate Tax Compliance
The corporate tax rules and regulations keep changing. You need to keep track of the changing rules to avoid any interference to your business and it can get hefty.
A Financial Advisor keeps up with the updates corporate tax compliance and makes sure to follow them when filing your company taxes. They also offer tax consulting and other related services which can help SMEs to comprehend tax compliance.
Planning The Retirement
As mentioned earlier, a very small section of businesses actually has a formal succession plan in place, even though most of the companies intend to have the same. Financial advisors can help you to plan your retirement or exit according to the situation. Their services can help you transfer your business to next one succession and ensure that the financial strength remains strong, throughout.
There are many such services offered by financial advisors. Make sure to hire a competent and experienced financial advisor for your business. Donald Malter has years of experience in the industry and can help your business with his insights of marketing for your industry. Fill this form to contact us today!