Five things you should know as a business owner in Canada
The benefits of professional advice
Did you start your business so you could be your own boss? Part of being your own boss is making your own decisions, but that doesn’t mean you have to go it alone. Just over six in 10 survey respondents discovered the benefits of working with one or more professional advisors and continuing to make their own decisions about finances, according to the 2016 Manulife Small Business Research Report.
Five reasons why getting advice makes good business sense:
1. Get early business planning guidance
The early decisions you make for your business can set you up for success. Expert advice can help you make the best choices. Many advisors can add a useful perspective to your business planning considerations before you buy or invest. Ensure your early decisions are well informed with an early consultation.
2. Build on success faster
Accelerate your business’ growth with the right mix of financial solutions that build your wealth, protect your family and make your workplace more attractive to qualified job seekers. Business owners who work with an advisor had covered more financial bases, with more financial products, and were also more likely to say their company was “at” or “ahead of” where they expected, according to the survey.
3. Lay the groundwork for future decisions
Prepare for tomorrow by talking through your options with an advisor today. Even if you don’t purchase a product right away, you can identify and prioritize several choices that meet your unique needs and budget. When you’re ready, you can start to implement them, with the confidence that comes from knowing you’ve already done the required analysis and due diligence.
4. Better manage increasing complexity
The more products and services you offer, the more customers you attract, the more employees you hire, the more complex your business becomes. At some point, even the most committed do-it-yourselfers recognize they need professional advice. If you anticipate your business growing and becoming more complex, the sooner you get advice the better off you’ll be. If you’ve already built a good relationship with an advisor, you will have plans in place to better manage and simplify complexity before it tangles up your operations.
5. Consider what advice your future self would give you
Two themes emerged when small business owner respondents were asked what advice they’d give their former selves if they were just starting out. They said they would:
- Make careful business decisions
- Seek out assistance
An advisor can help you understand financial solutions so you can make the best decisions, and provide specialized expertise so you can focus on running your growing business. Get ahead by getting advice now for a successful tomorrow.