As a professional service provider, starting your own business can seem like a natural progression of your career. Whether you’re an architect, lawyer, dentist or any type of professional practitioner, there often comes a time when you’re ready to spread your wings and become your own boss.
When making the leap to self-employment, there are a number of steps to take to ensure your business starts out on the right foot. And ultimately, you need to also find the time to do the work that your clients are paying you for.
While you put your focus on finding and satisfying clients with your service, it’s important that the key pieces of running your business don’t get lost. You may be an expert in your field, but you may not be as well versed in the areas of cash flow, credit, investment alternatives, wealth and asset protection, succession planning and other financial-related tasks. In many instances, you may not even realize what it is that you’re missing until it’s too late.
When considering highly specialized matters of law, accounting and finance, it’s best to look to the experts in their fields to help your business grow as efficiently and profitably as possible. But with your hectic schedule and demands, you may not have the time to sort through the array of resources available and run through a selection process of lining up the service providers that you need.
This is one of the many areas in which having a Business Advisor can help.
Business Advisors are experts at understanding all the pieces required to help you run your business efficiently and effectively and are a wealth of practical information and advice. They are different from a business consultant who can help you draw up a business plan.
A Business Advisor will sit down with you to review your business plan and current financial and legal status. Once they have a good understanding of your business and financial profile, they will be able to set up a solid financial framework to support the growth of your business.
Business Advisors focus on areas such as:
• cash flow management to ensure you have access to funds when you need them;
• financing to make borrowing money and planning for repayment of loans easier and manageable;
• Wealth and asset protection solutions to ensure you and your business are covered during any unforeseen events;
• succession planning to help you plan for the future of your business to ensure what you’ve built will carry on once you’re no longer involved in the business;
• risk management to identify and minimize any areas of potential exposure that you may not immediately see or could be issues in the future; and
• assembling a business advisory team of experts in insurance, tax, accounting and law, matching your business with a service provider with experience in your field or industry.
Whether you are already running a successful business or are just taking those first few steps to branch out on your own, it’s always the right time to make that first touch point with a business advisor. Offering a wealth of knowledge, our BlueShore Financial Business Advisors can help you make sure that your business gets on, and stays on, the road to success.
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