As any small business owner is well aware, there are only so many hours in a day/week/month/year. Often, when we meet new clients they explain to us that they are working 60-70 hour weeks in the business, whilst also trying to develop the company, manage the finances, keep employees happy, recruit new staff and find spare time to have a personal life as well.
Most business owners understand that in order to grow a business successfully you cannot do it all on your own. More to the point, even if you could, why would you want to? After all, spending every waking moment in the office whilst trying to juggle every aspect of your business and personal lives is probably not the reason you decided to work for yourself in the first place.
Having a competent and trustworthy team within your business that you can delegate to gives you the time and space to focus on moving the business forwards and, ultimately, achieving your longer term goals and objectives. Likewise, getting the right professional advisers in place can help you to manage the finances of your business and personal lives more efficiently whilst warning you of any potential pitfalls that lay ahead.
Many business owners underestimate the value that can be added by a proactive professional adviser such as an accountant, solicitor or financial planner. This may be due to negative past experiences with an accountant that simply “did” the accounts when due or a financial adviser that simply “sold” them a pension without ever actually offering them any real value or benefits.
As we have explained in our previous blogs, our approach to financial planning is focussed on being proactive, planning for future changes in your circumstances and putting appropriate strategies in place as and when required. We develop these strategies by drawing on our technical knowledge of financial matters such as pensions, investments, tax and estate planning, but also our real life experience in dealing with numerous other clients who are currently or have previously been in a similar position.
We also work closely with a number of like-minded accountants, solicitors and other professionals who also believe in being proactive rather than reactive. By communicating with each of the parties involved, we are able to use our combined experience and technical knowledge to cover all bases for our clients and ensure that we are all working towards the same end point.
A real business adviser shouldn’t be afraid to ask the tough questions that you or your employees may not be able or willing to consider. For example;
- What is the most efficient way for us to maximise the benefits we draw from the business?
- Which part of our service/product range should we be focussing on going forwards?
- What happens if we lose this key employee to a competitor?
- How will the business cope with the death of a shareholder?
Much like building a team within a business allows it to expand and grow, building a team of proactive and trustworthy advisers around the business allows it to develop safely and avoid the traps that others have fallen into before it. We feel that this is absolutely pivotal in unlocking the true value of your business and giving you the freedom to enjoy your life whilst developing a successful business legacy. As the great businessman Henry Ford once said “If everyone is moving forward together, then success takes care of itself.”