Owning and operating a small business takes a lot of hard work, balance, and prioritization. With countless responsibilities to juggle, it can be easy for certain aspects of your business to fall through the cracks. That’s where we come in. At Fortis Lux Financial, we’re proud to be a trusted financial advisor for small business owners. Our clients depend on us for valuable financial advice to help them reach the next step in their business journey.
Your business is as unique as you are. Therefore, you don’t want the same financial advice as the business next door or across the street. You need one-of-a-kind advice tailored to your unique requirements and vision. And that’s precisely what you’ll receive from Fortis Lux Financial. We excel when it comes to wealth management for small business owners. Rely on us to develop a custom strategy to advance your business and move you closer to your goals.
We invite you to call today to begin the discussion about your needs and objectives. One of our financial advisors is ready to begin planning your business’ financial future. We look forward to hearing from you soon.
Financial planning for small business owners is often a headache; they started their company because of their passion for their field, not calculations and paperwork. We understand how frustrating it can be to unravel numbers and tax codes, which is why our advisors are here to help. The following are some of our top tips for our clients to get you started.
Separate Your Business and Personal Goals: When you’re a small business owner, your job can permeate every part of your life. However, it’s vital to not only keep your finances separate but also distinguish between your business and personal priorities. If they become too enmeshed, you could end up hurting one—or both.
Create Succession and Exit Plans Early: Many assume that succession and exit plans are strictly a final stage for small business financial planning. While it’s true that you may not need either for many years—or decades—it’s best to start thinking about it early since life is unpredictable. What if you suffer an accident and must step back sooner than planned? If the economy looks like it might go south, will you stick it out or exit early to cut losses? The sooner you start considering these scenarios, the more prepared you’ll be.
Explore All of Your Funding Options: It’s tempting to rely on only yourself and the capital you can personally raise, but it may be in your best interests to diversify your funding. As part of your small business financial planning, you should research all of the options available to you, from angel investors and crowdfunding to grants and business loans.
A: A small business financial advisor is a professional who provides expert guidance and advice to small businesses regarding their financial matters. Their role typically includes the following:
Financial Planning – Small business financial advisors work with business owners to develop a financial plan that addresses their short-term and long-term financial goals. This includes creating a budget, forecasting future cash flows, and identifying potential growth opportunities.
Tax Planning – Small business financial advisors help businesses manage their tax obligations by developing strategies to minimize tax liability while remaining compliant with applicable tax laws.
Risk Management – Small business financial advisors identify potential financial risks that a business may face and develop strategies to mitigate them. This includes developing a risk management plan that outlines steps to address possible financial crises or other unexpected events.
Investment Advice – Small business financial advisors provide advice on investments and help businesses make informed decisions about allocating their financial resources for maximum returns.
Financial Reporting – Small business financial advisors help businesses prepare accurate, complete financial statements and reports that comply with applicable accounting standards.
Overall, the role of a small business financial advisor is to help businesses make informed decisions about their financial matters, so they can achieve their financial goals and sustainably grow their business.
A: Financial planning and management are essential in business for several reasons, including:
Budgeting – Financial planning helps businesses create and maintain a budget. A budget allows businesses to plan expenses, manage cash flow, and allocate resources effectively.
Decision Making – Financial management gives businesses the financial data and analysis needed to make informed decisions. This includes identifying profitable business opportunities, determining pricing strategies, and deciding on capital expenditures.
Risk Management – Financial planning helps businesses identify and manage financial risks. This includes managing debt, mitigating financial losses, and ensuring compliance with regulatory requirements.
Performance Evaluation – Financial management provides businesses with the tools to evaluate their financial performance. This includes analyzing financial ratios and other metrics to measure profitability, efficiency, and liquidity.
Planning for Growth – Financial planning helps businesses plan for growth by identifying opportunities for expansion, determining funding requirements, and developing financing strategies.
Overall, financial planning and management are crucial to the success of a business. By managing finances effectively, companies can maximize profits, minimize risk, and plan for long-term growth and sustainability.
A: As a small business owner, you must assess every potential cost to determine whether it’s worth investing in—that includes hiring a financial advisor. For many owners, working with an advisor is well worth the investment. They can be a useful and valuable resource for any business owner, but they are especially essential for those with little experience in the financial realm. Small businesses often fail in their early years due to poor money management and financial planning, as well as costly mistakes. A small business advisor can help you avoid these pitfalls and set your new venture up for success.
More experienced business owners may also need help from an advisor. When you’re considering big changes such as an acquisition, passing ownership, and so on, working with a financial advisor will help you achieve your goals.
A: Working with a financial advisor can yield numerous benefits for both you and your small business. First, your advisor will help you save time and energy by handling key tasks related to your business finances. Instead of constantly shifting gears, you can focus on your core business while delegating specialized tasks to your advisor.
Next, an advisor will help you save money through insightful financial planning and sound strategy. Often, owners don’t notice that they are overspending in certain areas or missing opportunities like tax breaks. An advisor will work with you to keep costs down and maximize savings.
Finally, your financial advisor will help you execute your business plan—and achieve your personal goals. They provide the objective insight and expert knowledge necessary to bring your ideas for your small business to fruition. Furthermore, they can assist you with retirement planning, investment strategies, and more.