Running a business is full of many challenges. There will always be things that go wrong, but you want to make sure you minimize the consequences.
Money mismanagement, issues with cash flow, delinquent payments, tax issues, and other financial issues can be critical enough that they cause a business to close its doors. That’s why it’s important to have control over every financial aspect of your business. Having a reputable financial advisor can prevent your business from facing these challenges.
A skilled financial advisor is an important resource for any business, says Clinton Orr, a Senior Wealth Advisor and Senior Portfolio Manager with Canaccord Genuity Corp. With 20 years of business success, Orr is also the recipient of the 2021 Finance Monthly’s Wealth Management Advisor of the Year for Canada.
“Having someone in your corner to help you manage the financial aspects of your business can be vital to many business owners,” says Orr. He points out the many ways that a qualified financial advisor can help in making a business thrive:
Table of Contents
Planning
A business plan is a critical part of business success. You need it to know where you’re going, how you’re going to get there, and what to do if you experience bumps in the road. A good financial advisor can put together a detailed plan to help you run your business efficiently and prepare for any issues that could arise.
Investing
Wise investments are critical to achieving your goals. Most business owners either don’t have the knowledge or the time (and often, both) to analyze and evaluate investment opportunities. A reputable and knowledgeable financial advisor can help guide you to investments that are good for your business.
Savings
Although you do pay a financial advisor, the long-term savings will justify the cost. Your financial advisor focuses on one thing about your business: money. It’s all about making the smartest financial decisions to increase your overall chance of success. A seasoned financial advisor will help you discover and profit from new opportunities.
Reduced stress
As a business owner, you have lots of things you have to worry about. A good financial advisor can provide that peace of mind knowing your finances are getting the attention they need and your money is being properly invested.
“Being a business owner, your expertise is in hiring the right people to manage the right positions in your business,” explains Orr. “No one can handle doing every single job in a company. When it comes to cash flow, investment decisions and money management, a financial professional can help take the stress off your shoulders. For a lot of people, that alone makes having a financial advisor well worth it.”
CANACCORD GENUITY WEALTH MANAGEMENT IS A DIVISION OF CANACCORD GENUITY CORP., MEMBER-CANADIAN INVESTOR PROTECTION FUND AND THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA.
The comments and opinions expressed in this article are solely the work of Clinton Orr, not an official publication of Canaccord Genuity Corp., and may differ from the opinion of Canaccord Genuity Corp’s. Research Department. Accordingly, they should not be considered as representative of Canaccord Genuity Corp’s. beliefs, opinions or recommendations. All information is given as of the date appearing in this article, is for general information only, does not constitute legal or tax advice, and the author Clinton Orr does not assume any obligation to update it or to advise on further developments related. All information included herein has been compiled from sources believed to be reliable, but its accuracy and completeness is not guaranteed, nor in providing it do the author or Canaccord Genuity Corp. assume any liability.
Tax & Estate advice offered through Canaccord Genuity Wealth & Estate Planning.
