Running a business isn't easy. It takes hard work, perseverance and resilience. It also takes good advice and having the right people in your corner. Here are a few guidelines on growing a business that owners often overlook as they get caught up in the day to day.
- Partner with professionals who understand your business
Different business owners have different goals, especially depending on where they are in their business life cycle. Some want financial security and control, others want to build a legacy.
That’s why it’s critical to find an Investment advisor who understands the importance of getting to know you and what motivates your decisions. Understanding a company’s business dynamics is paramount to giving quality advice. For example, how did you start your business and why do you continue building it? How involved is your family? What’s your exit strategy? Initially, business building starts with the desire to be your own boss but this can change as your business grows and evolves. It’s crucial that your advisor understands what drives you.
- To plan for success, start with a plan
As an independent business owner, I understand the different aspects of running an enterprise and how it can eat away at your time – whether it’s lease negotiations, hiring and managing staff, or problem-solving urgent issues. Developing and monitoring a long-term plan is key to steering your business in the right direction.
To be truly successful, we believe you need to focus on working on the business as opposed to working in the business. To do so, it helps to have business analytics and tools that allow you to delegate tasks and empower others, while still maintaining overall control. Many owners need to be able to deliver high-level information on demand, but still have a working grasp of day-to-day operations. A seasoned advisor can help by providing a financial dashboard of your business, enabling you to see both a high-level overview of your company as well as smaller cash management details.
- Benefit from a holistic wealth managment plan
An experienced advisory team will create a fulsome wealth plan to give you a bird’s-eye view of multiple aspects of your business and personal finances. The power of having a go-to person for information and recommendations is invaluable. Whether it’s for business decisions like cash flow, insurance, acquisitions, buy-outs and succession planning, or personal issues like purchasing a second property, funding retirement or estate planning, these can all be addressed by a knowledgeable wealth management team. Along with using research and advanced planning software, the team will implement solutions that come from a deep understanding of your short- and long-term business objectives.
- Leverage an experienced network of specialists
An experienced advisor can also leverage a large network of professionals in different specialties to ensure you receive the necessary accredited support and services. These can include tax and estate planning, personal and business insurance, legal advice on corporate structures and family trusts, as well as banking support for all aspects of money management.
- Always prepare for the unexpected
One of the greatest benefits of working with an advisor is the value they provide in helping prepare for the unexpected – from changing market conditions and economic volatility to sudden acquisitions or economic or market dynamics. Having the ability to walk through these different scenarios and discuss their potential impact on you or your business with a wealth professional can be critical to your success.
Nader Hamid, CIM®, FCSI®, F.Pl., is a Portfolio Manager with Total Wealth Management Group, HollisWealth®, a division of Industrial Alliance Securities Inc., which is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. The opinions expressed herein are those of Mr. Hamid alone and may not be aligned with the opinions and values of Industrial Alliance Securities Inc. or any of its affiliated companies.