Succeed in Business by Using the Right Information about Finance|
A large part of business success is built upon the foundational principles of finance. As a small or mid-sized business owner, you need to be sure that the financial guidelines you are following are in the best interest of you and your business. This means turning to a reliable source to guide you through the ups and downs. So how do you know that you're getting the right information?
Certifications and Licenses :
First and foremost, you need to turn your attention towards financial talent that is certified and licensed in Calgary and area. These professionals have undergone a wide range of training to have a firm grasp of the industry and Canadian tax laws. It is not sufficient to rely upon other business owners in your sphere for advice, or to try and wade through the swamp of information on your own.
Every industry has its own unique quirks. Whether you are a veterinarian or a gift shop owner, you want to work with a financial professional who has previous experience working with clients in your area. You should also consider what size of clients they have worked with in the past. Remember, your financial strategy will change as your business grows, so it is not always best for a new start-up to attempt a strategy that is meant for a well-established company.
As a small business owner you may not be ready to hire a full time financial expert to handle your books. You need to determine what kind of fees you'll be paying and how those fees will affect your bottom line. Many financial professionals who specialize in small business accounts will have a more flexible fee schedule whether that means paying by percentage or flat rates.
An important factor of any working relationship is how and when your financial expert will be contacting you. Whenever you have questions about your financial landscape you need to know that you can pick up the phone and reach someone with answers.
A Sample Plan
You may ask your financial advisor to provide you with a sample plan that he has put together in the past. This sample will tell you what kind of information you will be getting, and gives you the opportunity to ask questions if there is something that doesn't make sense about the format or the strategy.
If you are diligent about choosing a financial expert to work on your behalf, you will ask about these five areas. The answers you receive will tell you whether or not the advisor in question can give you the best information to suit your needs.