As a business owner, you are responsible for planning your personal finances, your employees’ incomes and your business’s success. It can therefore be important for you to hire a personal financial officer who can help you manage your wealth and support your business’s growth. 

3 reasons why a financial officer should be a key part of your business plans

As a business owner, your attention can be pulled in multiple directions. You may need extra support and guidance from a personal financial officer who can recommend financial planning goals based on their expertise in the field. A personal financial officer helps keep businesses in a healthy financial state. They can tremendously support your work as a business owner by: 

  • Saving you time and money — Financial officers can help you recognize flaws in your business that are keeping you from making more revenue. They can help you manage your cash flow, outsource tasks, and remove business strategies that are holding you back. As a result, you can devote more time to the areas of your business that you want to grow, such as new marketing tools or new equipment. In addition, a personal financial officer can help you more efficiently manage your cash. For example, they can show you where to trim areas in your budget to help you maintain a healthy profit.
  • Helping you establish long-term financial goals — It can be difficult to financially plan for the long term when you are a business owner caught in the day-to-day minutiae of management. A financial officer can help you make those long-term goals. For example, they can help you develop a retirement plan so that you can live comfortably when you are older. They can also help you update your estate plan with your business information in the event that you pass away or become too sick to work.
  • Helping you balance both personal and professional finances — Your personal and business finances are often intertwined. Your personal financial officer can help you balance and organize your cash flow so that you can feel more confident in meeting your goals. For example, your financial officer may help you create a personal debt repayment strategy for your credit cards or mortgages. They can also offer advice on how you should be budgeting, saving and investing in your business. In addition, your financial officer can work with other financial professionals such as accountants to help you create a comprehensive financial plan for both you and your business. With a holistic view of your financial situation, your financial officer can help you determine which of your financial goals are urgent and which are more long-term. 

Talk to a ProVise CFP® professional about how you can boost your financial planning as a business owner

Planning your professional and personal finances as a business owner can be overwhelming, but you do not have to do it alone. At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about financial planning as a business owner? Contact ProVise today to schedule a complimentary consultation.