Scott Tominaga Opines The Need of Small Businesses to Work with Financial Advisors
According to the surveys, more than 65% of small business owners ignore the necessity of hiring a financial advisor at the beginning of their venture. They mostly depend on internet-based information like tips and guides to develop their financial planning which often affects the growth of their business. In fact, working with a financial advisor like Scott Tominaga can help them get the most out of their capital investment in the venture. These professionals help them gauge the capability of their venture and draw their custom strategies with the timeline to lead their business to profitability.
Having been in the industry of personal financing, banking, stock training, and individuals wealth management Scott Tominaga has now been popular as a financial management advisor. According to him, to thrive in this highly competitive business arena, working with a financial advisor can be a great way to ensure, speed up, and boost business success.
Here are some of the ways how a financial advisor can help in this regard.
Managing finance in small businesses is the key to their growth and profitability. Even if individuals have some knowledge of finance, being the owner of the venture, they need to focus on their core business areas where they are truly needed. Consulting with a specialized financial advisor will help them get an expert’s viewpoint to deal with the financial matters of their businesses.
With long experience, financial advisors check the cash flow of the business, track cost factors, identify areas where they are expending more than necessary, and control expenses. They suggest individuals avoid applying for an excess business loan and save their business from possible bankruptcy.
As a startup company, getting influenced by emotions at different times can affect business grossly. On contrary, financial advisors are seasoned professionals and with their understanding, they provide the most sensible insight which is essential to deal with complex money matters. In general, these professionals work together with accounts people and small businessmen to figure out the right roadmap related to their financial matters and let their company move in the appropriate direction for maintaining its growth.
Often small entrepreneurs need to raise cash for their projects to take them off the ground. These professionals have an in-depth understanding to figure out the most ideal funding sources suitable for their businesses that come with flexible terms. Because most of these professionals have a connection with a network of funding companies that can help small businesses get access to necessary funding easily, regardless of whether it is a bank, lending company, or community investor.
A specialized financial advisor like Scott Tominaga may work with an accountant from time to time to help minimize the tax obligation of small businesses. By integrating proactive tax planning and investment planning strategies, they help them save tax and built wealth that they invest in different projects or new opportunities as identified by their advisors.