Running your shop day-to-dayis hard enough, but dealing with financial issues might just push you over theedge. A good financial advisor can help.
Choosing a financial adviseris like choosing a business partner and requires careful thought and planning.Your current accountant or insurance agent may be a certified financialplanner, or can recommend one to you.
The initial interview with afinancial adviser is a good time to assess their background and experience, andgauge personal rapport between you and the advisor. Check out client referencesor speak with others who have worked with the adviser, such as an accountant ortax attorney.
It’s also important thatboth parties understand the amount of risk that can be comfortably assumed tomeet your personal and business financial goals. If you’re the type who losessleep at night over investment decisions, let the advisor candidate know.
During the initial interviewyou’ll also want to discuss fees and compensation with the advisor. Someoperate on a fee-only basis, others receive commission based on products theyrecommend, and some receive a combination of the two.
Whether operating as a moneymanager or a financial planner, your adviser should be able to explain whycertain recommendations are being made, and why results occurred. You need tounderstand the rationale behind each recommendation since you will be livingwith the results. It’s also essential to schedule periodic meetings to reviewprogress and develop strategies.
Click here for more ways to boost your shop’s financial health.
– Source: Tire ReviewBusiness Toolbox
