4 Ways A Small Business Can Benefit From a Financial Advisor

financial advisor

By Joe Globensky, RFC®

small business financial advisor

As a financial advisor and small business owner, I know firsthand how my knowledge and experience has helped our company.  But if you have your own small business, you might not realize the value a financial advisor can bring to your business.  Let’s talk about a few ways a small business can benefit from a financial advisor.

Benefit #1: Help With Budgeting

Budgeting is not just for the family household.  As a business, managing your revenues and expenses takes great care.  Keeping track of the normal ebbs and flows, planning for unexpected events and forecasting what your future business might look like are some key areas of focus.

A financial advisor can provide education on the budgeting process.  Help you put an initial budget in place.  Help you track how well the budget is working.  Suggest tweaks along the way.  They can be a valuable part of your business planning team, working with your accountant and attorney, to help plan for the long-term viability of your business.

Benefit #2: Key Employee Retention

Great employees are hard to find in a normal job market.  A job market where unemployment is at all-time lows makes it virtually impossible.  So it’s important to keep your key employees happy and loyal to your company.  And many times, it’s more than just their salary that holds their loyalty.  Employee retention is an area a small business can benefit from a financial advisor.

A financial advisor can offer suggestions on compensation, but also on things like employee benefit plans, insurance plans covering key employees, and deferred compensation with longevity triggers.  In addition, there are other benefits like flex time, paid time off, and remote employment that can help your business keep employee turnover to a minimum.  And, financial advisors working with small business clients have a network they can access for ideas that can help other small businesses in the area.

Benefit #3: Retirement Planning for You and Your Employees

Maybe you view your small business as your retirement plan.  Or maybe you just haven’t had the time to plan for your retirement while building your business.  You are not alone.  Many small business owners have no retirement plan for themselves, let alone their employees.  A financial advisor can help.

Planning for your retirement is vital.  But, it’s important to your employees as well.  One way to demonstrate that importance is by establishing a retirement plan for your employees.  But which one?  A financial advisor can work with you to develop a plan that meets your goals and objectives as the business owner.  One that helps your employees plan for their retirement.  And, one that keeps your costs in check, so your business can continue to flourish.

Benefit #4: Business Succession

As a small business owner, you may not want your business to end with you.  I know I don’t.  It’s important to plan for the continued success of your business after you’re gone.  This may be a transition to a younger generation in the family.  Or, a transfer of ownership to the key employees or management in your company.  Whatever your plan is, it’s important to have it in place to guard against unforeseen events that could derail your business.

A financial advisor can help you develop a plan, possibly over many years, to ensure your business continues to thrive.  This may include picking your likely successor(s) and preparing them to take over the business one day.  It may mean creating a buy/sell agreement with your attorney.  Or a business valuation with your accountant.  A financial advisor can be your point person to bring together all the parties necessary to meet the goals you have for the continued operation of your business, on your terms.

If you would like to discuss your small business needs with one of our financial advisors, we offer a free, no obligation, introductory consultation to learn about you, your business, and the plans you have in mind.  To schedule an appointment, contact our office at (217) 605-8130.  You can also send me an e-mail and we can find a time that is convenient for you.  We look forward to discussing how our small business can bring value to yours.

Follow us on social media for more tips on financial planning.


Recent Posts

Why I Became A Financial Advisor

Thanksgiving Day is almost here!  This is the time of year that many people think back on events and give thanks for their blessings. Since it’s a great way to maintain your perspective about life’s ups and downs both personally and professionally, I’ve practiced this for years. Some of my blessings are personal, but there are professional blessings as well.  And since I’m often asked why I became a financial advisor, I want to share how my profession makes my blessing list.

What is Your Long-Term Care Plan?

What is Your Long-Term Care Plan? November is Long-Term Care Awareness Month and I want to get you thinking about this important question. This subject is too important not to have a plan. Because the chances that you’ll need care are very real.

Take Advantage of the Medicare Annual Enrollment Period

The Medicare Annual Enrollment Period (AEP), also known as Open Enrollment, began on October 15th and runs through December 7th. This is the one opportunity each year that most people on a Medicare stand-alone Prescription Drug Plan (PDP) can change their plan for the coming plan year.

4 Financial Planning Excuses You Might Be Using

October is National Financial Planning month. I’ve written various blog posts discussing the importance of developing a financial plan and even how that plan may differ for special groups like women. Unfortunately, you might still be putting this off for a future day. So, let’s consider 4 financial planning excuses and see if any of them hold up.

Is Financial Planning for Women Different?

The observation of American Business Women’s Day on September 22nd got me thinking about how my female clients’ financial planning needs differ from those of my male clients. How does the financial planning advice I provide change for women? As we save for our golden years, women may have unique challenges. Let’s look at some key reasons financial planning for women may be different.


Office: 217.605.8130
Toll-Free: 844.305.7670
Fax: 217.666.4188

604 N Union St Ste 1
Lincoln, IL 62656

Email Us


Sign up to receive the latest news, tips, outlooks and more: