How a Financial Advisor Can Help a Small Business

How a Financial Advisor Can Help a Small Business

If you’re a small business owner, you probably have significant time and money invested in your business. Every minute and every penny counts, so the idea of paying a financial advisor to help you plan can seem expensive and unnecessary. 

However, in this case, appearances are deceiving. A financial advisor experienced in working with small businesses can save you significant time and money.

The Value of Financial Planning: Business Benefits

We understand. The life of an entrepreneur is demanding. You have to give your all, every day, to get ahead. As a result, you have neither time nor money to waste. 

“Independent wealth management” may sound like something for individuals rather than a small business owner. Nevertheless, there are multiple ways a professional financial planner can improve your bottom line. 

Especially in these inflationary days of market volatility, shrewd investments for rising interest rates can hedge out losses and capitalize on current conditions to generate higher returns.

For example, even the savviest entrepreneur occasionally overlooks the kind of budget-enhancing opportunities that professionally streamlined business planning can turn up. 

A truly comprehensive plan can circumvent future challenges and help you navigate growth opportunities. Anticipating the need to keep adaptable amid market and industry changes can mean the difference between bankruptcy and success.

As many as 20% of small businesses fail within the first year. Within five years, 50% of those remaining follow suit. Only 33% typically make it a decade or more in the long run. 

The hard truth is that a small business fails somewhere nearly every day due to a lack of working capital or funds. Financial planning can give you the edge you need to avoid common pitfalls and thrive long-term.

Another way financial planning can help is with cash flow. Small business owners may be painfully aware of their daily monetary needs for vendor compensation, payroll, and various overhead expenses (e.g., utilities, lease payments).

At the same time, many are not plugged 100% into the amount of revenue their products or services generate or how quickly client invoices are being paid. An experienced financial planner can help you tighten your cash flow management until it works like a well-oiled machine. That way, you can help ensure that you always have the cash you need when you need it.

Wealth Management Goals for Business Owners 

Regulations are another way a business financial planner can help you stay on top. Regulations are not static – they change every year. For example, the Securing a Strong Retirement Act of 2022 was passed in March 2022. 

Sometimes referred to as the SECURE Act 2.0, it builds on 2019’s Setting Every Community Up for Retirement Enhancement (SECURE) Act. The original SECURE Act increased the availability of retirement plans through pooled employer plans (PEPs). 

This new regulation requires employers to establish new defined contribution plans to automatically enroll eligible new hires (though they can opt-out). The exceptions are if your company is under three years old or you have less than ten employees on your payroll. 

Even if you are not big enough to fall under regulations like this yet, a fiduciary financial advisor can help you be prepared for the transition. They can tailor your money management and investment strategies for your business needs proactively; for the long term.

Please note that we say “fiduciary” advisor specifically: If stories of salespeople disguised as advisors who mislead business owners have left you (understandably) wary, in all honesty, you are paying an appropriate amount of attention. Asset allocation should never be entrusted casually.  

By definition, a fiduciary financial advisor is legally mandated to put your best interests ahead of their own. We don’t just want to see you and your business thrive—we are required by law to do our best to make it happen. 

Independent Wealth Solutions To Boost Your Business

Together we can comprehensively plan for your growth. This can lead to invaluable peace of mind as you add new staff, knowing that you are prepared. 

Similarly, when the timing is right for expansion into new markets or to add products and services, you can be on your best financial footing for growth opportunities. The life of an entrepreneur is much more enjoyable when you have dependable confidence at moments like these. 

Given the opportunity, our financial services may be able to save money on your taxes, as well. For instance, did you know that your personal health insurance is deductible?

If you offer your employees health insurance, their coverage is also a potential deduction. Things like rent and utilities may seem obvious, but they are far from the only options. There are many other avenues for legally reducing tax expenses and freeing more funds to reinvest in yourself and your business. 

The overall potential benefits of a financial review are more numerous than tax deductions, heading off fiscal issues, preparing for growth, and peace of mind. The insight and clarity that come from a comprehensive financial plan put you in a position of greater creativity and power.


As a business owner, you are the captain. Nevertheless, no successful captain does it all alone. A fiduciary financial advisor at ViaWealth can be a supportive team member and a valuable business asset.

We are happy to sit down with you, talk about your goals and finances, start planning to maximize what is working for your business, and fill in the gaps for what is not. Our approach to setting financial goals is holistic.

Before crafting your financial plan, we want to get to know you first. Our experience shows that your values and goals are vital data for intelligent advising. 

That’s why we refer to it as values-based financial planning. Our advisors create customized plans based on your unique values, goals, and circumstances. 

Whether you are looking for a fiduciary financial advisor in Kansas City, Chicago, or anywhere around the country, contact us today. 

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More about the author: Lance Larson

Lance is the Managing Member and Founder of ViaWealth LLC.

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