Do You Need A Business Financial Consultant?

Financial consultants review your current financial situation and create an action plan to help you reach your goals. Whether your company is a pre-seed startup, a well-established small business, or is positioned for ongoing expansion, financial consultants can help you get where you want to go faster because their perspective is baked into the numbers and seasoned with experience you may not have in-house.

This guide will peel back the curtain on what financial consultants do for a business.

What is a Business Financial Consultant?

Business financial consultants help business owners understand their finances and make decisions about how to achieve short and long-term goals. They can be hired for one-time consultations or as a financial planning specialist for an extended period of time.

Some things you can expect from a business financial consultant are:

Strategic Planning & Tax Preparedness
Financial Modeling and Analysis
Budgeting & Cash Flow Monitoring
Investment Planning
Regulatory Compliance Audits
Risk Management Assessments
And more…

How to Find a Business Financial Consultant.

Before hiring a financial consultant, you need to determine what services you need and what you can afford. The best place to begin your research is with a company that offers full-service financial management like Smith Jeffries.

You can also leverage online resources, such as the Certified Financial Planner Board of Standards, or a CFP Professional database, to locate an ideal financial consultant in your area. When interviewing financial consultants, ask about their experience, education, and credentials, as well as their fees and service offerings. It’s important to ensure their capabilities are the right fit for your business and that you are getting the best return on investment.

Here are some general questions you should consider asking:

What is your experience in the financial industry?
What are your education and professional designations?
What services do you offer?
What is your fee structure?
What is included in your fee?
How do you work with your clients?
What is your client retention rate?
What are some of your recent success stories?

Measuring a Business Financial Consultant’s ROI.

Measuring the value your financial consultant will bring to your company can take time since planning and strategy is usually a 6-12 months process. However, using their past success as the metric for what they can and have proven to do for other clients should be your barometer. You should ask for things like:

How many active clients do they currently support?
How many lifetime clients they’ve supported?
What is the average revenue of their clients at the start and as a result of their consultancy?
Reviews and public comments made about them.
Case Studies, especially those relevant to your industry

Your Business May Benefit From A Financial Consultant

If your business is experiencing any level of financial difficulties, such as being unable to turn a profit, unable to break through a particular profit margin or revenue ceiling, you should consider hiring a financial consultant. Conversely, if everything is going well and your bottom line is healthy, but you want an outside perspective on how to grow beyond your current means, a financial consultant can guide you through.

SmithJeffries can provide expert financial consulting, plan implementation, and the ongoing support your business needs.

Disclaimer: This article is not, nor should be, considered legal, tax, or business advice of any kind. Always consult with experts (like Smith Jeffries) regarding any and all matters having to do with the financial future of your business.