If you’re running your own business, chances are you will need some professional help. Advice from a financial planner can help you see the bigger picture. Here’s some reason why:

1. They expect the unexpected 

Finding a planner who specialises in your industry can be invaluable, says Financial Planning Association of Australia head of policy and standards Ben Marshan. “Where it really comes to the fore is around insurance and making sure you insure the right way,” he says. “Different professions have different insurable risks and different costs, so you want to make sure you’ve got someone who knows your industry.” Worse than an unexpected disaster is one you’re not insured for.

2. They have the big picture 

While you and other professionals on your team will have a keen focus on your new business enterprise, a financial planner will keep an eye on the big picture. 

They are focused on life goals, rather than just business goals. “A lot of financial planners specialise in the SME market, where they help small and medium-sized business owners with both their personal financial health and also that of their business because the two are so closely related,” says FPA’s Marshan. 

A financial planner may offer advice on how much profit you should plough back into your business and what you should spread to outside investments. They will also help maintain a healthy division between your business and personal finances and assets. “They can put protections in place to look after you and look after your family in those instances where the business isn’t quite operating in the way you need it to.” 

3. They have a focus on investment 

Running a business, particularly in the first year, rarely leaves you with the time or inclination to do much else. It can be difficult to keep up with international money markets and investment opportunities. This is where you can lean on a financial planner. They can advise you on investment options geared to your risk level. A note here, the Australian Securities and Investment Commission (ASIC) reminds you a financial planner must provide you with their Financial Services Guide. Check it thoroughly. It should contain their charges, indicate who owns the company they work for and reveal if they have any links to investment product providers. ASIC notes “many advisers are linked to banks, fund managers and life insurance companies and this can affect the services and products offered.” 

4. Selling or succession planning 

In business, planning for your retirement is about more than putting aside a nest egg. You need to plan what will happen to your business when you are unable or unwilling to continue running it. Financial planners can help with succession planning — whether that be how you plan to pass the business on to a family member or sell it.