You can't do everything as a entrepreneur. This very often is what entrepreneurs themselves refer to as “Entrepreneur Syndrome.” These are the men and women who are afraid to give up control and want to do everything themselves. From answering the e-mails to securing venture capital to buying the office supplies, they want to do everything themselves. This gets even more complicated when it comes to juggling finances, which distracts many entrepreneurs from the core of their business.
Why not hire a financial advisor to help?
One of the first things to realize is that it’s better for the finances of your small business if you focus on the things that actually pay money and pay someone else to take care of other functions of your entrepreneurial business.
Secondly, it’s important to realize that your “financial advisor” may actually be a team of people that may include an accountant, an attorney, a financial planner and a personal mentor. These are not just people who offer business advice but the people that you rely on as an entrepreneur to help you navigate both your personal and your business interests in terms of legal and financial governance.
Here's how to find the right financial advisors for your small business.
- Use referrals. You may be able to find the right professionals online. There are certain professional associations such as attorney directories and the Financial Planning Association’s directory that can lead you to finding the right person. Going to your LinkedIn network for advice can also help lead you to the right person. Finally, the best way to find the right financial advisor is simply to go to the people you trust the most already by asking for recommendations from your friends, family and colleagues.
- Evaluate your needs. Again, your team may include other professionals besides simply a general financial advisor. This may include a banker, a stockbroker, accountant or insurance agent. Once you establish where your personal strengths are in terms of your entrepreneurial enterprise, you can figure out where you need help with your weaknesses.
- Trust your instinct. Hiring people with whom you feel a connection will pay off in the end. If you find it’s easy to talk to someone about everyday matters—sports, family, work, your plans, or the economy—you’ll find it’s easier to talk about the details of your business’s financial picture.
- Find someone who thinks like an entrepreneur. Your goal here is to hire people who are going to look out for your small business’s best interests. It’s valuable to work with people who are proactive about helping you avoid potential pitfalls rather than people who are waiting to be told what to do.
Finally, remember that you have the most to gain or lose from the financial operations of your small business. Your advisors may offer great service and look out for your best interests but ultimately, the finances of your small business come down to you and your instincts, so it’s important to trust them.