Top Tips
Take My Advice…Top tips from Bibby Financial Services
Many small business owners and managers are not getting the most out of the
support network available to small businesses, according to business
finance providers Bibby Financial Services.
With so many sources of advice currently available it proves beneficial to
use an advisor. Identifying the most appropriate support for a small
business can be confusing and time-consuming. With this in mind Bibby
Financial Services recommend using a financial advisor and has developed a
series of tips and advice designed to help owners and managers get the
right advice first time round.
Five Steps to Choosing a Financial Advisor
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Determine: Your goals and objectives — Review your
current situation and make sure you know what you wish to achieve.
Accurately defining your goals is the first step towards meeting your
objectives. For example retiring early becomes retiring at
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With clearly defined goals, it’s easier to plan the steps to meet them.
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Clarify: What you need from an advisor — There are
different types of advisors, some who manage simple requirements and
others who manage more complex plans. Consider your current level of
financial knowledge, the complexity of your financial situation and the
type of relationship you want with an advisor.
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Decide: Which type of advisor is best for you — Not all
financial advisors offer the same services with the same expertise. Some
specialise in mortgages, loans and pensions, for example. Decide which
particular skills and areas of expertise you really need. For example
does your advisor have to be familiar with your business sector or is an
understanding of the small business market sufficient. Do you need
particular advice on export issues or how to raise finance?
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Find: The right advisor for your needs — After learning
about the services and advisors who can help, the next step is to make a
short-list of some to meet. To save time pre-screen candidates and try to
narrow down your list to three or four.
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Tips: For a positive and productive relationship — Make
sure you understand your advisor’s recommendations. Stay abreast of
financial developments through newspapers and other media. If you don’t
understand something or don’t agree, say so. It’s your financial future,
so there are no trivial questions.
David Robertson, Chief Executive said:
“While small firms are set to benefit from the increasing range of business
finance products and services on offer, they are also becoming increasingly
reliant on the advice of professional advisors.
“While taking professional advice can be hugely beneficial, it is essential
that business owners and managers put in the necessary homework to ensure
that they work with the most appropriate advisors for their particular
business needs. The key is doing some homework. Businesses should take the
time to investigate possible firms. Ask the right questions and then choose
the advisor with a philosophy that best matches their own.”
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