When Should Your Company Consider Wealth Management?

When starting a new business, entrepreneurs have to focus on a lot of areas to ensure success, such as: building you company brand, creating an effective marketing strategy, learning new skills and bringing in (as well as retaining) customers. However, when your small venture grows, perhaps into an SME or decides to build via franchise, owners are faced with a new host of issues to tackle.

As a business grows, the having the ability to effectively manage finances is crucial. But how to do you know when you should focus on wealth management?

You Know Your Strengths and Weaknesses

As an entrepreneur, you want to be able to do it all and may see outsourcing or seeking help as a failure. However, recognising the areas where your business needs guidance is a strength and could help your company. Perhaps you are great with people but recognise that your financial skills and know how are not up to scratch. A wealth manager can spot the risks and potential that you cannot see, helping to avoid costly mistakes.

You Recognise You Need to be Proactive

Many start-ups begin their journeys by being managed in a reactive manner, i.e. business owners find a solution for problems as they arise. However, when your company grows, quick and unpredicted expansion can mean financial ruin. This is where a wealth manager can help, by using analytic tools to identify and predict future business needs.

You Worry About Practical Goal Attainment

As part of your business plan, you may have outlined a number of goals for your company, such as scale of growth or opening another location. However, do you possess the skills necessary to make those goals a reality? If the answer is no, consider talking to a wealth management firm. Your wealth manager will help you to narrow down your objectives while also creating a plan to help make them a reality.

You Have Investment Questions

If you have an accountant, you can turn to them for tax advice and financial planning, but when it comes to handling your company's wealth, you may require a more in-depth analysis. A wealth manager from a firm like Sanlam Private Investments can provide a more comprehensive service, including investment advice and employee benefit services.

Hiring a wealth manager can be beneficial for your business. To recognise when you should seek wealth management services, assess your strengths, ask yourself if your approach is more passive or active and find out if you know how to reach your goals.

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