Use a financial advisor to help you finance your formal business
Although you may be reluctant to fork out the advice fee, advisers can save you money in the long run.
You can use a financial advisor to help you finance your formal business in order to make necessary plans for the future. As it would be difficult for a small business owner to invest strategically for the near future when he or she has to deal with personnel decisions, capital allocation, growing their sales figures, cutting costs, and constantly putting out fires.
A small business owner isn’t going to have time to see if the South African Rand is appreciating or depreciating and how it might impact their business. They may also not have time to follow interest rate moves, and track foreign exchange movements and such.
As much as a small business owner likes to be in control they might have to consider hiring a financial advisor. Your financial advisor will begin with basic budget and cash flow management of your formal business taking a look at your business income and talking to you about what you want to achieve with your business.
Your financial advisor will then make a realistic plan with you that takes into account all of your regular business expenses, showing you how you can better manage your money to achieve your business goals.
Your financial advisor will apply their due diligence in helping you and teaching you as well as advising you on things like having an emergency reserve fund with six months of expenses set aside.