Running a small business is an exhilarating experience. While you're trying to make your way in the corporate world, you'll find yourself facing new challenges each day. At Leonard Tam, we act as accountants who serve the people of Toronto. Here are some signs you need a financial consulting service for your small business.
You're on the cusp of big changes
All businesses that grow have to go through periods of change. When you're on the verge of big changes, you'll probably need to alter your finances. From securing credit through to deciding where to allocate your resources, there's a lot we believe you need to think about.
By using a financial consulting service for a small business, you stand a stronger chance of making wise financial decisions. Your accountant can help you find the best sources of credit for your plans. At Leonard Tam, our team will help you reallocate your resources so they match your future financial plans.
You're going to sell your business
People have lots of reasons for wanting to sell their business. From entering retirement to embarking on new adventures, each one is legitimate. If you're early into the process, you may have already guessed that it isn't as simple as advertising your business and waiting for a buyer.
Using a financial consulting service for a small business also helps you make better decisions after your venture sells. When you suddenly accumulate a lot of money, it's hard to know what to do with it. Using our tax expertise, we help people throughout Toronto sell their ventures and use their profits in an advantageous way.
You need new business goals
Once your business begins turning a profit, you may want to re-adjust your goals. Although you shouldn't do anything too radical compared to what you're already doing, taking a different approach ensures you keep growing. At Leonard Tam, we help our clients accelerate their growth.
Your financial consultant will help you pay yourself and your staff. They'll also help you direct your profits so you can invest them for growth. Although it's tempting to plow everything back into your business to scale it rapidly, this isn't always advisable. Using the expertise of our accountants, you can align your profits with your new business goals.
You need to understand your finances
Everyone struggles with their finances from time to time, and that's okay. From being new to the business world through to fresh legislation, there's a lot that causes confusion. When those periods of confusion hit, though, it's better to consult a professional than to be left in the dark.
Using a financial consulting service for a small business, such as the one we provide, ensures you're always taking a proactive approach. Your financial accountant can identify issues before they arise and help you tackle them head on. They'll fine-tune all aspects of your business finances and help you get in shape for the months ahead. In many cases, they'll also help you access rebates that you weren't previously aware of.
You're holding back on investments
Making an investment for the first time is scary. In fact, at any other point, it can feel daunting too. Many small business owners see that they'll potentially lose money, but they don't spot the hidden opportunities for growth that are out there.
With a financial consultant, you stand a stronger chance of making investments that are wise. Over time, this will help you scale your business and escape the drudgery that comes with inaction.
At Leonard Tam, our financial team serves small business owners throughout Toronto. If you're looking for a financial consultancy firm you can trust, call 416 783 2222.