Save Time And Money By Partnering With A Commercial Advisor
CHARMAINE SMITH, ABL
BRITISH COLUMBIA – Did you know about half of small businesses fail by the end of their fifth year?
Running a small business can be challenging, and never more so than in the last two years. The pandemic and recent floods have driven huge process changes for areas like technology, inventory and demand. There’s never been a better time to consult a commercial advisor to save you time and money.
As a business owner, you’re very good at your passion—that’s why you opened your business. But there are some common pitfalls to look out for, like growing too fast, lack of capital or cash flow management issues. If you don’t have a relationship with a trusted commercial advisor, you’re missing some valuable support. An advisor will learn your business operations and your management approach so they can give you impartial advice on facets like:
- Cash flow management and employee benefits plans
- Insurance needs and succession planning
- Ways to maximize profits and asset allocation
- Risk management
You can also benefit from their contacts in any additional areas of expertise you need, like legal advice or an accountant. A good commercial advisor is invested in your long term success. To find one that’s the best fit for your business, do some groundwork first. Ask yourself:
- What does a successful business look like to me?
- What’s my end goal and how do I think I’ll get there?
- What are my expectations for partners?
- What’s non-negotiable?
- Have I done a recent Strengths, Weaknesses, Opportunities and Threats analysis to help an advisor get up to speed on what I need?
And then don’t forget to investigate! Ask people you respect who they use. Get recommendations and then interview a few to see if they have the same values. If you have any questions about what Coastal Community has to offer, don’t hesitate to give me a call at 250 618-9510. I’m here to help.
Based in Oceanside, Charmaine Smith is a Business Relationship Manager with Coastal Community Credit Union. For more information on business services, email charmaine.smith@cccu.ca or visit cccu.ca.
