India is a high potential market with many investment opportunities for foreign companies to venture. It is important to understand the market and consumer behaviour in order to set up the appropriate business structure in India. At the same time, managing a business here means navigating through a complex ecosystem of processes, compliances and taxations, government policies and regulations. A financial advisor who acts as your local expert eases the process of setting up as well as running business operations with proper financial planning, management and execution. Let’s have a look at the benefits of hiring a financial advisory

All Documentations and Filings are Taken Care of

Right from the beginning, a financial advisor can act as an ally to your investment period in India. From carrying out extensive research to optimize your business entry to planning your succession and retirement plan to devising potential exit strategies, you can rely on a financial planner to responsibly take care of all your financial needs. Hiring a financial advisor means you do not have to worry about your financial statements. They will prepare, review and analyze your statements, identify areas that need improvement, and also manage all your registrations, payments & taxations, filings, and compliance effectively and on time.

Business Evaluation and Decision Making

This is one of the significant benefits of hiring a financial advisor. You are backed by the observations of an efficient professional with skills and experience. A financial advisor studies your finances objectively, closely monitors your cash flow, plans suitable strategies for cash reserves, draws growth strategies for every stage of your business, recommends insurance plans, and also provides a third-party perspective for advancing your business operations. This data-driven information provided by the financial planner helps you to make educated decisions to increase the profitability of your business.

More control on core business operations

As a business owner, you have to carry out a number of responsibilities. You have to look after different departments, from manufacturing & production to logistics & delivery, vendor management, and client services. Monitoring your financing resources amidst all these can be extremely stressful, and chances of mismanaging money becomes higher. This is where another benefit of hiring a financial advisor lies. You can have more time and mind space to concentrate on your primary functions as a business owner. At the same time, your financial advisor takes away the burden of managing the finance-related functions. From petty cash to asset management, they can monitor and manage everything with expertise.

Risk Management

It is inevitable that any business operating in an evolving market such as India may face financial difficulties if they are not aware of the risks. An experienced financial planner has an awareness of all the risk factors associated with the business environment. One of the benefits of hiring a financial advisor is that he/she studies your company’s historical as well as present financial data regularly. This exercise helps him/her to chart the factors that may hamper the growth of your business. Subsequently, a financial advisor plans the layout for risk management. Your insurances, cash reserves, and investment portfolios all come in handy to take care of your liabilities when an unforeseen financial crunch occurs.

Managing Personal Finances

The benefits of hiring a financial advisor are not limited to your business’ growth only. With the time-consuming nature of businesses, owners often overlook their personal growth. A financial advisor however does not lose sight of the fact that your personal finances do not overlap with your company’s finances. Executing their expertise, they ensure that both your personal and business accounts are well planned and in order. With this function of a financial planner, the benefits come full circle, taking care of both you personally and your business.