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It’s important for small business owners to identify their short and long-term financial goals.
Some financial planning services require considerable back office work, such as when an estate plan is made and net worth statements and cash flow analyses need to be prepared, but most involve minimal back office attention and considerable face time with the client by the partner or expert.
People in business need to make a living, accumulate funds for their retirement, and generate profits to distribute to the owners and invest in the business for future growth.
Another factor of financial services is selling annuities, life insurance, and mortgages.
These are all commissionable activities, but usually involve one-time sales.
Many Americans have the creativity and entrepreneurial spirit to start their own small business.
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These individuals often use their own resources as initial capital and may sacrifice personal finances in order to grow their companies.
Another often overlooked way to finance a small business is through customer pre-sales or subscription services.
A small business may not be financially viable because it’s unable to generate enough revenue to cover expenses.
Financial services involve selling and business development, some portfolio performance oversight, and interaction by the partner or a high-level staff person.
The only part of financial services that is scalable is investment management, which is discussed separately below.