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5 Financial Needs Small Businesses Don’t Realize They Have

It goes without saying that managing a small business comes with a host of challenges. Small business owners need to know about accounting, sales, marketing and much more to build a successful venture. But while you’re juggling all of those balls, what are you missing? Here are five financial needs that many small business owners don’t realize they have:

  1. A global view. Many business owners are mostly concerned with how much money they have in the bank. While important, that doesn’t show the whole picture. You also need to know what your expenses are, whether customers are paying on time, when your peak sales are and more. Taking 20 minutes a week to look at your finances will help you stay on track.
  2. A relationship, not a bank. Banks aren’t just a place to stash some cash and get a loan. A good financial advisor can help you plan for the future, advocate for your business and help guide you along the way. Bankers can also suggest cost-cutting and time-saving measures and keep you informed of local economic changes that could impact your business.
  3. Help managing cash flow. Understanding what’s coming in, what’s going out and how much you have left at the end of the day can be overwhelming. But you don’t have to do it alone. Your financial advisor should be able to sit down with you, learn more about your business and suggest how you can make improvements to achieve strong cash flow. Discussing projected sales growth, gross margins, payment and collection systems and more will help pinpoint the changes to make. 
  4. A customized insurance solution. As the Affordable Care Act goes into effect, more and more small business owners are realizing the need to have an insurance advisor guide them through the regulations. But business insurance is about much more than health care. Do you need key man insurance, which helps protect your business if an executive is no longer able to perform his or her job? How much natural disaster or business continuation do you need? An insurance agent can help you decide what type of coverage makes sense for your unique needs.
  5. Tax advice before tax time. One of the reasons business owners fail in their tax strategies (if they have any) is because they neglect to seek knowledge and advice before they engage in any activity that has a taxable effect. Hiring help in advance of tax season can help you save money and reduce tax liability. It may cost more than you want to spend, but having someone on your side is worth the cost and allows you to focus on growing and running your business. Planning is the key to reducing the amount of taxes you pay each year.

Knowing what you don’t know is the first step in helping find resources that can contribute to your business’s growth and success. I hope you’ll check out Pinnacle’s Small Business Resource Center, which provides templates, videos and action plans for managing your business.

Nathan Harris can be reached at 615.466.5455 or by email at

What you'll find here

ArticlesPractical, straight-to-the-point information on key issues you will face.
Action PlansInteractive online training that allows you to build your own custom action plan.
VideosShort videos on everything from cash flow to competitive analysis.
TemplatesExperiment with financial scenarios and create a business plan to map your direction.



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