In this ever changing world, the challenges of owning and operating a successful business have never been greater. Not only do business owners face the daily operational issues of managing their business, they often manage the financial affairs of their businesses and deal with a myriad of complex statutory obligations that extend from taxation to employment law.
As a result of this many successful business owners are often time poor when it comes to managing their own financial affairs beyond their business dealings. This can often have an adverse effect on the business in the long run.
Unquestionably, successful business owners enjoy a greater opportunity to build wealth. However, extracting that wealth from a business environment and then managing and protecting it does involve being able to navigate the complexities of tax strategies, risk management strategies and in many instances estate planning and succession issues.
For those that do succeed, the paradox of wealth accumulation is that the better they do, the more complicated their needs become.
In today’s complex financial world, time poor business owners should take an integrated approach to both their personal and businesses financial needs.
To do this they need a business advisor who has the skill set to integrate their accounting, tax, wealth management, insurance and finance needs and provide a total solution and coordinated plan.
“At Perks our goal is to bring together in one firm all of the financial advice that business owners need to grow, manage and ultimately protect their wealth” says Mark Roderick, Managing Director of Perks Integrated Business Services.
The knowledge and expertise required to develop and implement comprehensive integrated financial strategies that address both personal and business needs is difficult to come by.
“At Perks, in addition to their extensive finance, tax and business consulting skills the majority of our Directors have formal qualifications in financial planning and personal insurance. There would be very few firms in Australia where this would be the case” says Mark Roderick.
Bringing together all these skills through one advisor is the key to Perks success. It enables their Directors to use their skills and intimate knowledge of their clients to manage the close collaboration of Perks advisors in various disciplines to deliver truly integrated advice. Without this approach, business owners can be left with individual financial strategies that do not work together to help them reach their goals or objectives.
“The integrated advice model works to deliver the ultimate benefits and financial outcomes to clients. We are able to share information and knowledge, therefore developing a greater level of understanding of each client’s needs, and provide complementary strategies to maximise wealth accumulation and protection” says Mark Roderick.
For business owners, not only is taking an integrated approach to their finances more effective in achieving their vision and goals it also saves a significant amount of time.
By having all their business and personal financial needs catered for in the one place business owners no longer have to meet with a multitude of different advisers repeating their goals and providing their financial documents multiple times.
To find out how Perks Integrated Business Services can assist you with your business and personal financial needs call us today on 8273 9300.
