As a business owner, having a financial planner you can turn to for advice, support, and guidance can entirely change the way you run your business.

Here are just 10 reasons that business owners should engage the services of a financial planner.

1. They can be a financial partner for your ideas


Firstly, working with a planner gives you a partner with who you can discuss your financial ideas for your business.

When you’re trying to grow a business, it can be nerve-racking and disconcerting to have to make important financial decisions by yourself.

So, by working with a financial planner, you’ll have an expert to share your thoughts and ideas with. Having the backing of someone who really knows what they’re talking about can help give you additional confidence in your choices.

Notably, many financial planners actually run their own businesses. This means that not only do they have a wealth of financial knowledge, but they can also provide first-hand experience of what it means to be a business owner.

2. They can create a bespoke financial plan for you


One of the most well-known benefits of working with a financial expert is the plan they’ll design for you.

Taking a data-driven approach, your financial planner can look at where you are now, where you want to be in the future, and what it’s going to take to make your way there.

They can then design a financial plan containing everything you need to drive you towards those goals.

Crucially, your planner will be on hand along the way to review your progress and revise the plan as and when you need it.

3. They can keep your personal and business finances separate


It’s an easy mistake to mix up your personal and professional finances when you own a business. Working with a planner can help you avoid this pitfall.

A planner can help you put systems in place that work to keep business and personal money separate. By doing this, you can have the peace of mind that your finances are carefully compartmentalised, ensuring you can make the most of both of your cash streams.

Your planner can also find the best, most tax-efficient methods to take income from your business. This could include:


  • Paying yourself a tax-efficient salary
  • Taking dividends from your business shares
  • Maximising pension contributions to make the most of tax relief.


Your circumstances will determine which of these is the most appropriate for you. Working with a planner can ensure that you choose the most suitable options in your situation.

4. You can learn directly from them


When you want to improve at something, there’s no substitute for working with a knowledgeable, experienced specialist. That means, when you work with a planner, you’re hiring the best teacher and coach for your own financial education.

You’ll be surprised how much you can pick up just by working with an expert. In time, you might find that navigating balance sheets and managing business accounts becomes second nature to you.

In turn, this could give your own efficiency and productivity a boost as you learn to adeptly manage your business finances.

5. They can save you money in tax


Tax planning is an effective way to make the most of your money, and an area where planners can add real value to your business. After all, why unnecessarily pay your money in tax when there are simple, legal ways to keep it in your pocket?

From making the most of available tax allowances and reliefs, to investing in the Enterprise Investment Scheme (EIS) or through a Venture Capital Trust (VCT), there are plenty of methods your planner could introduce you to as a business owner to help you reduce your tax bill.

The key to tax planning is make a start on it before the deadlines in January or April, depending on whether you use a self-assessment tax return. Consider working with a planner throughout the year to reduce how much tax you owe at the end of it.

6. They can help you to scale your business


One issue that affects many business owners is scale. In other words, now that you’ve achieved what you have, how do you surpass it and go even further?

Financial planners have seen it all before. They know the challenges that businesses face when they’re looking to expand and grow further. That means they’re well-equipped with the knowledge and experience to help you navigate business scale and growth.

It’s important to make the right decisions at this stage, as choosing the wrong areas could be more damaging than having done nothing at all. Your planner can model different scenarios and give you evidence-based data alongside their personal expertise to help you make informed choices.

7. They can make sure you’re covered for a rainy day


It can be easy to forget that things can go wrong when you’re working hard to make the most of your business. Fortunately, a financial planner can prepare you and your business for a rainy day with a range of protection options.

Depending on what you need, your planner might recommend cover such as:


  • Business loan protection
  • Key person insurance
  • Relevant life cover
  • Shareholder protection


A financial planner can remind you of the importance of protection and recommend the right type for you. That way, you’re covered no matter what happens.

8. They can help you with an investment plan


Investing prudently and carefully within your business can often fall down the list of priorities when you’re building a business. Even so, it’s an important factor in making the most of your money.

A financial planner can design an investment strategy on your behalf and, with your permission, put it in place. This strategy will be attuned to your personal risk tolerance, targeting returns based on your financial goals.

Having a professional monitoring your portfolio for you can give you additional confidence that your investments are tailored and appropriate to you, rather than chasing the biggest returns unnecessarily.

9. They can help you with a succession plan


Whether it’s still early days or you already have an eye on the future, having a succession plan in place can be hugely useful for business owners.

There can be a lot to think about when designing a plan for the steps after you leave your business, which is why working with a planner can be so useful. They can alleviate the stress of making these decisions, while also providing insight and information on elements of your business’s future that you may not yet have considered.

Working with a planner can also save you time and money at this stage, especially with their knowledge of business sales and tax.

10. They can prepare you for life after your business


Ultimately, your business is about one thing: allowing you to live the lifestyle that you want. This is where a financial planner can truly add value to you, preparing you for life outside of your business.

You might need help with pension planning or in aligning your retirement goals with your money. No matter your concerns, a financial planner can help you make the most of your business now so that it can support you in the future.

Work with us


At Cordiner Wealth, we’re experts in helping business owners to make the most of your money.

If you’d like to find out how we could help you, please email or call 0113 262 1242 for more information.

Please note


A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

VCTs and the EIS are higher-risk investments that are typically suitable for UK-resident taxpayers who are able to tolerate increased levels of risk and are looking to invest for five years or more. Historical or current yields should not be considered a reliable indicator of future returns as they cannot be guaranteed.

Share values and income generated by the investments could go down as well as up, and you may get back less than you originally invested. These investments are highly illiquid, which means investors could find it difficult to, or be unable to, realise their shares at a value that’s close to the value of the underlying assets.

Tax levels and reliefs could change and the availability of tax reliefs will depend on individual circumstances.