Running your own business can be fulfilling and rewarding. But it can also be very demanding. Especially when you’re trying to work and manage your company’s finances at the same time. Not to mention dealing with over a year of restrictions, as small and medium sized businesses withstand the worst of the COVID-19 pandemic. Luckily, business owners don’t have to go at it alone. An advisor can help. 

Watch Peter share his experience as a small-business owner who benefited from the help of an advisor.  

Watch Melanie share her story about running a business during an emotional time with help from an advisor.

What are the benefits to your business when you work with an advisor?

Many business owners work with an advisor to help them manage both their personal and business finances. Having the right advisor on your side means you’ve got someone who can help you:

  • make good financial decisions,
  • maximize your investment opportunities, 
  • build a plan that meets your short and long-term goals,
  • set up a retirement plan for the future and
  • find ways to save more money.

How can business insurance help?

An advisor can help you put together a business insurance plan to help financially protect:

  • you,
  • your business partners,
  • your employees and 
  • the business itself.

Business insurance can help you keep your business running and your cash flow consistent. This way, you can remain on track even if you lose a key member of your team. Or, it can help if you suddenly need cash for a buy-sell agreement if a partner dies.

Take Peter, a Vancouver-based art gallery owner, as an example. He wondered what would happen to his business if he or his partners couldn’t work. Peter worked with Sun Life Financial advisor Brad Pashby, who helped him understand the benefits of business insurance.

“Business insurance is not something that’s talked about very often,” says Peter. “But Brad really explained to me how important it was. That if something should happen to me or my business partners, the business would be able to continue on.”

Melanie runs a recruiting firm in New Westminster, British Columbia. Business insurance gave her financial peace of mind when her business partner was diagnosed with cancer and couldn’t work. They worked with Sun Life Financial advisor Sean Peach. Sean guided Melanie and her business partner, Jacqueline, through how insurance would work in their particular situation.

“[Sean’s] ability to frame that simply in a time where you’re extremely overwhelmed was easy for us,” says Melanie. “All the rest of it was very difficult, but [the financial] part was incredibly easy.”

How can you change your plan as your business changes?

Melanie also found Shawn to be a great asset in adapting her plan as her business continued to grow. When she and Jacqueline first started their business, their needs were very basic. But as their business expanded with more clients and more staff, their finances became more complex. Shawn was able to help adjust the plan to meet their changing needs and goals.

How can you find a financial advisor for your business?

Looking for an advisor? You can chat with many advisors before choosing one you feel you can trust. Most advisors now offer to meet with Clients virtually. Find an advisor today.

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