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Steps to Landing Small Business Owners as Clients

According to a study done by The American College, 6 out of 10 small business owners have not consulted with a financial advisor.

And 3 out of 10 of these small business owners have not estimated how much capital they will need to have a comfortable retirement.

Most small business owners see the value of a financial advisor, but they feel like they don’t have the time to meet with one.

If you’re trying to bring small business owners on board to your practice, follow my guidelines and key tips for being successful.


Special Needs for Small Businesses

Financial planning for any business can be difficult. But when it comes to small businesses, they definitely have a set of unique necessities.


  • Cash management:

This is essential, as many small businesses have dry seasons where they need a cash cushion.

They must understand which months they will be profitable and which months they need some backup; or they’ll be closing shop early.


  • Prioritizing expenditures:

Conserving financial resources in a small business is a critical element of success.

A financial plan will aid a business owner in identifying the most important expenditures.

They also need help to analyze the expenses that bring about immediate improvements in productivity, efficiency, or market penetration; versus those that can be postponed until cash is more plentiful.


  • Measuring progress:

Especially in the early stages of the business, owners will be working incredibly long hours and dealing with any number of challenges.

It can be difficult to see where progress is being made; a financial plan and a goal can offer encouragement and motivation.


Getting Small Business Owners on Board

In order to bring a small business owner on as a client, you need to show them something special. I have a few guidelines that can help in the process:


  1. Show them that you will actually be saving them time. If you’re handling their finances and retirement planning, they have less to worry about and can delegate more time to their primary concern: their business.


  1. Personalize your advice so that they know you care and value them. They are looking for advice that not only maximizes their company’s 401(k) plan, but also puts them in the best position to be retirement ready.

When you go the extra mile to personalize, they will trust you more and feel that you serve their best interest.


  1. Be upfront. You should outline everything right off the bat. Once they see what to expect, they are more likely to hire you.


  1. Let them know that you can keep them up to date on the latest technologies and processes. Small business owners are constantly looking for ways to be more efficient and save time.


Taking on small businesses as clients is a great opportunity. Shift your focus to being as straightforward and personal as possible, and chances are you will land more than just a few new clients.

Do you have experience working with small businesses?

Would you add anything to my list? Leave a comment below and let me know!


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Steps to Landing Small Business Owners as Clients
Small business owners see the value of financial advisors, but they often don’t have the time. See how you can bring them on as clients!

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