Your goals

Discovery discussion

Every situaton is unique, that's why taking the time to meet with a business advisor is important. They will review your personal situation and your business plan to provide tailored advice. In a discovery discussion, some questions a Business Advisor may ask: 

• What is your business?
• How long have you been operating?
• Who is your target market?
• Where do you want your business to be financially and where are you currently at?

The purpose of a discovery discussion is to understand your business before providing advice. Before arriving to your appointment, think about what is most valuable to you.

• Do you need help managing cashflow?
• Can you benefit from a larger team?
• Do you need guidance in how to manage payroll?
• Are you in need of a larger office?

Business lifecycle

A business can go through four phases of a lifecycle: start-up, growth, maturity, and succession or sale.

Start Up

Your business reflects a start-up if it entered the market within the past two years and is still working toward being profitable. As a start-up owner, bring the following to your appointment with a Business Advisor:

• Business plan (i.e. budget and cash flow projections)
• Confirmation of personal income

Most start-ups look for financing to get their business started. Credit Unions can help finance.

New to budgeting? Check out our business budget planner >

Growth

Your business is considered in the growth phrase if it has achieved consistent revenue and built long-term client relationships. Typically, a business reaches this stage in year three or four. Before meeting with a Business Advisor, have access to:

• Financial statements from the last 2 years – this will help them generate options that match your business' financial situation

Mature

A mature business has documented growth year over year and can prove financial stability through working captial (ability to pay employees), location (ability to pay building fees), and daily and monthly costs of operating the business. The time a business enters the maturity phase varies from business to business; some may reach this point in year ten whereas others, year fifteen.

Before arriving to your appointment, prepare the following:

• Financial statements from the last 2 years – this will help them identify how strong your company is and tailor solutions to your business' financial position and needs

Customized plan

Financial position

Whether your business is new to the market or has dominated since 2001, every business can invest and grow their operations. The financial options your business has depends on your financial position, both in your personal and business life, and your business' goals.

Financing: start-up 

Typically, the financial plans for start-ups reflect the goal of receiving a loan for:

• leasehold improvements, 
• the purchase of equipment, or 
• the purchase of a building.

A Business Advisor will review your cash flow projections and financial situation to determine realistic goals for your business.

Whether you are home-based, online, brick and mortar, or a product- and service-based business, we can help.

Request an appointment >

Financing: established business

Being an established business with consistent income presents various financial opportunities. Some of the common solutions our business advisors provid are:

• Opening a line of credit 
• Financing equipment 
• Financing a building

Succession or sale planning 

A common solution mature businesses seek is strategic succession planning. A mature business is one that is close to retirement and is starting to think about how to carry on or stop the business. As a business owner, you will need to ask yourself how much longer you want to run your business, as well as do you want:

• A family member to take over?
• To hire someone to replace you?
• To sell your business?
• To stop your business?

Start succession planning >

Next steps

Take action

Upon completion of your appointment with a Business Advisor, the next steps will vary. Continue to have regular check ins with your Advisor to make sure you stay on track for financial success. 

Tax advantage

Long term tax planning is an important piece to your businesses success. Make sure you consult with an Accountant or Wealth Advisor to find the best tax advantage, so you can keep as much of your money as possible.