The world of finance can be a complicated web to navigate effectively, especially for those will too much to do and not enough time. Whether you are starting a new business, taking the next step in your current business’s expansion, or are running into financial troubles, plotting the best financial course is often stressful. A Minnesota financial counseling lawyer could help you set objectives and strategize how to accomplish them. Financial planning with a business formation lawyer could set you up for success in the long run, but also help you leverage your company’s money in the short term.
A Financial Counselor can help with Operations Issues
A successful business does not happen by accident. Certain components of business could affect your bottom line, such as:
- Reduced turnover: When a business wins customers but can’t retain them, a financial counselor can help identify ways to leverage business funds to provide better services.
- Low profit margins: If the business walks the razor’s edge between making and losing money, a financial counselor could look for ways to optimize where the business makes and spends money.
- Tight cash flow: Low cashflow presents a real problem in the day to day operations for any business. A financial counselor could explain the options to leverage what cashflow there is or work to increase liquid assets in the future.
- Managing Debt and Creditors: The business may have had finance itself by mortgaging inventory or equipment. Obtaining loans, while critical, may create an array of priority issues under the state’s commercial code. Having a financial counselor advise help create a strategy to repay business loans could mean the difference between continuing your business, going to court, or dissolving your venture.
A Financial Counselor can help with Retirement Planning
Many private employers are required under the Employee Retirement Income Security Act of 1974 (ERISA) to establish two basic types of retirement plans: defined contribution plans and defined benefit plans.
Defined Contribution Plans
Rather than promising a specific amount of benefits for retirement, employers and/or employees contribute to the employee’s individual account under the plan typically at a set rate.
Defined Benefit Plans
Unlike contribution plans, which are what the employee makes them, a defined benefit plan promises a specified amount of benefits at retirement. These plans can take into consideration factors such as salary and time in the company.
A financial counseling attorney could explain the pros and cons of your specific circumstances in mind. These plans are protected by federal insurance provided through Pension Benefit Guaranty Corporation (PBGC).
Find out what a Minnesota Financial Counseling Lawyer can do for you
Your finances are an essential component of your business. Having a professional counselor advise you of your options and coach you through best practices is an excellent investment in your future. You may be looking a few months into the future and need to figure out your next step, or you may be looking ten years in the future to afford the next phase of your business’s expansion. A Minnesota financial counseling lawyer can help you with either situation quickly and effectively. Call today to arrange a consultation and start working on the future of your company.