India is one of the largest economies in the world and one of the most prominent markets for start-ups and businesses. While manufacturing, banking, steel, investment, retail, pharma, infrastructure, agriculture, engineering, and telecommunications are the top industries in India, finance is the core of all of these.
Hence, it has become important to create a structure and understand the system for handling such a huge amount of money received from diverse sources.
A financial consultant acts as a financial guru to ensure that your business is fit to be able to survive the tough competition and inconsistent market.
Let's understand how a financial consultant can direct your business growth and further how it can prevent your business from turbulence especially in the Indian current situation.
A base to analyze growth: A financial consultant is a professional who works on future financial goals and assists an individual or a company with their financial advices. The advices by such experts are generally on topics such as tax and insurance decisions. These experts create a financial plan to ensure a standard to analyze the growth of any business.
Strategies towards growth: Financial consultants are the most important assets for any firm. Their ideas, research, and goals help to comply with a business overall success and growth. A financial consultant brings his entrepreneurial point of view encouraging growth for a business. He constantly works toward formulating strategies that helps a business connect better with ample growth opportunities in the marketplace.
Help you make a suitable choice: There are various decisions that are part of working of an institute. While decision making requires a certain amount of authority, it also requires a sound understanding of on-field data.
A CEO or CFO might not be able to keep up each and every change that is happening in the market and hence a financial consultant is important. A specialist like him/her guides a business with logical investment decision making, which yields the business great results efficiently and helps the business grow at a consistent pace in the long run.
Conviction in decisions: Each business aspires to be the best in the industry and hence a professional in finance is important to be on the team. A financial advisor brings to the table his years of experience along with his research tools and techniques. He works in an effective way and follows a specific process which ensures decisions taken with sense of conviction. The process a financial consultant follows is detailed. It includes gathering information, assessing financial risks, analyzing investment surplus and creating realistic goals and portfolio to help a business reach its financial goals.
Financial Stability: While the markets get into a turbulent position, a professional business financial consultant encourages remaining a focused investor. He will guide a business to achieve its goal besides the turbulence in the market. Being a professional, he tends to not get restricted with the emotions and stay calm in challenging financial situations. The logical and unemotional nature helps a business get better financial stability in its investments.
Environmental Stability: Financial consultants work with the day to day activities of the business, managing the revenues and expenses. He works swiftly with the ever-changing and inconsistent financial, legal and competitive environment. While desiring to achieve any specific goal, a business might suffer from the situational changes stated above, but with sound planning and implementation, it can remain on its position or grow better.
Let's understand this in the light of India's current situation related to tax and investment. Recently, Union Budget 2019 has presented some conditions that financial consultants tend to share their opinions on. While the Government of India concerns deficit, the financial consultant's advice will help you make the best decision.
Tax: While agreeing with the financial conditions of the country, ITR filling is one of the options that a professional financial consultant would advise businesses.
Small companies, start-ups or businesses in unorganized sectors usually find ITR filling process difficult to understand or lack the resources to fill their income.
Budget 2019 has made sure that the second reason is avoided as Aadhar card number, a common identity number for citizens of India can now be used instead of PAN card number.
Share Market: Share market has experience as great turbulence due to the Union budget which affected various stocks and its prices. From Buyback rates to import and export policies, the inconsistent prices of stocks have showcased a solid need for a professional financial consultant for various industries.
Laws will update and impact the world economy with legal, financial and other turbulences. None of these situations can be avoided but with the guidance of a professional financial consultant, the growth of your business can be directed smoothly.