event1_lica_andrei.docx - Assessment Event 1 BSBSMB406...

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Assessment Event 1 BSBSMB406: Manage small business finances Short answer questions - Theory Respond to the questions below. Complete and save this document and submit according to your assessment event submission instructions. Questions 1.1 Discuss the importance of obtaining specialist financial advice before making important decisions regarding your small business finances. Your answer The importance of obtaining specialist financial advice before making important decisions regarding small business finances is: The use of specialist can be a time saving exercise and although there is an upfront cost, it can potentially save the business money in the long run. The specialist ensure that the information is tailored to the business, ensure accuracy of the information and can be a helpful learning tool for the owner. And the financial advice can give you confidence that your future plans are achievable. If you're not on track to achieve your goals, it can help you put the right strategies in place or come up with more realistic goals. Financial advice can help you: Set and achieve your financial goals Make the most of your money Get any government assistance you're entitled to Feel more in control of your finances and your life Avoid expensive mistakes Protect your assets Assessment Event 1 BSBSMB406 R2 Page 1 of 15 Created: 04 Mar 2017 | Revised: 07 Aug 2017 |
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Assessment Event 1 1.2 Explain how you would go about choosing an appropriate financial adviser for your business. (Include in your answer any information you would require from them before engaging their services). Your answer Choosing an appropriate financial adviser for the business is to find someone who is good fit for the business, that is able to give you the information that you require, in a manner and format that suits you and the fees are within the budget. A good financial adviser will help you set your financial goals and create a plan to achieve them. How to find the right financial adviser tips are: Finding local advisers Check the financial advisers register Get a financial services guide Check the adviser's qualifications and experience Check the financial adviser's fees Getting financial services from a lawyer Ask the specialist: 1.Have they provided service for a business of similar size and nature?
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