Advisors can help their clients define their client basis and explore both local and online markets and consider how to leverage those. They can also help them consider the technology to reach those.
“Advisors can ask: Are they also using technology to run their business in a really smart way?” said Ludlow. “Now there are incredible tools for small business, which really give them some of the capabilities that only the large companies had 10 or 20 years ago in terms of inventory tracking, shipping and expense management, and accounting. Those can help them run their businesses smoothly and efficiently at a lower cost.”
Finally, advisors can also steer clients to resources, such as the RBC small business navigator site. It provides some guides to help clients start their entrepreneurial journey. RBC also has a Beyond Banking program to help entrepreneurs register and incorporate their business and it has other partnerships to help entrepreneurs access payroll and digital support.
“The more an advisor can help a business owner think through the guts of the business” said Ludlow, “the more they can help them figure out how to run it holistically, as well as easily and effectively.”
“Being a business owner is very satisfying and fulfilling, but it’s a tough job,” he said. “It can be lonely, so I think this is a great opportunity for advisors to make sure they’re one of the go-to people for a business owner or entrepreneur. And, of course, at RBC, we always love to talk to business owners, too.”
