Connect with us
Advertisement
Advertisement

Business

Hiring the Right Financial Advisor for Your Business

Published

on

Starting a business is an exciting venture that many Britons are embracing. With a record number of startups registered in the UK in 2023, the nation’s entrepreneurial spirit is alive and well. 

However, navigating the financial landscape of a new business can be daunting. Amid economic uncertainties and evolving regulations, the importance of sound financial advice cannot be overstated. A financial advisor can help steer your business towards stability and growth. But how do you choose the right one? 

Understand Your Business Needs

Before embarking on your search for a financial advisor, it’s crucial to identify your specific needs. Are you seeking help with bookkeeping, tax planning, investment strategies, or overall financial management? 

Each advisor has their area of expertise, so knowing what your business requires will help you find the right match. For instance, a startup tech company might need an advisor well-versed in R&D tax credits and venture capital, whereas a retail business might need help with inventory financing and cash flow management.

Check Qualifications and Experience

Not all financial advisors are created equal. In the UK, reputable advisors often hold certifications such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), or Chartered Accountant (CA). These qualifications ensure a level of competence and professionalism. 

Also, consider their experience with businesses similar to yours. An advisor familiar with your industry will better understand the unique challenges and opportunities you face. You can verify their credentials through professional bodies like the Chartered Institute for Securities & Investment (CISI) or the Financial Conduct Authority (FCA).

Evaluate Their Communication Style

Effective communication is the bedrock of a successful client-advisor relationship. Your advisor should be able to demystify complex financial concepts and explain them in simple terms. 

During initial consultations, assess their ability to listen to your concerns and answer your questions. Are they patient and approachable? A good advisor should not only provide expert advice but also educate you on financial matters, empowering you to make informed decisions.

Assess Their Fee Structure

Understanding how financial advisors charge for their services is essential. Advisors may charge hourly rates, flat fees, or a percentage of assets under management. 

Ensure that their fee structure aligns with your budget and provides value for money. Be cautious of advisors who earn commissions from selling financial products, as this can create conflicts of interest. Transparency in fees is a hallmark of a trustworthy advisor. 

Know Your Options if Something Goes Wrong

Despite your best efforts, there may be instances where your advisor fails to meet professional standards, resulting in financial loss. It’s crucial to know your options in such cases. 

If you suspect professional negligence, you can file a complaint with the Financial Ombudsman Service (FOS). The FOS handles disputes between businesses and financial service providers and can provide compensation if your complaint is upheld. Additionally, seeking legal advice from professional negligence solicitors may be necessary to explore further action.

The benefits of a well-sourced financial advisor

While hiring the right financial advisor involves careful consideration, the effort you invest in this process can yield significant dividends. 

Beyond immediate financial management, a skilled advisor brings a wealth of knowledge and industry insights that can catalyse your business growth. They can introduce you to innovative financial strategies, help you avoid common pitfalls, and ensure that your business remains agile and responsive to market changes. 

In essence, the right advisor not only safeguards your financial health but also propels your business forward.

Business

Plans for Pembrokeshire’s first Starbucks drive-thru submitted

Published

on

PLANS for what would be the first drive-through Starbucks coffee shop in Pembrokeshire, and a Greggs bakery, on the site of a car dealership have been submitted to the county council.

Birmingham-based GC No.9 Ltd, through agent Simply Planning, seeks permission for the demolition of the existing building, and the erection of a drive-thru Starbucks coffee shop, a Greggs baked goods food store, along with electric vehicle charging points at the PMS dealership, Salutation Square, Haverfordwest.

It includes 35 parking spaces and eight EV charging bays.

If approved, it is hoped some 30-40 jobs will be created; the Starbucks coffee shop would be the only such outlet for the general public in the county, with Pembrokeshire College having a Starbucks for students.

Back in 2024, permission was granted for a drive-thru Starbucks coffee shop on land adjoining Days Garage, Fishguard Road, Haverfordwest, but was never progressed; the operator for that scheme since confirming they would not be proceeding with that option, preferring the PMS site close to the town centre, a supporting statement says.

It adds: “The drive-thru unit will be occupied/operated by Starbucks, a national coffee retailer. Starbucks are one of the principal coffee shop operators in the UK, providing the public with a high-quality offer of hot and cold drinks, cafes and pastries and a limited range of related foods. As such, it will provide an attractive social setting for people to meet and will provide in the region of 20-25 jobs, principally available to local people.

“The store will be operated by The Magic Bean Company, the first licensee of Starbucks to open a drive thru. Established in 2014, The Magic Bean Company is a business founded in South Wales that employs local people. They are Starbuck’s only national growth partner covering England and Wales, developing the green electric vehicle Starbucks platform.

“The other proposed unit will be occupied/operated by Greggs plc. Greggs plc is the UK’s leading bakery retailer, famous for its baked goods, sandwiches and sweet items. The commercial unit will offer fresh, affordable food ‘on-the-go’ and create a further 15 full-time equivalent jobs. As with Starbucks, the jobs will primarily be provided to local people.

“The proposed operators have confirmed that no existing stores would close as a result of these proposals.”

It adds: “Given that Greggs intend to retain their town centre format store within Haverfordwest town centre, it is considered that there will not be any impact to the health of the designated town centre as a result of the proposed development.”

Comparing this scheme to the previously-approved site, it said the “limited negative impacts” of that scheme would be lessened by the new proposal, which would also support the nearby town centre, “given the ease of pedestrian access from the site”.

It added: “It should also be noted that there is a dearth of comparable roadside provision along the A40 as a whole. The nearest comparable units are in St Clears, Carmarthenshire and are located outside the designated town centre.

“The proposals would not compete with the town centre units in Haverfordwest and will invariably also help to retain lost expenditure within Pembrokeshire itself.”

The application will be considered by county planners at a later date.

Continue Reading

Business

Call to keep holiday pod at Pembrokeshire Narberth farm

Published

on

A CALL to keep a holiday pod sited on a Pembrokeshire farm, as part of a wider holiday pod farm diversification over two areas which saw the larger part supported, has been submitted to county planners.

In an application to Pembrokeshire County Council, Bill Ridge of Vaynor Farm Ltd, Bethesda, through agent Gerald Blain Associates Limited, seeks retrospective permission to keep a self-catering pod at Broomley Farm, Sodston, Narberth, works having been completed in 2022.

The application is part of a wider scheme of holiday pods diversification encompassing two farms.

Back in December, Pembrokeshire County Council’s planning committee granted delegated retrospective permission to Vaynor Farm Ltd for the siting of two self-catering holiday accommodation pods at The Cart House, Vaynor Farm, Bethesda, near Narberth as part of a farm diversification enterprise.

A supporting statement accompanying the latest application says: “Vaynor farm is a 400-acre working dairy farm with a herd of 700 milking cows. The enterprise comprises of three self-catering pods. Two of the pods are situated at the Vaynor homestead and another at the opposite end of the holding at Broomley farm.

“The first unit was sited adjacent to Vaynor farm stead some four years ago and a further two added in subsequent years. The units have enjoyed successful occupancy rates over several years offering a unique secluded tourism offer on a working dairy farm, more detail of which is outlined within the supporting business plan.”

It says the Broomley farm application is a resubmission of a previously refused scheme, adding: “It should be noted that this application was originally part of [the application] which was recommended approval at planning committee in December 2025. This element however was separated due to its location on another part of Vaynor farm deeming it not possible to be considered under the same application.”

At the December meeting, an officer report said: “A business plan has been submitted with [that] application, which explains that due to uncertainties associated with dairy farming, the applicant has sought to diversify the farm enterprise to incorporate tourism accommodation.

“The application makes the case that the proposed development represents farm diversification. It is acknowledged that the development has resulted in the provision of an alternative type of holiday accommodation for which it has been demonstrated there is a demand, contributing to the diversity and quality of accommodation available within the county and supporting an existing farm business, with consequent economic and social benefits.

“Evidence has been provided that demonstrates the extent to which the pods have provided income which has been used to support the farm business.”

That application was conditionally approved; the latest part to be considered by planners at a later date.

Continue Reading

Business

Haverfordwest Cartlett chocolate factory call refused

Published

on

A CALL for the retrospective conversion of office space previously connected to a Pembrokeshire car hire business to a chocolate factory, a beauty salon and a laundrette has been refused by county planners.

In an application to Pembrokeshire County Council, Mr M Williams, through agent Preseli Planning Ltd, sought retrospective permission for the subdivision of an office on land off Scotchwell Cottage, Cartlett, Haverfordwest into three units forming a chocolate manufacturing, a beauty salon, and a launderette, along with associated works.

A supporting statement said planning history at the site saw a 2018 application for the refurbishment of an existing office building and a change of use from oil depot offices to a hire car office and car/van storage yard, approved back in 2019.

For the chocolate manufacturing by ‘Pembrokeshire Chocolate Company,’ as part of the latest scheme it said: “The operation comprises of manufacturing of handmade bespoke flavoured chocolate bars. Historically there was an element of counter sales but this has now ceased. The business sales comprise of online orders and the delivery of produce to local stockist. There are no counter sales from the premises.”

It said the beauty salon “offers treatments, nail services and hairdressing,” operating “on an appointment only basis, with the hairdresser element also offering a mobile service”. It said the third unit of the building functions as a commercial laundrette and ironing services known as ‘West Coast Laundry,’ which “predominantly provides services to holiday cottages, hotels and care homes”.

The statement added: “Beyond the unchanged access the site has parking provision for at least 12 vehicles and a turning area. The building now forms three units which employ two persons per unit. The 12 parking spaces, therefore, provide sufficient provision for staff.

“In terms of visiting members of the public the beauty salon operates on an appointment only basis and based on its small scale can only accommodate two customers at any one time. Therefore, ample parking provision exists to visitors.

“With regard to the chocolate manufacturing and commercial laundrette service these enterprises do not attract visitors but do attract the dropping off laundry and delivery of associated inputs. Drop off and collections associated with the laundry services tend to fall in line with holiday accommodation changeover days, for example Tuesday drop off and collections on the Thursday.

“With regard to the chocolate manufacturing ingredients are delivered by couriers and movements associated with this is also estimated at 10 vehicular movements per week.”

The application was refused on the grounds it represents an unjustified out of centre use with regard to the salon and nail bar, “insufficient information has been provided to justify the loss of B1 employment floorspace,” and “the introduction of a hairdressing salon and nail bar, uses typically found within established shopping centres, into this out of centre location would undermine the strategic role, vitality, and viability of Haverfordwest town centre”.

Continue Reading

Health1 hour ago

GP crisis driving NHS pressure in Wales, Senedd report warns

Falling GP numbers and funding gaps blamed for worsening hospital delays THE NHS crisis highlighted earlier this week is being...

News19 hours ago

Reform reveals west Wales candidates for Senedd battle

Monkton councillor tops Pembrokeshire list as party confirms Carmarthenshire names and includes Haverfordwest councillor in unwinnable Swansea spot REFORM UK...

Health1 day ago

Clash over Withybush Hospital services as Paul Davies challenges First Minister

A HEATED exchange in the Senedd has laid bare growing tensions over the future of hospital services in west Wales....

Crime2 days ago

Police stop car in Pennar as three arrested in drugs investigation

Suspected drug driver report leads to major police response and multiple arrests DRAMATIC scenes were reported in Pennar on Monday...

Business2 days ago

New pilot vessel Llanion arrives at Milford Haven

State-of-the-art 22-metre craft marks reset after £3.6m pilot boat controversy THE PORT OF MILFORD HAVEN has taken delivery of a...

Community2 days ago

Sycamore Gap legacy tree to take root in Pembrokeshire landscapes

A SAPLING grown from the famous Sycamore Gap tree is set to become part of Wales’ protected landscapes — with...

Business3 days ago

Could Primark be coming to Haverfordwest? Major retailer in talks for former Wilko site

Council confirms advanced discussions as speculation grows over high street boost HAVERFORDWEST could soon see a major high street revival,...

Business3 days ago

Rail investment ‘could unlock 40,000 jobs and £11bn for Wales’ says new report

RAILWAY stations across Wales could help unlock around 40,000 jobs and more than £11 billion for the economy by 2036,...

Local Government3 days ago

Milford Haven set for £200m investment with schools, leisure centre and rail upgrade

Council outlines major plans for town with backing from Welsh Government MILFORD HAVEN is set for a major transformation with...

Community4 days ago

Broad Haven volunteers secure ‘national asset’ status for nature reserve

A SMALL stretch of woodland and former opencast coal mine has been transformed into a nationally recognised biodiversity site, in...

Popular This Week