The latest Business Owner Insights survey found that small and midsize business owners often struggle with the complexity of financial planning and employee benefits.
The survey examined business owners' priorities, workforce pressures, challenges and plans for achieving their business goals. AdvisorHub reports that the findings point to complexity, rather than a lack of interest, as a significant obstacle for some owners.
One in five business owners said financial planning for their company's financial health "seems too complicated," while one-third said they are "too small" to get started. According to AdvisorHub, those findings highlight an opportunity for financial professionals to help business owners simplify the planning process.
Employee benefits create another challenge. While business owners recognize the importance of benefits in attracting and retaining employees, AdvisorHub reports that employees often struggle to understand the value of those offerings.
The survey identified three leading employee benefits pain points:
Complex jargon
Information overload
Lack of personalization
AdvisorHub reports that 46 percent of business owners said employees consider overly complicated language in benefits materials their biggest pain point. Nearly one-third also said employees feel overwhelmed when they receive too much information at once, which can make it harder for them to make decisions.
The survey also showed the important role financial professionals play in helping business owners navigate these challenges. Seven in 10 business owners rely on a financial professional to help them plan their business goals, according to the survey.
The survey's findings underscore the importance of clear communication when financial professionals help small and midsize businesses address financial planning and employee benefits.
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