Every business needs a robust financial plan, but do you have one for yourself too?
You work hard for your business, no doubt to provide a better life for you and your family. But do you spend more time planning for your business than you do for yourself? Have you thought about how your business can finance your personal goals, now and in the future?
Running your own business often brings with it greater risk, stress and pressure. But the rewards, both financial and personal, can be tremendous and the satisfaction of seeing your business grow immense.
That’s why your corporate and financial planning should work together hand-in-hand.
Achieving your personal financial goals will generally be dependent upon the success of your business. This means there are a number of key areas that need consideration, planning and regularly updating to ensure you achieve the outcomes you want. As a business owner, you have more options for maximising the value of your pension and retirement plans than an employee.
Are you taking full advantage of these and optimising your pension opportunities? Another crucial area you can’t overlook is protecting your business if the unexpected were to happen. How would your business be impacted if you or one of your best people were suddenly taken out of the picture? And if you run a business with other shareholders or partners, what happens if one of you were to die prematurely?
Where will the shares go? Who will you be running the business with? Will it be their partner, their children or the state? After pouring years of your life into building a profitable business, it’s natural that you’ll want to pass it on to someone who will eventually take equal care of it, whether that’s a member of your family or a buyer. Have you made provision for this and put in place a succession plan?
Finally, an estate plan accomplishes two things: it makes sure that someone you trust takes over your business when you’re no longer able to or, if not, it details how exactly it would be wound down. And, as your wishes are clearly outlined, it also simplifies things for your loved ones, reducing disruption to their and your customers’ lives. What plans have you got in place for both of these scenarios?
Business owners and entrepreneurs have different financial planning needs to those of employed professionals. You encounter different issues, and the solutions are not always clear. As a business owner, your time is precious.
Solutions are not always clear, which is why we’re here to help.
We offer comprehensive financial planning advice for business owners and entrepreneurs, so you can spend more time doing what you do best – running your business.
To find out more or to discuss your future vision – please contact us.
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