Business Owners
Financial Planning for Business Owners
Financial Planning for business owners is often two-sided: personal financial Planning and Planning for the business.
Business owners have access to many financial tools that employees don’t have access to; this is a great advantage; however, it can be overwhelming too. A financial plan can relieve this.
A financial plan determines where you are today and where you want to go. It determines your short-, medium- and long-term financial goals and how you can reach them. For you, personally and for your business.
Why do you need a Financial Plan?
- Worry less about money and gain control.
- Organize your finances.
- Prioritize your goals.
- Focus on the big picture.
- Save money to reach your goals.
For a business owner, personal and business finances are connected. Therefore both sides should be addressed: Personal and Business.
What does a Business Financial Plan include?
There are two main sides your business financial plan should address: Growth and Preservation
Growth:
- Cash Management- Managing Cash & Debt
- Tax Planning- Finding tax efficiencies
- Retaining & Attracting Key Talent
Preservation:
- Investment- either back into the business or outside of the business
- Insurance Planning/Risk Management
- Succession/Exit Planning
What does a Personal Financial Plan include?
There are two main sides your financial plan should address: Accumulation and Protection
Accumulation:
- Cash Management – Savings and Debt
- Tax Planning
- Investments
Protection:
- Insurance Planning
- Health Insurance
- Estate Planning
What’s the Process?
- Book a meeting to gather information about the current financial situation and goals, including lifestyle goals.
- We’ll present strategies and solutions to achieve goals and an implementation plan.
- You gain financial clarity.
Next steps
- Talk to us about helping you get your finances to achieve your lifestyle and financial goals.
- Feel confident in knowing you have the plan to get to your goals.
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