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BUSINESS OWNERS

Financial Planning for Small Businesses Can Help Protect Your Personal Wealth

As a small business owner, you can put an amazing amount of time and energy into providing for your employees, trying to meet the needs of your customers or clients, and making your business a success. But what about your personal financial situation?

By taking a comprehensive look at your business planning, taxes, investments, and retirement needs, a financial advisor can help you clarify your goals, make informed decisions, and build the future you envision.

PLANNING FOR TODAY AND THE FUTURE

YOUR PERSONAL SITUATION

  • Do you have enough cash flow?

  • Is your asset/liability ratio balanced?

  • Do you have sufficient insurance coverage?

  • What does your retirement and succession plan look like?

  • Can better tax planning and preparation your annual returns?

  • Is charitable planning important to you? How about saving more for your heirs?

  • Might an investment portfolio analysis help your potential for returns and income while reducing your portfolio risk?

WHAT YOU NEED TO KNOW

  • Are your revenues, costs, profits, and profit margins healthy?

  • Have you recently done a strategic business assessment?

  • Are you tracking expenses, payroll, and tax obligations efficiently?

  • Where can you gain access to capital to help you grow your business?

  • What are your retirement and business succession options?

  • Is your business adequately insured to cover all risks?

  • How much liquidity do you have or need?

PITFALLS TO AVOID

  • Paying themselves more than they need

  • Using their business account for personal expenses

  • Not taking advantage of low interest rates and depreciation, when available

  • Not having the correct corporate structure

  • Not having a succession and tax plan - read more on succession planning here!

  • Using liquid funds to make illiquid purchases

  • Not having the appropriate retirement plan or any retirement plan.

  • Not having adequate bookkeeping support

  • Not delegating or hiring a financial professional

  • Not having appropriate insurance plan

CONTACT US

We Want To Hear From You

If you are interested in learning more, please complete the contact form and we will reach out to get the conversation started.

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