Guide to financial advice for business owners

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 is 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.

Financial advice for business owners

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Guide for business owners

Optimising your pension opportunities

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?

Building a profitable business

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?

Different financial planning needs

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.

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Please do get in touch should you wish to talk to us about financial planning for your business.

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