Financial Planning as a Business Owner

With tax season right around the corner, it may be a good time to figure out what your financial future looks like. It just so happens that October is also Financial Planning Month. Saving is a great start, but planning out how you are going to reach your financial goals is even better. Take this time to figure out your budgets and get them in check to help set the path of success, both personally and in your business ventures. As your business grows, budgets change, and this may be the perfect time to adjust some things. And there’s no better time like the present to kick your financial goals into high gear.

Financial planning gets a little more in-depth than just saving money. It is earning, spending wisely, investing, saving and donating. Create a defined plan for your financial future. It’s crucial that, as a business owner, you monitor all expenses and conserve dollars while still planning and saving for your personal financial goals and retirement. As a business owner, it’s important that you establish your personal goals in a similar way you’d put together a business plan. Be sure of what your personal and business goals are and keep them in mind as you move forward. Have you saved enough for retirement? According to American Express, fewer than one-third of small-business owners have a formal financial plan for managing income and expenses during retirement.

It is also a good idea to work with a certified financial planner for the benefit of guidance and assistance in reaching your personal and business goals. A financial adviser can help you overcome certain challenges within your business and knows what steps are necessary for future growth. When deciding on which financial adviser to move forward with, keep in mind that not all financial advisers are created equal. The right financial adviser should provide the skills, information and discipline required to ensure your hard work put in now will pay off in the future.

According to American Express, before working with a financial adviser you should consider his or her experience and credentials, how the person charges for services, how happy other clients are and his or her fiduciary standards. Use your business owner skills when interviewing a financial adviser. This is someone who will have extensive knowledge of your finances; get to know them and verify what the individual says. Fact check and make an informed decision. It’s not something that needs to be rushed into, but it’s better to do this sooner rather than later.

Disclaimer: This website and the information contained herein is not intended to be a source of advice or credit analysis with respect to the material presented, and the information and/or documents contained in this website do not constitute investment advice.


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