Financial planning might seem like a luxury when you have a business to run, but the fact is it’s never more important than when you own your own business. By taking just a little bit of time each year to develop a solid small business financial plan, you can set your mind at ease regarding everything from how you’ll retire to what would happen to the business if something happens to you.
Developing a Financial Business Plan
A financial business plan lays out your goals for your small business and provides steps you can take to make sure you achieve those goals. It involves taking a look at where the money for the business is coming from and where it’s going, as well as where it could be going to better support the company.
At Envision, our small business advisors look at everything from potential investments into the business to insurance policies that will help protect the company in the event of disaster. We even help you come up with a succession plan to determine what will happen to the business if something happens to you or you decide to retire.
Retirement Planning for Small Business Owners
Retirement planning is simple when you’re an employee: all you have to do is fill out a few forms and your employer can set up a retirement account for you in the form of a 401(k). They can even set up automatic deposits into your 401(k) so you can save for retirement without having to think about it.
But if you’re a small business owner, you don’t get paid the same amount every month, making it hard to automate your retirement savings. That’s where a small business financial planner can help. We can talk to you about your goals for retirement and help you develop a plan to get you there based on your current financial situation. We continue to meet with you on a regular basis so that, as your company continues to grow and your financial situation changes (and/or your retirement goals change), we can update your retirement plan accordingly.
Taxes for small business owners are also unique. Our small business financial planners know all the deductions you can take and the ways you can manage your money before tax season so you never have to overpay your taxes.
Small business owners have multiple forms to fill out when filing their taxes, many of which can be quite confusing, but a small business financial consultant can help you navigate all the paperwork and figure out how much you have to pay so you can get back to doing what you do best: running your business.