Financial Planning for Business Owners
/in blog, Business Owners, corporate/by Pro Active Financial Services Ltd.Financial Planning for business owners is often two-sided: personal financial planning and planning for the business.
Business owners have access to a lot of 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 looks at 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?
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Worry less about money and gain control.
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Organize your finances.
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Prioritize your goals.
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Focus on the big picture.
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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 Financial Plan for a Business include?
There are 2 main sides your business financial plan should address: Growth and Preservation
Growth:
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Cash Management- Managing Cash & Debt
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Tax Planning- Finding tax efficiencies
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Retaining & Attracting Key Talent
Preservation:
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Investment- either back into the business or outside of the business
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Insurance Planning/Risk Management
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Succession/Exit Planning
What does a Personal Financial Plan include?
There are 2 main sides your financial plan should address: Accumulation and Protection
Accumulation:
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Cash Management – Savings and Debt
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Tax Planning
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Investments
Protection:
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Insurance Planning
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Health Insurance
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Estate Planning
What’s the Financial Planning Process?
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Establish and define the financial planner-client relationship.
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Gather information about current financial situation and goals including lifestyle goals.
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Analyze and evaluate current financial status.
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Develop and present strategies and solutions to achieve goals.
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Implement recommendations.
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Monitor and review recommendations. Adjust if necessary.
Next steps…
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Talk to us about helping you get your finances in order so you can achieve your lifestyle and financial goals.
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Feel confident in knowing you have a plan to get to your goals.
Contact Us
Troy Andersen
Certified Financial Planner®
President
Tel: 604-341-5686
Email: troy@pafinancial.ca
16741 – 84A Avenue
Surrey, BC
V4N 4W2
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We specialize in providing consulting for Employee benefits including group investment products and Executive benefits and make it understandable for our clients. Service is the cornerstone of our firm. We serve a broad array of clientele; from small businesses to large corporations. As every client is unique we take pride in understanding our clients’ needs and helping them achieve their goals. Being true independent brokers, we only work for our clients and not for any one insurance company. Service matched with solid processes and integrity are the cornerstones of our company. We look forward to working with you now and in the future.