Small business owners must have a financial plan that is designed to evolve professionally and personally. The most successful business owners seek ongoing support from a financial expert to ensure their enterprise is on track to meet business goals now and in the future so they can enjoy what it feels like to thrive and look forward to what’s next. The start of a new year is an excellent time to take stock.
Review the Basics of Small Business Financials
You know your small business is a different kind of animal than typical brick and mortar establishments or big offices. Your choices about how you approach marketing, technology, social media, ecommerce, and other branches of daily business happenings differ from the big guys. Do you have the budget to hire someone? Can you invest in new tech or software? Is it possible to revamp your website?
A financial planner takes time to get to know you and your small business so goals can be established and worked toward on a predetermined timeline. A financial advisor sees the big picture and helps you grow, whether you’re a local bookstore, coffee shop, florist, gift store, smoothie shop, hardware store, or anything in between. The new year is the right time to reestablish goals and find out what’s financially feasible.
Business Owners Support Employees
Whether your business is new or a firmly established part of the community, employees need to be satisfied to keep the success and growth going. Company retirement and benefits programs are an essential incentive to boost employee happiness and reduce turnover, but the right plans for individuals and families can be difficult to identify.
Your financial advisor will help you determine the kind of support your employees need and want, discover what options are worthwhile, and come up with alternatives when your budget or earnings are not where they need to be to offer the top options to your people. When a year turns over, you’re likely asking employees to work more than ever, but this is also when you can say, “What do you need most?” and find out what’s possible through careful financial planning.
Get Into the Nitty Gritty of Owning a Small Business
You will want to go over the daily details of running your small business, covering everything with your financial advisor that you have already established and discussing new elements, including:
- Cash flow and business liquidity: Identify assets and liabilities and check the financial health and needs of your business.
- Asset protection strategies: Discuss separate legal entities like an LLC or asset protection trust to protect your business and protect you individually to reduce the risk of loss or liability.
- Succession planning: Determine what will happen to your small business if you leave the company or pass on, from buy-sell agreements to succession planning.
Successful Small Business Owners Work with Financial Advisors
Customized financial guidance will keep your company on track and growing. Seek valuable input from the financial experts at Hollander Lone Maxbauer about company performance at the start of a new year to set the tone for what’s next for yourself, your business, and employees, customers, and clients. Schedule a consultation at our Southfield, MI, office.
