Where you would like to be, how you are going to get there and why it is important.

As we move into a new year, business owners everywhere are either starting or putting the finishing touches to their plan for the year. Every successful and growing business owner (regardless of turnover) knows the importance of this exercise – yet few business owners will write this down and commit to it.

When it comes to Financial Planning the number seeking help in this arena is very low. Only 1 in 10 people have a Financial Adviser.

Source: https://www.financialreporter.co.uk/finance-news/13m-more-people-taking-financial-advice-in-2018-fca.html

Financial Planning for business owners is imperative in order to aid the business in its success – too often a person’s personal goals and finances are kept separate to the business which I feel is incorrect. Other than the drive of building a business that suits our values, the major reason most people build a business is to aid their personal financial circumstances both now and in the future.

Financial Planning is often deemed as something only the wealthy need and should seek – this is incorrect.

Wealth, and circumstances, are relative. You would seek a solicitors advice regardless of your financial circumstances, you would seek a builders advice regardless of your budget, you would seek a car mechanics advise regardless of the value of your car, you would seek a personal coach if you wanted some help and guidance despite already knowing the answers (and you would pay for all of these without hesitation) – so why the hesitation with Financial Planning?

A good financial planner should work with you to understand what makes you tick as a person/family and what really is important to you (saving for a goal, reducing tax, retiring, buying your dream home, protecting your loved ones, gifting to your family etc.) and then coming back to you with a plan as to how to deal with these goals, how it works and what it will cost.

Now that plan may be a Plan A – everything I ideally want in life. A good financial planner will work with you to build a plan B, help prioritise your goals and ultimately put the plan is in place for you.

As always, like with every profession, it is YOUR decision as to whether to implement the plan and, if any, what sacrifices to current expenditure and priorities may be needed. YOUR responsibility.

Only you can decide the value of protecting your family in the event of your death in comparison to your current monthly expenditure in a society of must haves.

Once any good plan in place, the value you receive from your Financial Adviser is through the ongoing reviews of your plans and adjusting them to meet your changing life, goals and circumstances (both personal and societal/economical!).

Like a good business plan, Financial Plans should not be completed once and then put in a draw. They should be reviewed, changed and nurtured to help you achieve your goals and give you comfort that you have got to your situation through educated and reasoned decisions.

Seek advice, work with someone that listens to what you want to achieve and that you feel you can trust to help you get there – the rest is easy...