There are many reasons people decide to set up their own business. What were yours?
Every now and then, it’s worth taking a step back and thinking about the reasons you decided to take the plunge and set up your own business. What were your aspirations? Are they the same now as they were then? Where do you want to end up and are you confident that you’re on the right path to get there?
For most business owners, their company is their main source of income, how they manage the day to day is one thing, but many get absorbed running a business and don’t take the time to think about their long-term finances. What are the things that keep you awake at night? Do you have a plan to manage your finances throughout your lifetime to be able to provide for the people and things that are most important to you?
So whilst focusing on everyday operations and short-term profit is important, it is also vital to think on a lifetime basis. For example, we help clients by taking an interest in some of life’s big questions:
- How should you plan for growth/exit / sale?
- Will you have enough money for a comfortable retirement?
- What’s the best way to fund your children’s education?
- How will you pay for the cost of kids going to uni?
- Will you need to help your children buy their first house?
- Do you have elderly parents you need to care for?
It may seem like these things are a long way off, but we all know that time flies; they’ll be here before you know it!
Take an Interest: managing your lifetime finances
Although running your business as it is can seem a daunting enough task without taking on board the added pressure of planning for the future, the last thing you want is to find yourself working years past your planned retirement age to ensure you can afford the lifestyle you had hoped to achieve when you first set out in business. One thing you most certainly did not start your business to do was to end up being a slave to it!
The good news is that there is help on hand. The team at Stafford & Co specialise in working with owner managed businesses and have helped many business owners to reset their focus to work towards their aspirations. We care about our clients and their dreams and we’re well-placed to help them to get there.
Free consultation: Personal Balance Sheet and Profit & Loss
For help getting your finances on track, contact a Director at Stafford & Co. We’re not just accountants, we can work with you to put together a structured personal balance sheet and profit & loss to help ensure you are managing your lifetime finances & fully prepared for those all-important life events – big and small.
Get in touch with one of our experts, for help, advice or for specific advice in relation to planning a business sale or exit strategy.