How do you separate your personal planning and business planning? For so many, they're one in the same since the business is intertwined throughout your life. Making sure your business runs smoothly so your personal financial situation runs smoothly as well is important. And taking care of your employees so you can grow the business and feel good about how you contribute in society will help you get to the stage when you can finally feel good about the organization carrying on when you no longer want to play such an active role.
IS ONLY ONE PIECE OF THE PUZZLE THAT MAKES UP YOUR FINANCIAL PLAN.
Relational Financing Planning
Where and how do you want to grow? What does the future look like for your business? Who needs to be on board to get there, and how can you manage taxes, revenue, and expenses? Business planning is a crucial area in the financial planning process if you've chosen to work for yourself.
Frequently asked questions about this topic:
I want to offer benefits to my employees, but how much will that cost?
Benefits lend a helpful hand to the overall compensation package you offer your employees. You can choose to make various benefits voluntary so the employee pays to opt in, or you can provide company-paid benefits. Weigh your options carefully and give your employees what they want and need.
Why should I be an LLC vs. an S-Corp?
Making sure that you have the appropriate entity structure for your business can offer liability protection and tax efficiency. Work closely with your CPA to determine the best entity type for you.
I'd like to get ready to sell my business. What do I need to do?
Preparing for an eventual business sale should begin to take place years in advance of the ideal transition time. Start thinking about who you want to sell to - internal, external, or family member? What type of a sale structure is ideal? What professionals need to be on your team? What's the value of your business and how can you work on increasing the value or attractiveness of your business? Let's get to work on the planning!