Business Owners

As a business owner, you have access to many financial tools that employees don’t. This can be an advantage, but it can also be overwhelming. Solid financial advice can relieve this.

Financial advice focuses on where you are right now and how to get to where you want to be. It helps you determine your short-, medium-, and long-term financial targets and how to achieve them. A financial plan for a business owner should focus on growth and preservation. 

Cash flow management

Cash flow management is an essential skill for any business owner hoping to prosper long-term. But unfortunately, managing cash flow can be one of the biggest challenges business owners face.

Cash flow is vital to your finances. Suppose you know how much money is moving in and out of your company. You’ll know whether or not you’re earning more than you’re spending and if you have enough cash on hand to cover payroll, equipment purchases and upgrades, loan repayments and other fundamental business needs.

For these reasons, use cash flow strategies in your business planning. You’ll know exactly when you can expect money to flow into or out of your business account when you do this. As a result, you’ll be able to plan.


Tax Planning

A smart approach to tax planning can help your business make a big difference. For companies looking to minimize the financial impact of taxes, here’s an overview of some strategies that can be beneficial.

  • Does your business qualify for the small business deduction?
  • Review how you pay yourself. For example, are you paying yourself a salary or dividend? 
  • Are you income-splitting?
  • What about shareholder loans? 
  • What about capital dividends? 
  • Are you utilizing corporate tax credits and deductions? 

All you have to do is call us, and our advice and experience. We also have a network of professionals we work with to make sure you’re maximizing your tax efficiency. 


    Retaining and attracting key employees

    In recent decades, business owners have increasingly recognized the importance of offering employee benefit plans in their organizations, and this is an area that has grown considerably. Employee benefits include anything additional you provide to your employees on top of their regular salary, such as pension contributions, health insurance policies, training and education programs, etc. Employees are more interested in the total benefits package a potential employer can offer them than in a simple salary figure alone. Recognizing this cultural shift in the modern working world is crucial to maintaining your ability to recruit and retain the right talent for your business.


    Risk Management

    Protecting your business from financial risks can be overwhelming. Business owners face a unique set of challenges in managing risk. Insurance can play an important role in reducing the economic impact on your business in the case of uncontrollable events such as disability, critical illness or loss of a key shareholder or employee. The four areas of insurance a business owner should take care of are health, disability, critical illness and life insurance. 

    Insurance helps protect your business from unforeseen losses, including key person, buy-sell arrangements, and loan coverage and even be used to reduce taxes. Talk to us today, and we can ensure you have the right coverage.


    Retirement Planning

    Retirement planning can be complex, but it can get even more complicated if you own your own business. You must consider many factors, including the various circumstances that make planning harder. For example, a common mistake made by small business owners is reinvesting extra money to grow their business instead of putting it aside in a retirement fund.

    Although there is no magic formula for getting started on a retirement strategy for your business, some general principles might help you get a handle on the steps you need to take. One of the critical ideas is considering both your business and your finances and how to structure and integrate the two to create a robust retirement financial strategy.


    Succession Planning

    Business owners face a unique set of challenges. One of these challenges involves succession planning: transferring ownership, management, and interest of a business to another person or group. A succession plan is required during the survival, growth, and maturity stages of a business. All business owners, partners, and shareholders should have a plan during these stages.

    Events that can trigger a succession plan include selling the business, retirement, divorce, illness and death. Your successions plan should address these events and ensure you are protected and taken care of.