Business Owner’s Checklist –  Planning for the bigger picture

Being your own boss can be a rewarding experience, but it can also be an extremely challenging one. It’s important that you prepare your business for tomorrow and that means taking steps today to future proof your hard work.

While it can be hard to do this as you keep up with the day-to-day demands of the business, without careful planning both you and your business may not be prepared.

Here are 5 tips you should factor into your business plan:

  • Tax

    As your business evolves, grows and changes so should the way you address your taxes. Minor changes to your business can have a major impact on your tax liability, with the right accountant you see big savings. Our team can find opportunities you may not have been aware of and help you access them.

  • Structure

    Ensure your finances are structured so your personal and business assets are separate by having a business bank account and credit card as well as paying yourself a salary. This will keep your business bookkeeping tidy and save yourself time in administration.

  • Plan for the unexpected

    As a business owner, you should be well aware of the risk associated with the unexpected. If anything were to happen to you, your staff, the office you work in, your equipment or intellectual property, it could be disastrous for your businesses future. We can provide valuable assistance to help you prepare for a variety of circumstances that can impact your business including business insurance.

  • Planning for Succession

    When the time comes to retire, will you have a plan in place? No matter how much you enjoy running your business yourself, it is essential that you have a plan in place for when you either no longer want to work or are unable to. Regardless of when you plan to eventually exit the business, start thinking of succession management today, it’s an opportunity to evaluate your business and ensure a smooth transition.

  • Your business is your work, not your life

    It’s important to remember there is life beyond your business and work. Surprising isn’t it? Many small business owners struggle to separate work and home life as work can often consume you both day and night. We can help guide you to make changes to your business to remove some of the stress of owning a business.

For help with the strategic planning of your business, contact us today.