Financial Planning For Business Owners

Small business owners often get so caught up in simply trying to keep their business in the black they can forget about how to protect it. We know all about small business because we’re one too.

Protecting the bottom line

Whether you are just starting out in business or have been around for what seems forever, the primary focus is always on the bottom line. Are you turning over a respectable profit? Are you keeping up with your competitors? How much debt do you have weighing you down? Are you able to draw enough as a decent income?

Our team of qualified accountants can help you fine tune your business. Our financial advisers will help you to make the most of your business.

Insurance – The cornerstone of your business

As a sole proprietor or as a partnership with two or more partners, the question to ask yourself is:  What would happen to your business if one of you was injured, sick or worse still, died unexpectedly?

The types of insurances you need that will give you total peace of mind may include:

• Personal insurances for each partner that would provide a payout to the surviving spouse and her family
• Insurance funding that would enable you to payout the deceased member’s share of the business
• Insurance that would help find your business until arrangements can be made to bring in another partner or to make plans to sell your business.

Insurance for business owners can be quite complicated as often arrangements are in place to minimise personal income. This low income can affect the level of cover that you could qualify to receive.

As specialist insurance advisers, we can work with the insurance companies to implement a quality insurance program.

Superannuation for your retirement

Did you know there are significant tax concessions for investing business profits into superannuation at retirement? Careful planning in advance of your retirement should be implemented to secure the benefits and to make sure they are adequate for a comfortable retirement.

Self Managed Superannuation Funds (SMSFs) are a popular vehicle for business owners. An SMSF is a trust that complies with superannuation legislation. Depending upon your circumstances, you may benefit from your SMSF holding direct business assets.