Going through the process of constructing and regularly reviewing a financial plan is a valuable exercise for any business owner as it helps inform the day-to-day decision making of the business. Even for a one-person company it makes sense to have some kind of financial plan in place. It is also important to remember that your business needs to work to your personal financial benefit; after all, it is often you are the one taking the risks and working all the hours.
Joined up thinking is particularly important as legislation changes so rapidly these days and making sure your IFAs, Accountant and lawyer are in contact can help make sure you stay up to date with any of your employer obligations. You may need to consider changes in partnership or shareholder agreements and insurances, Key Person cover, pensions and other employee benefits.
At the end of the day it can also be useful to make sure you are able to separate your business life from your personal life from a financial perspective. Who knows one day you may want to sell or pass on your business and a clear financial plan is more likely to help you achieve this.
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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