Starting a business is a big step. Being a good steward of the business you’ve decided to start is quite a bit more demanding. Persistence, planning and long-range vision are necessary to navigate your way successfully into the future for your self, your family, your current and future associates and employees.
As a business owner you have responsibilities to associates and employees to provide an environment where everyone can grow along with the business. Solid financial planning at each stage of your business’s growth is important.
A business has a life of its own. And like every individual or family, the financial strength of the business requires planning and guidance. Establishing a relationship with a trusted company that can help you provide for all the needs your business requires can put you on the most solid ground for long-term growth.
For starters, a full range of financial and accounting services as well as advice on legal and tax issues will be important to assure the success of your business.
And, to ensure the continuity of your business, life and critical illness insurance for key personnel is essential. Additionally, you’ll want to protect cash and investment assets from creditors. And what happens if a partner or associate wants to leave the business? You’ll need to have a buy/sell agreement in place. Also, it’s important to establish tax-efficient investment strategies unique to business.
Those are just the beginning and most integral financial concerns to keep your business on track at the level of ownership and management. When your business grows beyond the start-up phase and you hire employees there are other concerns. Competitive group health insurance, investment opportunities and pension plans will help attract and retain desirable employees.
Start interviewing financial services advisors before you launch your business. Ask for referrals among business owners you respect. Consider a solid company with a stellar history of helping businesses sail through the good times and the not so good time. When you have a trusting relationship with someone you feel comfortable working with, then you can turn your full attention to your business and let the financial services advisor do what the job they do best.
Without doubt there will be many other areas to tend to as your business grows. Leadership skills, determination to stay the course or change course, ability to focus on the most demanding priority and patience will be required of you every step of the way. Working with a financial company that can keep you on track will be one of your most cherished assets.
Take your time and find the right company to work with for your businesses financial needs. You’ve done all the dreaming and tested your idea. Now you are ready to move forward. Make sure you become a great steward and that your money is spent efficiently and works as hard for your business as you are. Continued business growth requires a long-range plan. Remember, as Benjamin Franklin so aptly said, “If you fail to plan, you are planning to fail.”