The Truth About Financial Planning

Why do you work? Why did you start your business? Crucially, what do you want out of life?

Your business or job may be your joy and passion, but what else do you want to do besides work? Perhaps you want to pursue other interests, take that month-long holiday every summer, or simply be able to have weekends free to spend with your family.

Whatever your goal, financial planning isn’t a luxury, but a valuable tool to help you get there. In fact, financial planning is about much more than money.

So what are your goals? A plan to travel the world in a yacht or start a new business venture takes more resource than simply retiring early to help with raising grandchildren. Working with a financial planner can help you figure out your motivations – knowing your life goals is what gives meaning to your financial plan.

Your Financial Plan for Business Success

If you’re a business owner, working with a financial planner from the earliest stages will help you:

• Know Where You’re Going

Your planner will help you put a roadmap in place, that sets out what financial goals you need to hit and when, and will help arm you against pitfalls beyond your control. 

Even though starting a small business is exciting and empowering, it also comes with significant risk. It’s been shown, in fact, that more than 50% of small businesses fail within the five-year mark. Don’t be one of those statistics. Financial planning can help you adjust to any unforeseen downturns.

• Create Value and Get Ready to Sell

Getting the sale price you want for your business is a process that begins long before you actually exit. Ongoing support and regular reviews with your planner will ensure that you are truly building something of value, giving you more options when the time comes to sell.

A successful business sale will be the catalyst for the next phase of your life; whatever that may be. You may want to continue working with reduced time in the business, leave altogether to pursue other interests or simply buy yourself some time to relax and regroup.

Your Personal Financial Plan

If you’re an executive in a company, there’s no less reason to invest in financial planning. Who wants to work longer than they need to? A financial planner can help you get the most out of your working years.

• Savings and Investments

With changes to the UK pension rules in progress, it can be difficult to keep up, not to mention the myriad options for investment which can leave you in doubt about the best way to use your resources. Your financial planner can help you decide which options are right for you, and more importantly, what ‘right’ for you means.

• Set Your Timeframe

Financial planning can help you satisfy both your long-term and short-term goals. There’s no need to compromise now or later, as long as you have the right advice. Your planner will help you live the lifestyle you want now, while planning for the future. This way, you can take control of how long you stay in work for.

Financial Planning: More Than Money

If you’ve ever been tempted to view financial planning as a luxury of time and money, we hope we’ve helped outline its many benefits.

The truth about financial planning? It’s a plan for your life, not just your money.