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Tips on combining Personal & Business Planning

23.07.2015 by Neville Hughes

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It is often difficult as an Owner & Manager of a Small or Medium Business to separate your business and personal life, what happens in one can easily affect the other.

If you’re feeling a bit flat, maybe at a loss about how or where to start your planning, here are some ideas on how to cover both your business and personal aspects in your plan.

  1. Start with your personal goals first. If you are not happy in your personal life then will affect your performance in your business (how you deal with your customers and your Team). What areas of your Lifestyle do you want to change?
    1. What’s stopping you from changing?
    2. Are they real barriers or excuses?
    3. What 3 things can you change in the next month that will improve your lifestyle? 
  1. Identify the “End Game” for your business. When planning start with the end in mind.
    1. What is it you are trying to achieve with your business and where does it fit into your life goals?
    2. Are you building it up to sell, if so what’s it worth and will that be enough to retire?
    3. Alternatively, is it your Cash Cow that provides the money for you to live and build investments?
    4. Is your business helping to achieve these goals? If not why not?

The clearer your goals are the more focused you will be in achieving them.

  1. What are the risks in your business and how can you manage them? How do they impact the value of your business and what steps can you take to reduce the risks and increase the value of your business? 
  1. Do you have your Estate Planning documented.
    1. In the event of your death have you identified how and to whom you want you assets distributed?
    2. Do you have Wills & Enduring Powers Of Attorney? Are they up to date and do they reflect your current situation?
    3. If you have Superannuation, have you made “Death Benefit Nominations”?

At GTC Financial we use a Process (it’s more a journey) called Business Life Planning that deals with the Business, Personal and Family factors that need to be considered for Business Owners when preparing a plan.   

Find out more

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

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Topics Business Planning, Personal Financial Planning

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