A business plan and budget is a road map to succeeding in business. If you know where you want to go but you don’t know how you are going to get there, you may still reach your destination, but it will probably take you longer than if you had planned out the journey. Including your team in this process is vital to the success of your plan.
Read MoreTopics: Business Planning
Think of financial forecasts as your financial road map, they are very important tools in the tough economic conditions we are facing. Using a financial forecasts allows you to construct a model of how your business might perform financially if certain strategies, events and plans are carried out.
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The concept of lifestyle design has certainly gained a lot of traction in the global community of entrepreneurs in recent years. Notable industry influencers including Tim Ferris, author of the 4-Hour Work Week, have pointedly made the assertion that owning a business needs to mean more than just balance sheets and bank accounts.
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There are many benefits to being a small business owner such as being your own boss, leading a team and the ability to give back to your community. A well-funded retirement account, though, is not one of these many benefits. Most of us believe that, when the time is right, we will sell our business and easily transition into retirement on the earnings generated from the sale. It’s certainly an appealing scenario. To pull it off, however, takes years of preparation and careful planning. This succession planning can be broken down into three categories – people, systems and finances.
Read MoreTopics: Business Improvement, Retirement Planning, Business Planning
Many of our clients tell us that they got into business to make more money, achieve a better lifestyle, or simply because they felt they could do a better job than their old boss. Although many do possess business skills, financial acumen is rarely high among them. In this article, we list three common financial mistakes that we observe frequently.
Read MoreTopics: Business Improvement, Business Planning
