You started your business to do great things.
But doing what you do best isn’t a guarantee of financial success.
Business owners have to deliver great outcomes for their clients. They also need to deliver outcomes for themselves.
Too often, great professionals start businesses with the wrong corporate structures. Or they enter into agreements or commitments (eg, leases or financing arrangements) that expose them to unnecessary personal risk.
Many business owners caught in this trap don’t achieve the outcomes they want. Putting your head down and working harder doesn’t solve the problem.
A financial strategy for your business will help you achieve what you set out to achieve. It will also provide a great financial return.
Your financial strategic plan needs to cover:
• Appropriate corporate structures
• An accurate profit and loss budget
• An accurate cash flow budget
• Financing arrangements that meet your growth plans
• Equitable supplier agreements.
A consolidated, formalised financial strategic plan is imperative. That plan will protect your personal assets and improve your ability to access profits from the business.
Most importantly, it gives you peace of mind. And that’s why it’s a pillar upon which you can build.