So let’s be clear right from the outset here folks. It’s not a lack of information. It’s a clear lack of apathy.
And so often I meet business owners who are neglecting their own families.
They are spending so much time working in or even on their business – they have not paid the attention they should on the own finances.
Personal wealth creation and financial stability has been shunted aside at the expense of being ‘busy’ or productive within the business.
Here are four challenges that I am often asked to solve for business owners and their families:
- Are the business structures conducive to effective profit distribution and tax minimisation?
- Has the cashflow been set-up to support future business and personal leverage (borrowing) if required?
- What personal assets have been put in place to support the business owner and their family ‘outside’ of business performance?
- THE BIG ONE – whilst there may be a business strategy, what is their personal Finance & Investment Strategy?
And I implore fellow business owners to stop being selfish. It’s not just about your ‘baby’ your business. It’s about why you are in business in the first place.
Who are you working so hard for?
What is the ongoing experiences you PERSONALLY want to have.
Don’t put the personal financial targets and objectives in the ‘too hard’ basket. Get off your butt and get some coaching and consulting to help you focus and develop your OWN finance and investment strategy.
It is BOTH time and dollars well spent. Where you should be able to 10x your results and 10x your knowledge and skills.