Financial planning mistakes we often encounter and help business owners avoid include:
Lack of a financial plan: Without a comprehensive plan, business owners often create a fragmented view of their finances, which could lead to future financial uncertainty and missed opportunities.
Lack of focus: Some business owners may only focus on their business finances rather than their personal wealth, or vice versa, whereas a comprehensive plan can help create cohesion and efficiency.
Do-It-Yourself financial planning: Without the help of an expert, many business owners may overlook key strategies when managing their finances that could benefit their business or personal wealth.
Overlooking succession and exit planning: Business owners who don’t have a detailed exit plan may experience financial loss or a rocky transition when exiting their business.
Missed tax opportunities: Ignoring key tax implications of business decisions, for example, when preparing for a sale, often leads to risks that could have been avoided with proper planning.