As a business owner it can sometimes feel like you’re responsible for the financial affairs of two people. Along with your own money matters, there’s a whole other legal entity that requires close attention – in the shape of your company.
It needs investment, it needs cash flow management and there has to be a growth plan in place with a clear vision of the future. The problem is that it can all feel a bit overwhelming and all too often the business will muscle out your own personal financial health – and that’s when you risk taking your eye off the ball.
In this series of short articles, we’re going to look at 10 key tips to make sure both you and your business have a firm financial footing, now and for the years ahead.
Ask yourself ‘What do I want to do with the rest of my life?’
“A goal without a plan is just a wish” – Antoine de Saint-Exupery
Do a job you love and you’ll never work a day in your life. It’s good advice and if you’re lucky enough to be in that position you’re probably really passionate about your business. Still, no matter how closely you identify with your day job, no matter how blurred the lines may become between you and it, you’re not one and the same. At some point, someday, there’ll be an exit point for you.
With that in mind, you need to be able to keep in close touch with the world that exists outside your business self. You might wrap the business up, sell it onwards for a healthy sum or maybe pass it on to a family member. You may even carve out a semi-retirement role to keep yourself occupied in later life, but the point is your life and your business will eventually part ways.
Don’t lose sight of you
While it would be great to watch as the business you created spreads its wings, don’t reach this point and realise you haven’t worked out what you want from life. The real you will still be around when your business isn’t, and to make sure those future days are enjoyable, that you can live the retirement and the life that you really want, you need to know what you want to achieve and make sure you’re working towards it now.
While you’re building your business, make sure you build your dreams too. Everyone has ideas about the things they’d like to do ‘sometime in the future’, but like kids playing football in the park, until the jumpers go down, there are quite literally no goals – they’re just randomly kicking a ball around and running in any old direction. Your wishes only become your goals when they’re written down – when they’re carefully planned and then carried out.
Where Citywide can help
At Citywide, we’re experienced, dedicated and professional, but what really sets us apart is that we know how to ask the right questions and we know how to listen. We’re here to establish one simple truth – what do you want to do with the rest of your life? Everything else builds on the answer to that question – we’ll help you plan your goals, make smart decisions and we’ll set out the right strategy for you, but first we’ll get to know who you are, what’s important to you and what you want to achieve.
If you’d like to find out more just book a free appointment with us. It’s something your future self will thank you for.
Want more tips?
If you’ve enjoyed reading the first part of our guide to keeping your personal and business finances in shape, you can download our full guide, ‘10 actions successful business owners take to grow their personal wealth’ today.
If you’d rather read them one at a time, we’ll be posting all our tips for running a tight ship at home and at work in the coming weeks, or you can opt in to email updates.