24th July 2021   |   Business

Motivating women to work

The financial year is over, it’s now time to reset your personal and business goals.

Start making plans for the next financial year. Maybe you can increase your daily activities or stay away from eating out to save a bit of money here and there. Sometimes your business and personal expenses can overlap so maybe it’s time you need to clean out your financials. Are you thinking of investing in more properties or contributing to your superannuation? now is the time to make those priorities.  

But your business also needs attention, whether that’s improving profit margins, meeting a payment schedule or forecasting cash flows. When looking to set goals for the new financial year, I invite you to consider what you’re looking to achieve with your money.

Maybe you have a loan you’d like to pay off or perhaps you’re hoping to buy a property for your business? If you experienced wealth growth or decline in your business or personal assets, this will likely create a flow-on effect.

Financial fluctuations can also result in the need for extra insurance coverage or assistance with debt management. Once you have reviewed all potential issues, you can start updating your personal and business goals.

A financial adviser can work with you to look at your situation holistically, assisting in selecting suitable goals to set yourself and your business up for success.

Drilling down into the details

Once you’ve identified your broad goals, it’s time to drill down into the finer details. But in my experience, there are three key areas that business owners look for advice. These are:

1. Keeping the business in the family

2. Planning for retirement

3. Asset insurance

As a business owner, you want to make sure your company is protected. Clients are often eager to discuss plans to ensure their business remains within their family.

One possible solution is to look into a bloodline trust. This style of trust is designed to keep your wealth and assets within the family, preventing external connections and relations from gaining access.

Managing your super and, in particular, SMSF management are another key area where business owners can come to me for advice. Setting up a strong base for your super through careful planning can set you up for a future of financial success.

As a business owner, you’re in charge of your own super, so getting this right and looking at all your options is of utmost importance. Many clients I work with already own the business premises they work from through their SMSF and their business pays the SMSF rent.

The strategies that drive SMSFs often include:

● Conversations to maximise concessional contributions based on their cash flow.

● The possibility of minimising personal tax outcomes.

● Considerations around restructuring business balance sheets regarding director’s loans.

● The opportunity to boost retirement savings through non-concessional contributions.

Personal insurance is the third area where business owners are often eager for advice.

As you can imagine, when you own your own business, both your business and your personal assets are closely intertwined when it comes to wealth management.

Our goal is to assist you in considering appropriate insurance for your personal assets. Contact us at Ax3 

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