Small business owners have many things to consider when running a successful company. They have to deal with overhead, staffing, marketing, and the general day-to-day operations. There are a lot of tasks and they end up wearing many different hats to succeed.
Financial planning isn’t something they should try to do by themselves. With so many other things demanding their time and energy, finding a trustworthy and experienced financial planner, whether in Burnaby, Port Moody, or anywhere else in the Lower Mainland, should be a priority.
Another consideration is the protection of your own wealth. As money comes into your small business, you need financial planning to plot a strategy to ensure that this income will stay in your pocket. No matter if it’s a long term plan for retirement or a short term business plan to invest back into the company, you will need their help to keep your money with you.
Saving on taxes is something that every small business owner should be planning for. Small business accounting is constantly finding ways to structure a business in the most tax-favourable manner and pay less tax overall. The Canadian Tax Code is written to help small business owners keep their money and you should be finding ways to use it.
Don’t forget your personal income. Many small business owners spend so much time worrying about the company that they ignore their own personal lives. Sometimes the best course of action is to put that money into your own bank account and pay for a much-needed vacation. As mentioned before, retirement planning is critical for small business owners. Considering that fewer self-employed Canadians are financially comparing for retirement when compared to paid employees, it’s a sign that this needs to be a consideration for your financial planning.
At Naicker & Associates, we’ll take you through the perfect financial plan for your small business and for your life. Come and talk to us today and see how we can help you.