You spend a lot of time making sure your business runs like clockwork. But is your business delivering for you personally, as the owner.
We’ll look at the core ways your business can be structured to deliver on your own personal, family, and leisure goals.
A business that supports your personal vision and life goals
When you started your business, you’ll have had a clear idea of how this new venture would provide for you and your family. But, over time, your attention can become focused on the day-to-day operations, with less awareness of how the company is delivering on your own personal and entrepreneurial goals.
We want to reverse that flow. We want you to think clearly about what you want from life, your business and your wider position as an entrepreneur.
Let’s look at:
Maintaining a healthy work/life balance
Think about how you structure your business to allow for flexibility and time for your own personal pursuits. This could involve working remotely to spend more time with your family, flexible working hours or having the right team to delegate work to.
Securing your lifestyle
Make sure your business generates enough income to support the lifestyle you’re aiming for. This may mean reviewing your budget and expected income, setting financial goals and developing a business model that delivers the revenue you need.
Making enough to retire
If the end game is to retire, you need a nest egg to do this. Funding a comfortable retirement might mean reinvesting dividend income into a pension, exploring tax-efficient strategies and developing a long-term financial plan.
Investing in your passions
What gives you joy outside work? You can use your business as a platform to pursue your passions, whether it’s supporting local charities, promoting sustainability or creating products that reflect your personal and ethical values.
Passing the business to the next generation
Before you retire, it’s important to plan for a smooth transition to the next generation, whether those successors are family members or other members of your existing team. This will mean putting serious thought into succession planning and training.
Helping you set and track your personal goals
Contact us if you would like to have a brain storming session.
This post was originally published / written by BOMA and has been updated for freshness, accuracy, and comprehensiveness
