The business owner’s checklist
Being your own boss can be rewarding, but it’s also incredibly challenging. That’s why it’s important to future-proof your hard work by
taking steps today that will prepare your business for tomorrow.
When you’re running your own business, it’s demanding enough to keep up with the day-to-day, which means it’s easy to lose sight on the big
picture. But without careful planning, your business might not be prepared for whatever the future holds. Here are 5 essentials that
every small business owner should factor into their business plan.
Give it structure.
Make sure you structure your finances so your personal assets and business assets are kept separate. As a minimum, you should have a
separate business bank account and credit card, and pay yourself a salary. By untangling your personal finances from your business
bookkeeping, you may even save time on administration.
Be prepared for the unexpected.
If anything were to happen to your staff, your equipment or your intellectual property, it could have disastrous results for your business.
The concept of business insurance is a veritable smorgasbord of safeguards against unexpected events, with options ranging from vehicle
and key person insurance to public liability and professional indemnity cover. No matter what type of business you have, your Financial
Adviser can help make sure it’s protected.
Have an exit strategy.
One day you (hopefully) intend to retire – and a time may even come when you decide to leave the business earlier than expected. Regardless
of when you eventually exit, it’s important to plan ahead so it can be done smoothly, with as little financial impact to the business as
possible. Start thinking about succession management sooner rather than later – it’s a good opportunity to evaluate your business and
identify its future leader.
Plan beyond yourself.
Even with a retirement succession plan in place, there’s always a chance your business could be faced with involuntary succession – for
example, if you die unexpectedly. So as well as insuring your business, make sure you’re personally covered against death, disability and
serious illness. You can also set up a legally binding buy-sell agreement that sets out how ownership of the business will be transferred
in the case of involuntary succession. And to be certain your assets will be distributed to your chosen beneficiaries according to your
wishes if you pass away, make sure you have a comprehensive, up-to-date estate plan.
Work to live, not the other way round.
Your business is a big part of your life, but it’s important to remember that there’s also life beyond work. Many small business owners
find it hard to separate work life and home life, which can cause tension with their loved ones. So if you’re looking to secure your
business’s finances, your Financial Adviser can give you the guidance you need to remove some of the stress of business ownership.
Speak to us for more information
If you have any questions, please call SMART Financial Planning for Life on 03 5911 7000.
This document has been prepared by Count Financial Limited ABN 19 001 974 625, AFSL 227232, (Count) a wholly-owned,
non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. ‘Count’ and Count Wealth Accountants® are
trading names of Count. Count advisers are authorised representatives of Count. Count is a Professional Partner of the
Financial Planning Association of Australia Limited. Information in this document is based on current regulatory requirements and
laws, as at 26 June 2017, which may be subject to change. While care has been taken in the preparation of this document, no
liability is accepted by Count, its related entities, agents and employees for any loss arising from reliance on this
document. This document contains general advice. It does not take account of your individual objectives, financial situation or
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