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Few were properly educated on how to financially protect oneself, don’t hesitate to reach out.
When it comes to a business's game plan, you have to play defense first. If you don't protect your company properly, who is going to? By playing defense first, we get an understanding if anything is lacking when it comes to protecting yourself, your employees, and your business. The defensive strategy also encompasses any debt(s) so we may put a deliberate plan in place to lower and eventually eliminate it.
Next, your strategic savings plan is reviewed and any necessary complements or tweaks are made. At the end of the day, having enough cash (or "liquid") resources is a very important part of a Business's Game Plan and one that is sometimes overlooked.
After effectively playing defense, then we look to the "offense" or the growth side of your Game Plan. It is about education and essentially putting your money in multiple suitable locations, within a short, mid, and long-term growth strategy. Again, it is about having both a proactive and effective plan in one place, which is neither stagnant nor convoluted.
LASTLY, another VERY IMPORTANT area of planning for a business is the OWNER'S particular retirement plan. This is separate from the retirement plans they offer to themselves and their employees. A lot of owners believe their business IS their retirement plan. But what does that mean, exactly? There is no guarantee of a future sale, especially in down years like 2008 or 2020. And if 2020 taught us anything, there is no guarantee that your business will still be around at your retirement time!! A PLAN NEEDS TO BE PUT IN PLACE BASED ON YOUR TERMS!!
Few were properly educated on how to financially protect oneself, don’t hesitate to reach out.