You know it makes sense to create a business plan, giving you a roadmap that will plot your course to success, be that growth and expansion or a seamless sale.

But what about your financial plan for everything else?

When your business is one of your biggest assets, your personal ambitions are likely to be tied into your desires for the business – not something to be taken lightly.

Working with a Certified Financial Planner gives you a safe space to work out what your goals are, how you can achieve them and what practical steps you can take to protect your resources.

How Does Financial Planning Work?

There are five key stages in financial planning:

  • Stage One: The First Meeting

This stage is one of discussion and exploration. Your financial planner needs to get a ‘big picture’ idea of what you want to achieve, as well as your aspirations, values and goals for your business, your life and your family – everything that matters to you.

  • Stage Two: Data Discovery

This is a more detailed meeting. Here, your planner will explore your hard financial data with you – debts, savings, investments, your risk profile, and so forth. Using this data and the concerns, objectives and goals established in the first meeting, your planner will come up with a realistic plan that will help you achieve your goals.

  • Stage Three: Plan Presentation

This comprises a valuable brainstorming, where you’ll estimate cash flow projections and perhaps even uncover goals and values that you haven’t been aware of.

With this information, you and your planner will come up with a plan of action that you both agree to.

  • Stage Four: Implementation

In this stage, your plan is put into action after any revisions based upon the previous meeting have been made.

  • Stage Five: Review and Forward Planning

Life can alter the best-laid financial plan so it’s crucial to review and revise your plan regularly. The aim is to make sure your financial plan fits your current situation and goals.

(Want more details on the process? Listen to our podcast series on what to expect at each stage).

What Do I Get From Financial Planning?

  • Peace of mind

With your financial affairs in order and kept up-to-date, you gain peace of mind as you chart your course in your business – and beyond.

  • A clear vision

Once you fully understand your existing financial situation, your plan will help you to achieve your exact goals and objectives as desired.

  • The ability to exit your business gracefully when the time comes

Establishing a financial plan that carries you through your business exit will not only make sure that everything goes smoothly during that transition, but actually make your business a more valuable acquisition prospect.

Everyone’s goals are different – what works for someone else mightn’t be right for you. When we’re talking about something as valuable as your business, your responsibilities to your family and your ambitions for life after work, practical and accredited financial planning is a must.

What is Financial Planning?