Building Personal Protection into Your Business Plan
As an entrepreneur much of your time will be taken up with business plans, financial projections, cash flow, business models, profit margins and so forth. But how much time have you spent on your personal financial planning? Let alone doing anything about it?
One lesson that we have all learnt from the COVID-19 pandemic is that your business can go belly up overnight through no fault of your own. We do not know if and when the next pandemic might arise or if fires and floods may follow but we do know how to make some provision for our personal well-being in the event of your business being wiped out. You will not find many pessimists attending enterprise seminars or setting up a new business, except perhaps as undertakers, so any checks and balances against over enthusiasm tend to be missing. At least at the planning stage. And that is where we can help.
Not only do we have the experience of running our own business for over 30 years but we also have the knowledge and tools for managing risk. Wherever we might be in the economic cycle.
Today, your business may be looking like a tornado just hit it and you are having to scratch about in the ruins to see what you can salvage and how you can get back on your feet. You may have the necessary insurance cover to provide the capital to start again and you may have put aside some of your earnings into a pension fund which you could potentially draw upon to cover your personal expenses until things pick up. The younger the business, however, the more likely it is that you felt the need to leave such provisions until you had built up some capital and so now your find yourself back at square one.
You will not be alone in the current circumstances but this time, remember to contact us first and build your personal protection into the new business plan, from day one.
Until we meet again.
About the author - Alaric Stanton
"For 30 years, PIC Europe has specialised in providing wealth management, wealth protection and independent financial planning advice to expatriates and people who lead international lives. I am now delighted to be able to offer these same services to international Expats living and working in Finland. Please visit, like and follow PIC's new Facebook page for Finland: https://www.facebook.com/PICFinland/"