Is today the day when you finally put yourself first and your business second?
Running a business is all-consuming. We have to work long hours, give it one hundred percent focus, take risks, make mistakes, have some victories and have a life. We also need to make sure we are planning for the future.
Many small business owners have put so much time and effort into building our business and ignoring the other parts of our life, that we ultimately have some reckoning to do. When it comes to financial security, we can wake up one morning and realise that was always something we were going to look at down the line - but down the line has to be today.
For me, I’ve always made sure I have lots of insurance just in case I get sick or really sick and couldn’t work again. Imagine that happening in your business? I pay a lot of money each month for great insurance and I never regret one cent of it. But the same applies to managing our money. Small business owners are notoriously bad at planning their superannuation. We need to get our act together and be thinking about this as early into our business career as possible. It’s never too late.
This is all about putting yourself first. Something business owners are not that good at. Normally, the business comes first in everything. All of that hard work needs a payoff which should be financial security, peace of mind with all of the “what if” scenarios and a reward at some point in the future for what you have done.
Don’t put off making the time to get your future in order. See a financial planner, be open, be honest and don’t be embarrassed with them. The idea is to put plans in place now to secure where you want to be tomorrow. We need to be working, adjusting, refining, discussing everything to do with our future, our security, our financial position with our advisors and our family regularly.
Ask your financial advisor what has changed in my world, if I'm on track financially, what’s changed with the rules and regulations, have I still got enough insurance cover and so on. I always leave these meetings feeling a sense of calm in knowing that whatever may happen in my world, I’ll be OK.
At some stage in our life, we all face that moment where things will change dramatically. It could be due to a change in circumstance, like retiring, or perhaps not so good circumstances, such as sickness. Regardless of the circumstance, we need to be prepared - and I certainly sleep much better at night knowing I am going to be OK no matter what.
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