With the right steps and determination, your business should flourish. Here are 10 strategies that will help you along the way:
- Choose the best structure for your business (Incorporate or not?)
- Reducing your taxes (Personal & Business strategies)
- Cash Surplus (Is there an immediate need for cash or can it be tax-efficiently withdrawn long term)
- Building employee loyalty (Retain top talent with Group RRSP's, benefits, growth for opportunities and new challenges.) -Yes challenging employees is a great thing! They will feel appreciated and loyal for the opportunity presented!
- Reducing Risks (Mitigate risks both personal and business assets.)
- Dealing with the unexpected (Always have a plan for the unexpected events like, marriage breakdown, illness or injury and even loss of a key employee.)
- Retiring- Who will buy it from you at what you would like to receive from it?
- Selling your business (Valid reason to sell. Don't sell under pressure. Consider engaging expert with the sale.)
- Keeping your business in the family (Choose your successor and communicate your plan.)
- Once you are retired, what to do next? (Do you have any hobbies or charities you can get involved in?)
Are you a CEO, SheO, entrepreneur, founder or partner of a business and want more of your time back? Let's chat about how a financial planning can benefit your business.