Last week in the start of my series on financial planning for business owners, I got a little carried away by all of the talk of “independence.” So, I took the opportunity to ask you a simple question:
Are you achieving the independence you want in your business?
But there’s another side to this question that you should consider, and it’s this:
Have you considered paying yourself more out of your business?
In some cases, it actually might make more sense to pay yourself less — but bring home more at the same time. It all comes down to starting on the right foot when it comes to financial planning for business owners.
If you’re not clear on how you could accomplish that, then reading this blog right now could be very important.
We spoke last week about cost basis, but these considerations are just one aspect of financial planning for business owners like you who are growing the tax-profitability of your business.
When I meet with a Virginia Beach business owner, I often wear many hats — CFO, Marketing Advisor, COO, etc. — truly whatever fits the needs of our client most precisely. Because business owners can make rash decisions in times of perceived crisis (like during “tax season”) — and they often have unforeseen complications down the road…
Which is why it is critical that we take a look at how things are set up for you and your Virginia Beach business for the rest of 2021. Here in the middle of summer (and BEFORE the fall rush) is the perfect time to take a clear-eyed look at things and plan for the best outcome for your business come January.
With almost-certain-to-be-drastic changes on the horizon, there will be expiring opportunities for Chesapeake Bay businesses to save on their bottom line as it relates to tax and other aspects of their financial picture.
Frankly, we’d like to avoid all of the unnecessary expenses and taxes which so many Chesapeake Bay businesses end up paying, simply because they didn’t plan ahead of time. Or it could be as simple as saving on expenses — all with the goal of paying yourself MORE, however you get there (which, as I mentioned, could be just what you need this year).
Or these upcoming changes could mean that we want you to pay yourself less.
But we won’t know until we talk.
James Financial Services Inc