Business owners looking to grow the profits.
The challenges experienced when looking to grow your profits:
- The owner is always looking for ways to save taxes by taking deductions that can hurt the value.
- Profit Loss statements and Tax Returns are not current or accurate.
- Most money is reinvested into the business without knowing the expected increase in profits and value.
- There is too much emphasis on revenues and not enough on the business profitability.
- Money is spent on employees for salaries and bonuses but they do not actually motivate and engage them.
- The owner randomly takes money from the business through distributions and maybe a salary.
- The business is not organized to make strategic and definitive decisions to maximize the profits and value of the business.
Our Process to Proactively Control These Challenges:
Meet to Learn About Your Business, The Plan, and Help You Dream
Business owners often struggle with knowing what they want from their business. You spend so much time, money, and invest your life into building a successful business. How does all that work together when you want to get out of the business and work on other hobbies or work on your own terms? We spend time to talk about what steps you have taken, organize your thoughts on what you truly want to accomplish, and lay out the next steps for us to work together.
Work with a Personal Financial Assistant to Organize Your Business and Personal Finances
Your finances might look like the junk drawer in your business. How do you make efficient financial decisions when all the pieces of your business and personal finances live in different places? You will receive one on one time with a financial assistant to organize all your finances into one spot.
Review and Adjust to Protect the Risks in Your Business and Personal Finances
As you build up assets, grow your business, and go about your daily life, there are an abundance of risks present. Often you might find there are risks that you didn’t even know about or how a specific risk impacted your ability to grow and sell the business. We touch on the purpose for certain insurances, documents, and how to take that step to get you fully protected from most unknowns.
Structure and Implement a Plan on How to Get Your Business to Save for You
You might find that the business checking, or savings account, has a lot of cash building up inside. The initial reaction most people have is to pay off a personal debt or maybe expand the business. Your business should not be the source of your wealth for retirement but the main contributor to build up your wealth. Inside your business there exists dead cash and new business profits. We want to help you get clarity on what should stay in the business, what should be taken personally, and how the business value can be increased the right way.