Tag: small business

Fitting Life Insurance into Your Retirement Plan

All Your Options for a Financially Secure Retirement

When it comes to planning for a financially secure retirement, most people focus on aspects such as their investments, retirement savings accounts, home equity, Social Security, and other assets that they’ll depend on to support their income needs in this phase of life. Too often, the role that life insurance plays in a retirement plan is overlooked. Below are a few questions to ask yourself concerning life insurance and retirement planning as you begin to consider whether you have the right coverage for your current situation and your long-term goals.

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Does More Money Equal More Happiness?

It’s Not About the Material Goods, but Rather Financial Stability

Does more money equal more happiness? Well, you’ve probably heard the age-old adage, “Money can’t buy happiness,” but how true is that statement, really? When we think about it, we tend to focus on the luxuries that money can buy, like lavish vacations or expensive cars. However, an influx of cash provides something else that’s often overlooked – financial stability. When it comes to day-to-day happiness and peace of mind, financial stability goes a long way in decreasing our overall stress and freeing us from common worries.

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Does a Small Business Owner Need a Financial Advisor?

The Right Advisor Can Help You Boost Your Small Business Profit While Preparing for Retirement

As a small business owner, have you wondered whether you need a financial advisor? Most often, the answer is yes.

While there are certain parts of running a business that you can teach yourself as you go along, managing your business finances with little or no background may not be one of them. In fact, poor money management is one of the most common reasons businesses fail. If you’d like help with things like building a budget, developing a smart tax strategy, and fine-tuning your cash flow, it may be time to hire a financial advisor. Read on to learn about the benefits and how to choose the best advisor for you.

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The Self-Employed Cash Balance Plan

The Self-Employed Cash Balance Plan

Small Business Owners Can Benefit from These Plans in More Ways Than One

Within many companies, employees enjoy a plethora of benefits that come along with their salary. Typically, there’s paid time off, health insurance, and for some, access to retirement savings accounts through the employer. One way a company may offer to help their employees save for retirement is through a cash balance plan, which works almost like a traditional pension plan but with some differences that make it attractive to small business owners. In essence, a cash balance plan provides self-employed individuals the opportunity to make sizable contributions to a retirement savings account while also enjoying tax benefits for their businesses.

This is an important option to consider because, oftentimes, self-employed individuals end up robbing themselves of the benefits that others get because they’re focused on putting all their money and resources into their business. However, cash balance plans come with tax benefits that significantly help any self-employed individual in the present, while offering a valuable way to save for retirement, too.

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Choosing the Best Retirement Plan for Your Employees

Best Retirement Plan for Your Employees

Review the Options to Determine the Best Employer-Sponsored Plan for Your Company

As a small business owner, you understand all the complexities that come with being responsible for not only yourself, your company, and your family – but for your employees, as well. While it’s easy to get bogged down in the day-to-day details of running your business, periodically taking stock of your company’s overall financial health is a great way to ensure that your business is in a position to thrive now – and for years to come. Consider the options, pros, and cons when trying to choose the best retirement plan for your employees.

Each day, you make decisions that affect your business. How can you be sure that you’re keeping the big picture in mind and that each decision you make is a sound choice for your bottom line and long-term business goals? Below we’ll share a simple but effective financial health checklist for your small business.

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Small Business Financial Health Checklist

small business financial health checklist
How to ensure your business remains strong now and into the future

As a small business owner, you understand all the complexities that come with being responsible for not only yourself, your company, and your family – but for your employees, as well. While it’s easy to get bogged down in the day-to-day details of running your business, periodically taking stock of your company’s overall financial health is a great way to ensure that your business is in a position to thrive now – and for years to come.

Each day, you make decisions that affect your business. How can you be sure that you’re keeping the big picture in mind and that each decision you make is a sound choice for your bottom line and long-term business goals? Below we’ll share a simple but effective financial health checklist for your small business.

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Five Financial Tips for Small Business Owners

small business owner
Having a Firm Hold on Your Finances is Crucial to Your Company’s Success

Small businesses are vital to the U.S. economy, employing half of the private-sector workers in our country. They also create 1.6 million net new jobs annually, according to federal data. As of 2020, there are 31.7 million small businesses in America, which accounts for 99.9% of U.S. businesses.

Despite an integral part they play in the economy, small businesses often struggle to find success. In fact, the U.S. Bureau of Labor Statistics has reported that 20% of small businesses fail within the first year of opening and only one-third of businesses are able to survive the 10-year mark. The leading cause small businesses cite as the reason they were forced to shut their doors is – you guessed it – cash flow problems.

When it comes to the success of your small business, having a strong wealth management strategy in place and practicing smart money habits can play a significant role in your long-term success. Follow these five tips to help keep your business on track.

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Small Business Employee Compensation Packages: Choosing What’s Right for You

employee compensation package
A Written Compensation Plan is Vital to Your Company’s Success

If you’re a successful small business owner, you likely have a solid business plan in place. However, if you’re like many entrepreneurs, you aren’t as adept when it comes to devising employee compensation packages. It can feel a bit like an afterthought when you’re focused on launching or growing your business, but determining the right compensation package may be critical to your long-term success. After all, the right compensation can assist you in recruiting top talent and in retaining your top performers.

As you consider your options, do so with your company’s overall strategy and values in mind. You want to be able to compete for the best talent, but without overextending your resources. Below we’ll discuss a few ways you can get started.

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Benefits of Hiring a Retirement Plan Consultant

retirement plan consultant
Experts Offer Key Assistance in this Complex Landscape

Your company has unique goals and needs when it comes to your retirement plan and your participants. Since you’re busy running and growing your business – and since the number of lawsuits related to mismanagement of retirement plans has risen in recent years – you may find tremendous value in working with a retirement plan consultant.

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Navigating Inter-Generational Wealth Transitions When You Run a Family Business

wealth transfer
Guidance for Overcoming Common Challenges

Having something to pass down to future generations of your family is a dream shared by many people, especially those with family businesses. If you’re lucky enough to achieve it, however, you may face some of the common challenges of an inter-generational wealth transition. So challenging is such a transfer, in fact, that 90% of affluent families have greatly diminished wealth by the third generation. Below, we will discuss three common wealth transfer issues and provide guidance to help you navigate these potential challenges and ensure your assets move smoothly to the next generation.

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