Being in business, whether as a sole trader, a partnership, limited liability partnership or as a director of a limited company carries with it certain responsibilities and obligations – to your co-owners, to your employees, to your bank, to your family and not forgetting to your customers and clients.
Corporate financial planning can apply to all these responsibilities
All the above potential problems can be solved by quite simply one thing–
MONEY!!
Do not underestimate the importance of comprehensive corporate financial planning as businesses do fail and not always for commercial reasons, the economy or recessions.
The other key area of corporate financial planning is that of retirement. Appropriate retirement strategies for both owners and their employees offer significant tax benefits. For business owners, why spend a lifetime building a business not to reap the rewards of a comfortable retirement. Our strategies in this area do not just centre around a pension product as careful use of all reliefs are very often overlooked.
Rewarding committed employees through generous pensions is a motivating tool that should not be overlooked by business owners.
In fact the Government is introducing compulsory workplace pension schemes so the option is soon to be taken away from business owners replaced by a financial obligation to assist employees build up adequate provision. Planning for this event is very important so please do not leave it to the last minute.