Article

Keep Sight of Personal Priorities

Keeping Sight of Your Personal Priorities

As a business owner, you can often lose sight of your personal priorities and goals as you invest the much-needed time and energy to grow and develop your company. Here are some ideas that might help you keep sight of your original hopes of achieving financial independence by owning your own business.

July 11, 2024
Keeping Sight of Your Personal Priorities
Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

In the rush of daily business activities, business owners­ can lose sight of what they had originally hoped to accomplish through their continuous efforts. Over time, as the business grows, personal objectives may also change. When was the last time you stopped to reevaluate your personal priorities and goals? Here are some key areas to consider.

Building Wealth

Many business owners become so engrossed in company operations that they inadvertently neglect their personal finances, particularly when most of their liquid assets are tied up in the business. To achieve financial independence and build personal wealth, it is important to make personal savings a priority. By conducting regular financial reviews and taking follow-up action as needed, you can develop strategies that will help strengthen your personal finances.

Preparing for Retirement

Many tax-deferred, qualified retirement savings vehicles, such as simplified employee pension plans (SEPs) or 401(k) plans, are available to business owners and their employees. The size of a company, along with the ages and salaries of its employees, often determine which type of retirement plan is most appropriate. In addition, nonqualified plans allow business owners to provide selective retirement benefits for themselves and their key employees.

Developing an Exit Strategy

Will your small business be marketable if and when you decide to sell? Develop an exit strategy that will help maintain the value of your business should you choose—or be forced by circumstance—to sell.

Keeping it in the family. Your company may be a closely held business, operated by more than one family member. If you wish to keep your company in the family, it is important to learn about transfer tax issues and to develop a business succession plan that will help secure your long-term goals.

Stay Focused

As your company grows and develops, remember to set your personal priorities, especially as they change over time. Annual reviews can help ensure that your business operations are consistent with your overall objectives.

Other content you may like

  • Open Enrollment

    Open Enrollment Season is Around the Corner

    November 20, 2020
    Open enrollment for employee benefits kicks off this month. While you plan your Thanksgiving menu, review your benefit choices. Benefits change this year like few years before. This article will give you pointers on what you should consider.
    Read this Article
  • Ranking the Best and Worst Presidents - Part I

    Ranking the Best and Worst Presidents – Part II

    October 14, 2020
    Every four years, Washington D.C. and Wall Street converge as Americans elect a president and Wall Street tries to figure out what the outcome means for the stock and bond markets. And since so many hypotheses on this topic abound, it’s hard to keep track of them all. Part II in this series of ranking presidents might surprise you.
    Read this Article
  • Living With the Dog Days of Summer

    Living With the Dog Days of Summer

    July 28, 2023
    There are several things that can be done to beat the heat this summer. With a little diligence and preparation, we should be able to enjoy these dog days of summer safely.
    Read this Article
  • The Rising Price of Crude Oil and Gasoline

    The Rising Price of Crude Oil and Gasoline

    March 22, 2022
    What should consumers and investors expect beyond March 2022? The oil market has been uncertain for several reasons. This article looks into factors that affect the price of oil, resulting in gasoline price changes. Add to that all of the products beyond the pump that contain crude oil and you get a better picture of how the cost of energy affects virtually every aspect of the economy.
    Read this Article
  • The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.
    phone-handset