We understand that running a business isn’t easy. There are multiple challenges that arise daily, and it’s important to stay on top of them all, as well as your own personal finances. One way to get started in organizing your finances is by executing a budget review for your company and making sure you have a comprehensive financial plan to cover the bases.
If you don’t have an up-to-date plan to help you manage expenses so that you remain profitable long-term, start with the help of a fee-only financial advisor in the D.C. area.
This will enable you to keep track of how much money your business is spending each month so that you can avoid overspending. If you’re already wearing too many hats as
the CEO or founder, delegate one of the most important tasks on your plate, which is managing your wealth and saving on costs.
A financial planner in D.C. at Brown | Miller is here to help you get ahead of the competition with financial planning strategies depending on your financial goals. It’s vital to apply strategies to stay on top in the competitive business world, especially during uncertain times. But aside from your company earnings, are you making sure you’re positioning yourself for long-term success?
- Review your budget and goals with a CERTIFIED FINANCIAL PLANNER™
- Start tax planning to ensure you mitigate as much as possible
- Use business financial planning to help anticipate and support growth
- Optimize your employee benefits
- Coordinate your business and personal finances with a fiduciary financial advisor
1. Review your budget and goals with a CFP® professional
Many professionals lack the time to manage their business finances with care. If you think that could be you, it’s time to get support with managing your business costs in a highly-personalized way. The team at Brown | Miller can begin by helping you plan for and manage your revenue and expenses more carefully.
- How much money is coming in/going out per month?
- What is your take-home profit?
- How are you saving and investing that income?
- What retirement benefits do you and your employees have?
- Is what you’re doing now helping to reach your goals, one by one?
The key idea when doing this type of review is finding where you can cut costs to save and invest better. Our D.C. financial services for business owners can shine light on aspects you may not have considered or have simply neglected.
2. Start tax planning to save money on taxes
Tax planning is an important part of managing your personal finances and ensuring that you’re able to minimize the amount of tax you pay. It’s also important for business owners who
need to be aware of how best to structure their company to keep the doors open.
- Pay yourself a reasonable salary: Discuss paying yourself less per paycheck to stay in a lower tax bracket.
- Take deductions: If an expense is related to work it’s tax-deductible. Even though this doesn’t instantly save you money, reducing taxable income is highly valuable from a financial perspective because it reduces the amount of tax owed.
3. Business financial planning helps anticipate and support growth
When you start a new company, you may have plenty of funding at your disposal. But as your company grows (assuming that is your goal), careful planning is required to meet the demands. Working with a fiduciary financial planner in D.C. can help you strive toward safeguarding enough revenue to grow well into the future.
At Brown | Miller, we can assist by developing a comprehensive financial plan that accounts for budgets and investment strategies in the short, medium, and long-term. As your business prospers or slows, you can ensure that your plan accounts for the ups and downs, so you are staffed and operating accordingly. All of these efforts need to be managed to support your company’s sustainability.
4. A fiduciary advisor can help you optimize your employee benefits
One of the most important entrepreneurial or business owner hats you wear might be managing employees benefits. This can eat up much of your time, so get guidance in streamlining your employee support system. In choosing the right benefits for employees, there isn’t a one-size-fits-all solution.
With our experience in financial planning strategies for business owners in D.C., we are here to guide you through various retirement savings options for your employees. These determining factors will help us make that decision together:
- The size of your company
- The type of industry you operate in
- How many employees you have
5. Coordinate your business and personal finances with a fiduciary financial advisor
Focusing on your finances can oftentimes feel overwhelming when you’re trying to manage a business, but it doesn’t have to be! With the right financial advice, you can focus on what’s most important—building your business and achieving your goals.
We know that you have a lot on your plate, which is why we offer personalized investment strategies for individuals and businesses. We can help you review your current investments and assess whether they’re still working for you. We also work with clients who are just starting out or who are looking to restructure their portfolios.
When it comes to managing your personal finances, it pays off to work with someone who has experience in delivering results. We use a combination of ETFs, mutual funds, and individual stocks for your portfolio (as appropriate) through global diversification. The encompassing goal is to help you achieve your identified (and sometimes shifting) goals with the highest probability of success with the least amount of risk.
Get proper portfolio construction and management for yourself as a business owner.
The way you choose to protect your wealth is a very personal decision, and it can be difficult to know where to start. One of the first things you should consider is your current risk tolerance and time horizon, which a financial advisor in the D.C. area can assess. Yes, we understand that this can often feel like another full-time job, depending on the complexity of your financial life, so ask for help.
Rebalance your personal portfolio with guidance as needed.
Rebalancing your own portfolio is an important part of maintaining a healthy, diversified investment strategy. It also helps to reduce the amount of risk you’re taking on and can be used to help you achieve your goals. Rebalancing your portfolio means adjusting the allocation of assets within your portfolio so that it matches your goals.
As the business owner, you can work with your CERTIFIED FINANCIAL PLANNER™ to ensure you address your personal finances with care.
Running a business takes strategic thinking, and so does managing your own wealth. Reach out to the team at Brown | Miller to help you save money on your business operations without putting yourself on the back-burner. We will tell you now that the key is to stay focused.
After doing a thorough review of your financial standings, you will see the importance of each of the financial strategies we recommend. By exploring how much potential money you can save from each area before making changes, you might feel more determined than ever to stay on track.
It’s time to get creative when looking for cost-cutting measures for business owners to build wealth in today’s market.
By focusing on the right things in a timely fashion, you can dramatically cut costs now and save/invest more over time. Call us today!
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