Savvy Business Owners Plan for Success…ion–Set Financial Goals 1
One of the many financial goals (emergency savings, buying other business, education, buying house, retirement) small business owners and entrepreneurs (business, old idea vs big new idea) think about is retirement planning. Unfortunately many business owners fail to move beyond the thinking stage and move into the planning stage.
The first step in creating a successful business succession is to clarify financial goals. When it comes to retirement planning it helps to identify which level of retirement (Financial freedom, Financial Independence, Financial security, Financial Uncertainty) is desired. With the retirement level identified early on various strategies (cash flow, sell of company) can be implemented to successfully achieve the financial goal.
A SMART retirement goal is:
- Financial freedom,
- Financial Independence,
- Financial security,
- Financial Uncertainty
What actions can be taken today to move beyond the thinking and planning stages to the Doing stage? Surround yourself with the right people to help make it happen?
