Pursuing the Modern American DreamSubmitted by BCR Wealth Strategies on July 13th, 2020
The American Dream is still alive, but it has changed over the past couple of generations. Homeownership previously defined our dreams. But now we pursue the modern American Dream through entrepreneurship.
Small businesses face complexities. Not the least of which is making a profit and keeping a reasonable fraction to live on. The ultimate goal is to control risks and optimize financial gains. This doesn’t happen by accident.
Solid financial planning creates a foundation for small business success.
- Tax Planning – Beginning with the legal structure.
- Risk Management – Property loss, liability, death, disability, illness and risks specific to the industry.
- Retirement Planning – Using additional options available only to business owners, a business owner will need more retirement planning rather than less.
- Financing Business Operations – Self-financing reduces personal investment diversification options.
- Estate Planning – For business continuity, plus management and payment of estate taxes.
Financial planning may appear on the surface to contradict the adventurous mindset of entrepreneurs. This is all the more reason why small business owners need to be well connected with financial professionals. Accountants, insurance advisors, personal financial planners, bankers and attorneys all provide perspectives to keep small businesses on solid ground. This advice can make all the difference in improving your chances of business success.
And that way, when driven to pursue the modern American Dream you focus your efforts on your core business and delegate anything that is not your core business to other professionals.