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Financial Planning Melbourne And Your Small Business
That’s why it’s important for your personal financial planning to take into account the unique considerations — and opportunities for owning and operating a small business. This brochure can help you get started. It draws on the expertise of thousands of members of the Financial Planning Association.
A ‘Big Picture’ Process
Financial planning is the process of wisely managing both your personal and business finances so that you can achieve your goals and dreams. You can do financial planning on your own or with the assistance of a financial planner Melbourne.
Either way, it makes sense to follow a financial planning process that includes:
• Setting realistic financial and personal goals
• Evaluating where you are now financially
• Developing a plan to reach your goals
• Putting your plan into action
• Monitoring your plan to stay on track with changing goals and circumstances.
Financial Planning Takes a “Big Picture” Approach
Examine all areas of your finances — investments, tax planning, insurance, retirement planning and estate planning — in the context of your business to make sure they work together to achieve your goals.
A Different Kind of Investment Plan
Small business owners frequently focus all of their investment money, including for their retirement, on their own business. After all, it’s the business they know best. The problem with investing solely in your own business is one of risk, because for every immensely successful business, dozens more either fail or return only modestly. That’s why financial planners Melbourne typically counsel business owners to diversify at least some of their investment money. The following are a few suggestions:
• Start with a written investment plan that takes into account- your business and will keep your finances steady through rough times.
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