Build your Financial Plan around your Business
As Financial Advisers to many business clients, we understand the unique set of circumstances that apply to you as a business owner. Long hours, sacrifice and sleepless nights are common among many business owners. That’s why getting the right financial advice is necessary to ensure your hard work pays off.
“You have worked hard to get your business to where it is today. Now is the time to benefit from your hard work.”
As your financial adviser we Project Manage your finances. With our network of technical experts, we develop a whole picture strategy to develop, build and protect your wealth. At Insight we work with accountants, solicitors, general insurance advisers and mortgage brokers to deliver a complete understanding of your financial position.
How does Insight help My Business?
We help you, as a business owner, understand how your businesses performance is impacting your personal wealth. By working with us, we can show you whether you are on target to meet your personal goals, based on the income you draw from your business. We even assist in determining the value of your business, should you sell it in the future.
A common trait we see in business owners is that they work extremely hard, but without an explicit goal for doing so. While we do not shy away from hard work, we believe in a balance between generating wealth and enjoying the rewards of our labour. We work firstly by identifying the personal goals that are important to you, such as paying down a mortgage, sending your children to a good school or enjoying a comfortable retirement. Once we have helped you identify these personal goals, we can identify whether your business is on track to deliver the income you need to meet your goals.
Furthermore, we liaise with your other trusted advisers, to ensure that your team of advisers work together and collectively deliver the most technically and relevant advice to benefit you.
Protecting the Value of Your Business
In business there can be key people who are vital to the operational and ongoing functioning and profitability of the business. Unfortunately, tragedy can strike at any moment and these key people can pass away or be unable to continue working. When this happens financial catastrophe can hit.
To make things even more complicated, when an equity holder passes away, the beneficiary of that owners’ estate generally becomes the new holder of equity. This can be a disaster for the firm if the new equity holder wishes to make changes to the business or does not understand how the business operates.
We can provide advice on strategies to mitigate the risk of losing a key person and ensure the continued operation of your business.
Using Super to invest in your Business
There are a number of options available for business owners to utilise their superannuation monies and invest, in certain ways, into their business. Further, as a business owner, there are flexible superannuation contribution strategies that can be considered to ensure you get the full benefit of the tax effective superannuation environment.
Purchase some Sick Days
As a business owner, you probably do not have that many (if any) sick days accrued – after all it’s your business.
Fortunately, there a number of options available to you that can be implemented to ensure that in the event you cannot work, you receive an ongoing salary AND many of your business expenses are taken care of, while you are unable to work.
We even work with your accountant to help determine the maximum amount you can cover, to ensure you are fully protected.
Contact Us
At Insight IRS we offer all prospective clients a complimentary initial meeting.
Call 1300 551 267 or Email great.advice@insight-irs.com.au