3 Basic Steps to Financial Independence for a Small Business Owner

As we have another 4th of July come and go, it is imperative that, as business owners, we don't lose sight of what it is we have as a gift in being a business owner - the ability to create your own narrative and to be able to vision a life of freedom and significance.

Financially speaking, we should address or audit our financial goals and objectives and tweak our plan for the second half of the year, or in some cases, create a new plan all together.

Here are some tips that you'll want to take heed of as we enter the 2nd half of the year and the promise for many wonderful things to happen in your personal and professional life.

Step 1.?Determine Your Current Financial Assets

For you to know where you are now and determine where you might be in the future, you will need to gather all your checking account statements, investment statements, latest tax returns, business documents including?profit and loss statements, insurance documents, and current estate documents. Use these documents to look at where you are now and likely to be in the future.

Step 2.?Set Goals for Financial Independence

Every business owner should be determined to save and calculate how much?in extra savings they need to achieve their financial independence and retirement goals. To identify the target savings for you to meet these goals, there are a variety of?online calculators?that can help you achieve that. But keep in mind you need to be very careful with online calculators because there are assumptions used in their calculators that can significantly impact the results you will get.

Step 3: Do Some Basic Business Planning

Develop a marketing plan and a?business plan, then run your business like a real business. Put measures in place to monitor your progress and readjust as needed.

You might want to consider:

• Profit
• Clients satisfaction
• Acquiring new clients
• Employee satisfaction
• Expenses
• etc.

Areas to look at for:

• Are you in need of marketing help?
• Does your?business need to focus and develop a niche?
• Do you have the right systems in place to manage your business?
• Do you need to improve clients retention?
• Investigate to determine that you have costs of maintaining your retirement plans
• Is there an exit strategy in place for your business?
• Do you have a buy or sell agreement or plans to bring in future buyers?
• Are you using the right tools and outsourcing to improve profitability?
• Are you maximizing all deductions available to the business?
• Do you have plans should in case a key employee or you?die/become disabled?
• Are you considering a building for your business instead of paying rent?

The whole essence of this is to achieve your financial goals and maximize the amount you take out of the business while providing the necessary investment back into the business.

Use these ideas as a framework for evaluating your 2nd half of the year path. We all have a responsibility to ourselves, our team, our family and our clients to ensure we do what is necessary to run our business with the most efficiency.

A spirit of excellence is the foundation for freedom in a financial sense. Putting these ideas to work will help you magnify the good you do in your work and in that, it will translate to more clients served and more revenue for you as a company - in turn, the aspect is to then give back and be a beacon of hope for others whom seek guidance and see you as a mentor to help them.

Let's go make the 2nd half of the year the best ever! Find Your Compass today to create a more powerful tomorrow.

Reach out to me personally if any of these ideas resonate with you and you'd like to talk about your own goals. It's an honor to serve.

Best,

-Roger