{"id":12423,"date":"2024-06-13T15:57:18","date_gmt":"2024-06-13T15:57:18","guid":{"rendered":"http:\/\/wordpress.thetruthtoledo.com\/?p=12423"},"modified":"2024-06-13T15:57:18","modified_gmt":"2024-06-13T15:57:18","slug":"strategies-for-building-your-small-business","status":"publish","type":"post","link":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/2024\/06\/13\/strategies-for-building-your-small-business\/","title":{"rendered":"Strategies for Building Your Small Business"},"content":{"rendered":"

Special to The Truth<\/strong><\/em><\/p>\n

As an entrepreneur, you are the expert in the goods and services you offer customers. However, you may be less familiar with the financial aspects of running your business.<\/p>\n

Incorporating a CERTIFIED FINANCIAL PLANNER\u2122 professional into your stable of advisors is a smart way to ensure that you\u2019re growing your business sustainably. Here are some important financial planning strategies a CFP\u00ae professional can assist you with:<\/p>\n

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  1. Selecting a corporate structure: Each type of corporate structure is subject to its own tax code and financial liabilities. Determining which structure makes the most sense for your business is fundamental, but complex, given the wide range of factors involved. A CFP\u00ae professional can help you navigate this decision to your advantage. As your business scales, remain in conversation with your advisor to ensure that your corporate structure classification is not adversely impacting your cash flow.<\/li>\n
  2. Sorting your expenses: Your business feels personal, but it\u2019s important to keep your business and personal expenses separate. A CFP\u00ae professional can help you establish a plan for managing personal and business finances in a way that allows you to reach your financial goals.<\/li>\n<\/ol>\n

    Side note for expense sorting: Be sure to deduct all overhead when preparing your taxes. If you\u2019re not deducting expenditures such as travel, auto expenses, home office utility bills, marketing materials and continuing education associated with your industry, you\u2019re leaving money on the table.<\/p>\n

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    1. Saving for retirement: While retirement may not be top of mind when launching your own business, it\u2019s important to plan for it. One of the great benefits of being your own boss is having the freedom to maximize your retirement savings. A CFP\u00ae professional can help you make sense of options such as IRAs, 401(k)s with profit-sharing and solo 401(k)s, and help you select the one that will reduce your taxable income now and pave the way for a comfortable future.<\/li>\n<\/ol>\n

      On a related note, building a retirement plan into the benefits you offer your employees will make your company a more attractive place to work, helping you secure the best talent.<\/p>\n

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      1. Maintaining personal financial health: While you\u2019re growing your business, it can be easy to lose sight of your family\u2019s financial health. A CFP\u00ae professional can help you protect your personal assets and continue moving toward your other financial goals at a time when your business seems like a top priority.<\/li>\n<\/ol>\n

        These are just a few of the areas in which a financial advisor can help your business be successful. They can also offer cash flow analysis, advise on your insurance needs, create a succession roadmap and more. For additional insights into small business financial planning, and to find a CFP\u00ae professional to work with, visit LetsMakeAPlan.org.<\/p>\n

        Launching a small business is both an adventure and a ton of work. Seek expert assistance with key financial planning strategies so that you can focus on the aspects of your business you are most passionate about.<\/p>\n

         <\/p>\n

        Courtesy StatePoint<\/em><\/p>\n

         <\/p>\n","protected":false},"excerpt":{"rendered":"

        Special to The Truth As an entrepreneur, you are the expert in the goods and services you offer customers. However, you may be less familiar with the financial aspects of running your business. Incorporating a CERTIFIED FINANCIAL PLANNER\u2122 professional into your stable of advisors is a smart way to ensure that you\u2019re growing your business […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"wf_post_folders":[234],"class_list":["post-12423","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/12423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/comments?post=12423"}],"version-history":[{"count":1,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/12423\/revisions"}],"predecessor-version":[{"id":12424,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/12423\/revisions\/12424"}],"wp:attachment":[{"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/media?parent=12423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/categories?post=12423"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/tags?post=12423"},{"taxonomy":"wf_post_folders","embeddable":true,"href":"http:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/wf_post_folders?post=12423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}