Unique Beautiful Fun
30 June 2017 by Sarah-Jane Smith
sjsmith.com.au - blog
It's never too early
Future Planning
When you're busy running your business and handling not just the day-to-day, but what needs to be done in the next 3,6 or 12 months, it's not easy to find the time to think about the longer term. Do you have an idea about what your business will look like in five years, or even ten years? If something happens to you is there a plan in place to wind up or continue? Like making a will, many people put off planning for the longer term because they don't like having to think about what that means. The truth is that doing that is just burying your head in the sand.
Future planning is not about catastrophe but about security! Having plans in place for protecting your asset. You wouldn't not insure your home because it's a big asset so you also need to think about protecting your income producing asset - your business.
Do you have all the necessary insurances in place? Do you have or need product and/or public liability insurance! Are your premises and your equipment insured? Are you adequately insured? If you get sick or injured do you have income protection? Are you paying money into a pension or superannuation fund to get you through retirement? Or if the worse were to happen, and you died, do you have a succession plan or sale plan organised?
If you're in the early stages of your business it may feel that it's too early to be thinking about lots of these issues. You may not have all the available funds to address all of these things but you can start putting some of them in place bit by bit, until you have covered all of your business.
Future planning may not feel very pressing but the more you can protect your business, the more secure it is, and, the more secure you'll be.
Till next time,
Sarah-Jane X
