18 June 2023

Financial planning for business owners: securing your future

You dedicate countless hours and endless effort to ensure your business is successful. Amidst the daily whirlwind, ensure you take time out for future financial planning. By being proactive you can secure a stable future for yourself and your loved ones. Please find practical insights to help you get started:

1. Setting Financial Goals

The first step is to define your goals. Reflect on what you hope to achieve personally, both in the short and long term. Whether it’s planning for retirement, funding your children’s education, or buying a dream holiday home – having clear objectives will serve as a guide for your financial decisions and planning. 

2. Optimise Cash Flow

Business owners often experience fluctuating income streams, making cash flow management crucial. Take the time to develop a solid budget and track your business and personal expenses diligently. By understanding your cash flow patterns, you can make informed decisions about saving, investing and reinvesting in your business. 

3.Stepping down, away or retirement

While your business is your key focus now, it’s key to plan for retirement. Consider consulting with your financial adviser to determine the appropriate retirement planning options and channels. By starting earlier and contributing regularly you can can build your wealth to support you and your loved ones, should you decide to step away from your business or retire.

4. Protecting your Business and Personal Assets

Business owners face unique risks, and it’s crucial to protect both your business and personal assets. Assess your insurance needs and consider strategies like forming a trust or establishing legal structures to safeguard your personal assets from potential business liabilities.


5. Succession or Exiting Planning

In our experience, this is one aspect that is often overlooked by business owners. Developing a comprehensive plan that outlines how your business will continue to thrive in the event of your retirement, disability, or unfortunate circumstances, takes time.  This planning will ensure a smooth transition while protecting the value you’ve built over the years.


6. Professional Guidance 

Your financial planning goals may not always require financial products. The value you seek will be as unique as you are. You may be experiencing times of complexity in your business, unmet aspirations or up and coming life events. A financial adviser will help you create a personalised plan, navigate tax implications, optimise investments and stay on track towards your financial wellbeing goals. 

Let’s chat as securing your financial future as a business owner is an investment in both your personal and professional life.


Philip (Phil) Hall, Head of Financial Planning, Senior Adviser

Freedom = Travel & Beach Time

Phil is an experienced planner who enjoys working with clients to meet their financial goals now and into the future. Having previously been a teacher, Phil educates and guides clients; enabling them to make informed decisions to build, protect and manage wealth through a broad range of financial strategies.

Phil grew up in Hobart, but has worked and travelled overseas and interstate prior to returning and settling in Tasmania. He commenced working in the Financial Services industry in 2002 and has completed a Masters of Financial Planning, Bachelor of Education (Honours), and several specialist courses in ASX listed products, SMSF, margin lending and is a Certified Financial Planner®. Phil enjoys travel, getting outdoors and spending time at the beach with his family. LinkedIn

Masters of Financial Planning, Bachelor of Education (Honours), CFP®.