Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2024

Create a Financial Strategy for Your Business

High view of cup of coffee and planning for oneself

When you own a small business, separating personal financial goals from business goals may be hard. The task can seem even more daunting for sole proprietors since all your business’s income is reported on your income tax return. Creating a separate financial strategy for your business offers several benefits and protections for your personal wealth.


Goals to Consider
You want your business to grow and thrive, so consider goals that can move your business in that direction. Developing a strategy for increasing sales and attracting more customers may help improve your bottom line. In addition, establishing a rate of growth you want your business to achieve offers a goal to strive toward.


Growth Opportunities
If one of your goals is to grow your business, your strategy might include finding sources of funding. The Small Business Administration (SBA) can be a helpful resource and a good source for low-interest loans. You might also investigate incubator opportunities, which provide space and promote business development, learning and cost savings as small businesses grow.


Be Budget Conscious
Manage your business’s budget by closely monitoring income, expenses, inventory, credit and cash on hand. Be diligent about maintaining a cash cushion for both your business and personal needs. Your personal investments should be in companies outside of your industry to offset any downturn your business might experience.


Retirement: An Overlapping Goal
Retirement from your business may seem like a personal goal, but you’ll still need a strategy for funding your lifestyle. Business owners shouldn’t count on the sale of their business to fund their retirement. Owners often overestimate the future value of their business, and it is impossible to predict what the economy will be like when you’re ready to retire. Instead, consider establishing a retirement plan, such as a solo 401(k) or SEP IRA, that’s designed for small business owners. Finally, create a succession plan that taps someone with the skills and interest to take over your business.


Add Insurance
A business owner policy (BOP) combines protections for all major property and liability risks in one policy. Your financial professional can provide guidance on all these strategies.


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Investment advisory services are offered through Fusion Capital Management, an SEC Registered Investment Advisor. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the commission and does not mean that the advisor has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss.
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