Own Your Own Business? Here Are Five Big Picture Issues You Need To Plan For.

Not everybody is cut out for owning and operating their own business, but for those who are, the opportunity offers both benefits and challenges. Being a business owner takes dedication, organization and planning, and that is particularly true in terms of your finances.

By taking the time to make sure that you have addressed all of the financial needs associated with your business operations, you can move forward confident in your ability to achieve success.

There are five areas and issues that business owners need to address and plan for:

1. Taxation
Your business evolves, grows and changes with time, and so should the way that you address your taxes. Minor changes can have a major impact on your tax liability, and can offer big savings and advantages. Our firm can expose opportunities you may not have been aware of, and help you access them.

2. Employee Benefits, including Retirement Plans
One of the best ways to attract high quality employees is to offer high quality perks, and an attractive retirement plan can also provide tax advantages for your business.  Our firm can point you in the right direction, providing you with valuable information on the different types of plans and the advantages and disadvantages of each.

3. Accurate Valuation of Your Business
It is often difficult to accurately assess what your business is worth from the inside. Our firm is able to provide you with an unbiased valuation that helps you move forward financially, allowing you to make informed decisions regarding your personal finances.

4. Planning for Succession
No matter how much satisfaction you derive from running your business yourself, it is essential that you have a plan in place for when you no longer want to or are able to be in charge. The more detailed the plans that you make, the more smoothly a future transition can be achieved.

5. Protecting Against the Unexpected
As a business owner, you are well aware of the risks associated with the unexpected. We can provide valuable assistance and preparation for a variety of circumstances that hold the potential for loss, including departure of valuable employees, disaster, and disability.

The independence that you enjoy as a business owner is countered by the need for professional advice on matters where you lack expertise. At Murphy & Murphy CPA, LLC, we are dedicated to bridging the gap and providing you with the guidance you need to ensure your success.

For help with strategic planning for your business, call us at (301) 637-6453 to schedule a consultation.