To Succeed, Small-Business Owners Need to Put Their Own Finances First
Many business owners put everything they have into their businesses, and in doing so forget to make a plan for their own personal finances. That's a big mistake.
In today's rapidly changing and unpredictable economic landscape, small businesses are under constant pressure. This entails planning for the future or any surprises along the way. No one could have predicted the worldwide spread of COVID-19 and the disastrous economic impact it is having on all businesses alike.
Now more than ever, personal financial planning should be a core component of every small-business owner's daily priorities. Organizing a detailed personal financial plan can be just as critical to your personal success as a detailed financial plan is for your business.
Even if your company does everything right, there are many risks and factors that contribute to its success or failure. Saving money outside of your business prevents you from placing all of your eggs in the same proverbial basket.
Personal investments and emergency savings are a critical part of ensuring you have all of the personal requirements necessary to continue to lead your business even when life presents unfortunate or unexpected events.
Michel Ouellette JMD, ll.l., ll.m
Systemic Strategic Planning / Crisis & Reputation Management
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