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Are You A Responsible Business Owner?

13th August 2019

The Responsible Business Owner - Part 1

As any small business owner can tell you, the boundary between business life and personal life is blurred, if not completely invisible.

For most of us, we went into business to fulfil our life’s ambitions. We wanted to follow our passion and make a difference in the world. We wanted to create a better life for our families and to leave a legacy. And, most of all, we wanted to be our own boss, rather than dancing to the tune of someone else.

Living the dream

Life is a bowl of cherriesA small business is a passion and a joy - we live and breathe it and, more often than not, it occupies our minds long after the working day is over.

Running the business isn’t just in our thoughts, either. We work long hours - often 7 days a week - and the hours we work are far longer than if we’d been an employee - and far far less money much of the time.

It’s worth it though. This is our dream and nothing beats watching your business grow and knowing you made it happen through your own hard work and ingenuity.

There are some practical considerations that need addressing, however.

Without the benefit of a safety net?

Lifetime ResponsiblityAn employed person often gets more benefits than just income. They have a pension, sick pay and (sometimes) medical insurance. When you run your own business, no one but you can provide these ‘safety nets’ and your own income can be so tight they are seen as an unaffordable luxury.

Having big dreams means we may have taken risks to turn those dreams into a reality - perhaps sinking all our savings into getting the business up and running or taking out a mortgage on our home.

It is important then, to be sure that, as we work like crazy in our businesses and on our businesses, we remember to think about it in a holistic way. That way you are making sure that the dreams you had when you started your business are ones that can be realised - now or in the future.

Four steps to living the life of your dreams

That means:

  • Building plans that aren’t just for the business but for your whole life and future.
  • Making sure you are protecting yourself as a business owner so that, should the worst happen, you have a safety net.
  • Thinking about life after the business so you can enjoy your retirement when the time comes.
  • Planning ahead so you can leave a legacy to your loved ones.

In the course of the next four articles, we will break these topics down so you have an idea of what you need to consider and some practical ways you can build this thinking into the day to day running of your business.

None of this is complicated to do, of course, but it is often something we put off or are too busy to think about. And yet, by taking thinking about your business in the context of your whole life, you significantly improve your chances of living the life of your dreams.

To find out more about our business services, including lifetime responsibility planning, contact us to arrange an initial meeting.

 

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