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This post is in conjunction with the Financial Planning Association of Australia (FPA). The FPA is running a giveaway where you could win $5,000. Watch the video or scroll to the end for details.

As a small business owner and entrepreneur sometimes we get too stuck in the day to day running of our businesses that we forget that we also need to plan for the future. I’m sure we’re all guilty of all saying too often “I’m too busy running my business to worry about my own finances”…

If you are thinking or saying this to yourself, then you need to see a financial planner.

Professional advice can help you get back the time you are losing from maintaining your own financial affairs and address those all too common questions for self-employed people like us.

Business planning doesn’t have to be boring.

 Many enthusiastic entrepreneurs get extremely bored detailing business plans and financial projections, often seeing them as obligations imposed by banks or investors. But planning not only helps you attract funding, it can also help you develop your skills as an entrepreneur, ultimately giving you a better shot at success.

  • As an entrepreneur, I found things such as super, tax and business activity statements (BAS) largely as an obligation imposed by external parties. They were always the last thing on my list to do. Or even got left behind for the more fun tasks we love to do. But, now working with a financial planner my focus has changed. I now have more knowledge about my own business, and instead it’s now the method I use to help me generate new information and insights for growth.
  • I found it can also help challenge and change my own views (not only of my prospective business but also of my own skills and competence).

Having spent time with a financial planner, who has opened my eyes to a whole new way of thinking about my business, I am now confident and think about financial planning differently — as a skill, not as a burden.

Find a planner that can help you with your long-term goals.

Studies have found that entrepreneurs who worked with a planner for a period of 12 months or more, made significant positive changes in their business.

Here are my goals for the next 12 months. I suggest you write a list as well and work towards ticking them off by the end of the year. These don’t have to be big goals. Even taking small steps help get you to where you need to be:

  • I plan to work with my financial planner to build my confidence as a small business owner
  • I want to grow my abilities as a business owner to effectively run my business
  • Set up a Super payment plan so I have the future I dream of and can provide for my family in the future
  • Understand superannuation and the important tax benefits of super
  • Understand tax and how to best manage my business and personal tax
  • Discuss the need for estate planning and a will
  • Discuss insurances (i.e. income protection and Life Cover)

Taking action. Start today not tomorrow. 

Planning may include actions such as defining potential markets and drawing up business plans with projections. Entrepreneurs who take more actions during the planning stage of a business help reduce the uncertainty surrounding their project associated with financial and competitive factors. Such as attracting funding, attracting customers, competing with other firms, complying with regulations, and keeping up with technological advances.

Team up with a financial planner you trust.

Choose a financial planner that gets you, your business and your lifestyle. Working with someone that understands you and your goals and dreams will ensure you are both on the same page, and heading in the right direction.

I believe having a planner that understands your business can help find the solutions to meet your goals. A good planner can make something complex seem simple. They can make it easy for you to understand the choices you make. And by having someone on your side that understands what you are trying to achieve, you will feel at ease. I did!

Find someone who understands where you have come from, where you are now and where you want to be.

A good place to learn more about financial planning and find the right planner to help you get a plan to achieve your goals is the Financial Planning Association’s (FPA) Money and Life website.


Enter for your chance to win $5,000 and kickstart your dream.

Do you have a dream, passion or idea? Are you ready to take action to make it happen? Enter the FPA’s Live the Dream competition. Write in 100 words or less how $5,000 will help you get a plan and kick start your dream.

If you think this could help you and your business enter at Money & Life.

What would you do with $5,000?


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