• Mon, Aug 24, 2020
  • 6 Ways Small Business Owners Can Protect Their Personal Finances
  • External-content.duckduckgo-3
  • Article by Larry Alton, published in Small Business Trends on August 17, 2020.

    Being a small business owner or entrepreneur is fun, exciting, and rewarding. But it can also introduce your business to certain levels of risk that employees of other organizations don’t have to face. Thus you need to be proactive in protecting your personal finances from unwarranted risk.

    Smart Tactics For Protecting Your Personal Finances

    The road to entrepreneurial success is laced with risks. And even when you arrive to a point where you’re deemed “successful,” you still face numerous challenges.

    One of the biggest challenges involves protecting your personal finances from any financial or legal challenges that the business may face.

    Here are a few suggestions:

    1. Choose the Right Business Structure
    2. Follow the Rules
    3. Get Insured
    4. Diversify Income Statements
    5. Build Up an Emergency Fund
    6. Separate Assets

    Looking Towards the Future

    It’s only natural to focus on the here and now. But if you want to be successful over the long-term, you have to keep one eye on the future. And that means implementing and executing financial strategies that set you up well for the months and years to come.

    The most successful entrepreneurs tend to be the ones with the most discipline and patience. If you’re willing to put the right safeguards and contingency plans in place, you’ll find it easier to overcome mitigating circumstances and win.

    Using the principles outlined in this article, take some time to develop an actionable game plan that steadily moves you from where you are to where you want to be – protecting and growing your business finances and personal finances along the way.

    For a link to the full article, click here.

    Steve Niehaus, MBA, CBI
    [email protected]