My traditional role is to help you every year keep your taxes as low as possible. Did you know that for many of my clients I find ways to help them make more money and keep more of it? These clients understand that this approach involves strategic planning which includes looking at three areas – annual goals, business exit strategy, and retirement goals. You cannot get to the finish line if you do not know what direction you need to run!
Annual planning is something that many more of you focus on and includes such things as what are you personal and business goals for the year. Unfortunately, many of these plans fail for two simple reasons – they are not in writing and they are not measured. If the goal is in your head, it is an idea and not a plan. A plan has details about goals, objectives, strategies and actions. Think of this like something we all learned in school – who, what, when, where, and why.
Now that we know why the plan needs to be in writing, we must avoid the next trap – the plan must be implemented, monitored and measured. You spent a lot of time on your plan and it is of no value if you do not monitor it and modify it to meet changing business and personal conditions – life does not stay the same and your plan must be flexible.
The next major area to consider is your exit strategy. Think of this as a long-term annual plan. In some ways, it is similar to your annual plan, but the road we are headed down is longer and has many more twists and turns and some hidden perils. Generally what we concentrate on here is how and when do I sell my business, how to avoid the traps of doing so, how to maximize my gains, and how to minimize my taxes on for many, is a major asset to be used to fund their retirement.
Finally, for me to take care of you for your lifetime, we need to consider your retirement. Most people cannot really define retirement other than they will stop working or work less hours. This is a major mistake because what you envision as retirement impacts your finances today. Many people not only have no idea what they will do when they retire. Others find themselves bored and then look to get back into the workplace.
In almost all of my blogs and newsletter articles, I give you very practical answers. This one is an exception because every reader is different and has different goals. So this one gets personal! Please contact me and I will send you free checklists for each of the three areas of things for you to think about.