We are in that “calm before the storm” period before busy season begins in earnest for us, and it’s a great time for us — and for you, in my opinion — to take stock.
As we prepare for the increased activity and communication level that always comes this time of year, we also take the opportunity to evaluate our firm’s direction, and make sure that we have everything in place that we know we need for the long-term health of our team and New York Metropolitan Area business.
I think you could benefit from a similar inventory.
That’s what I started in on last week, and I’d like to continue today, to help you make sure that you and your New York Metropolitan Area business are on the path towards LONG term thriving (not just surviving).
Last week, I began asking you a series of questions, and I’d like you to thoughtfully consider the questions I’m asking, and send me an email with YOUR answers. You can do so by clicking the email button at the top of the page.
You don’t have to email your responses, of course … but please do consider these six issues as you work through growing your New York Metropolitan Area business — they can catch you off guard sometimes.
As I mentioned last week, some of these questions involve areas which I and my firm do not handle, which is why, if necessary, I will gladly recommend to you someone who can assist you with those items as needed — and do it well.
So, here are the final 3 (with last week’s questions listed as summaries only).
Three More Questions To Consider in 2018 For Your New York Metropolitan Area Small Business Plan
“Wise are those who learn that the bottom line doesn’t always have to be their top priority.” – William Arthur Ward
Even if “business is good” right now, part of our role is to help point out potential potholes along the future path for our New York Metropolitan Area business-owner clients.
Which is why I’m here to raise some questions for you.
It’s a bit of a different approach than I normally take in my Strategy Note, but if you take it seriously … it can be a transformative process.
Take a look at each of these questions, and if you are troubled by any of your answers–give me a call ((718) 896-8715) or send me an email through the email button at the top of the page…
Rolnick’s Foundational Business Questions
From last week…
Question #1: Is the value of your business firmly established?
Question #2: Is there an emergency plan?
[Will & Asset Protection Strategy]
Question #3: What happens next?
[Business Succession Plan, and more]
Now to the next questions…
#4: What are your retirement plans?
Questions to consider:
- Do I know how much income I will actually need at retirement?
- How much control in the business must I maintain to secure my retirement income?
- Have I looked into financing options for key employees to buy me out?
- Do I want to be running my business, full-time, five years from now?
- Do I have contribution protection for my retirement if I were to become disabled?
Too many New York Metropolitan Area business owners view their business as their “retirement cash cow” … but have not made serious plans for how it can BE that cash cow.
#5: Are all of your eggs in one basket?
Questions to consider:
- Do I have reliable investments, other than my business?
- Will my business assets account for less than 25% of my retirement plans?
- In the past year, have I spent more than one hour planning my retirement?
If you haven’t diversified your retirement income outside of your New York Metropolitan Area business, you could be in trouble.
#6: Is there a REAL tax strategy?
Consider these questions …
- Am I proactively planning to deal with tax law changes?
- Have I determined my financial goals — and how taxes will affect them?
- Will I maximize my tax-free earnings in retirement (and before retirement)?
- Do I have an exit plan for my New York Metropolitan Area business — and is it written down?
Again, all of these issues always seem “procrastinate-able” on the front end … but if you don’t have a good answer to more than a couple of the above questions, you might be cruising for a financial bruising.
We will either help you fix these issues ourselves, or put you in touch with someone competent who can help to fix them. Call: (718) 896-8715 or send me an email.
I’m grateful for our partnership, and for your referrals!
Feel very free to forward this article to a New York Metropolitan Area business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for New York Metropolitan Area families and business owners. And we always make room for referrals from trusted sources like you.
Allan J Rolnick
Allan J Rolnick, CPA, CTC