Planning & protection
Adam Salomon
That’s what corporate financial planning can offer, yet it’s often misunderstood or overlooked entirely. The research shows that it works. According to a recent study, SMEs that take professional financial advice grow their revenues by an average of 11.5%. That’s not just a statistic, it reflects sharper decisions, better cash control, and more confident leadership.
Put simply, corporate financial planning is about working with a financial adviser to strengthen your business from the inside out. It gives you structure, clarity, and a forward-looking strategy, so you can spend more time growing your business, and less time worrying about what might go wrong.
At Fairstone, I work with a wide range of business owners. Those who are keen to use my skills for their business are often strategic thinkers, focused on the long term, not just for themselves, but for their teams, their reputation, and the legacy they’re building. Financial planning gives them the structure and clarity to pursue those ambitions with confidence.
Let’s look at some key areas where the right financial planning really pays dividends.
Every business faces risks, from market fluctuations to unforeseen disasters. Effective financial planning includes strategies to mitigate these risks.
Most businesses will have insurance in place to cover things like property, public liability and professional indemnity. However, what would happen to your business if a key director or employee became seriously ill or died?
Such an event can have significant consequences for a business, such as the recall of loans, the loss of key clients and contacts and a slump in income and profits.
Protecting your business against such risks is an important part of financial planning and can be done in a range of ways including Life Assurance cover for:
An independent corporate financial adviser can help explain these options and look at what is best for your business.
While building your business will take up most of your time, it’s important not to forget about your personal financial future.
Retirement planning is just as crucial for business owners as it is for their employees, so make sure you include this in your calculations.
Here are a few options to consider in this regard:
An independent financial adviser will be help you weigh up your options and plot the most appropriate course for your retirement.
When it comes to your employees’ pension needs, an independent adviser can review your existing arrangements and help you run your scheme in the most tax-efficient way, optimising benefits for your employees while minimising tax liabilities for your company.
Recruiting and retaining the right people for your business is another key factor in its success.
With competition for talent always high, how do you attract the people you need and keep hold of them if the competition comes calling?
While paying staff competitive salaries is obviously important, in my experience of 30 years advising business owners, it is often the other benefits that you can offer employees which help to bring them through the door and keep them happy and productive in the business.
Benefits such as Private Medical Cover, Employee Death in Service Benefit, Group Income Protection and access to health and wellbeing services are attractive to potential employees and are things which current staff are reluctant to give up.
What’s more, if you have such health and welfare policies in place, your workforce is likely to spend less time off sick and more time in the workplace which will only benefit productivity.
In conjunction with your accountants, a corporate Financial Planner can also help with matters such as navigating cash flow challenges and tax planning.
Engaging with a financial adviser can provide tailored strategies to navigate the complexities of business finance.
We can help you to gain fresh insights, save you valuable time which you can devote to building your business and provide advice to give you financial peace of mind.
It’s also important to point out that financial planning is not a luxury, it’s a necessity for business owners aiming for long-term success. By doing so, you lay a solid foundation for your business’s future. Engaging with financial professionals can further enhance your strategies, providing peace of mind and positioning your business for sustained growth.
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THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE FINANCIAL, TAX, OR LEGAL ADVICE.
TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE. ALWAYS SEEK PROFESSIONAL ADVICE BEFORE MAKING FINANCIAL DECISIONS.
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