Why Your Business Plan Should Include You

As I write this, the Budget has been and gone, and for many it wasn’t as bad as the leaked headlines suggested.

From a business perspective, the minimum wage increases will factor into decisions about how you do things, what team you need and how your costs change. The writing down allowances may also affect how you approach investment. But overall, I’d say these are day-to-day things you might have been considering anyway for cashflow reasons.

When you’re planning strategy for the business, do you also think about yourself personally and how your business and personal strategies align? Do you take time to think about the goals you have outside of the business and how you’re going to make the time for these or perhaps pay for them? Do you plan for what your family needs now and in the future?

I’ve had a lot of clients looking at inheritance tax planning with us recently. Partly because the Budget at the end of 2024 brought this into focus, and partly because some people feel they are working harder just to stand still. It’s made many think about the longer-term future – about their businesses passing to their children, or what their children might receive in future as their inheritance.

We meet a lot of our clients before year-end for a meeting that looks at the tax implications of results in the business, but also takes a wider view of how they take money out of the business. It may be looking at dividends and salary and which is best, but it may also involve pension contributions, or even taking business finance into their own hands rather than relying on the banks so they feel more in control. Other considerations in recent years have included electric cars and how they help people take more out without it costing too much.

Our approach is what we call the ‘wellness checklist’. The purpose is to think more widely rather than just focusing on the numbers and the compliance. The overall banner is protection. We ask about things like wills, security of business assets, shareholder protection and even who would run the business if something happened to you. We don’t provide all of these services ourselves – for example, wills – but we work with a trusted team to make sure you get what you need.

We may not be as relaxing as a spa wellness session, but hopefully you’ll feel the benefit of knowing that you and your family are covered. And that peace of mind really does help you sleep at night.

If you’d like to review your business and personal plans together and make sure everything is aligned for the future, I’d be happy to help – just get in touch.