How Today's Business Owners Can Plan for Tomorrow

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The New Year is a great time to take stock of your finances. Do you have financial goals in-place for your business? What about personal financial goals? The life of a business owner can be hectic and between overseeing operations, managing cash flow and building customer relationships, personal financial goals can get neglected. One of the most important aspects to becoming a successful business owner is ensuring your own finances are in-order. Here are some tips on how to keep your personal finances in-check as you strive to reach your business goals this year: 

Save for rainy days (or months): Busy seasons will come and go, therefore many business owners will have to deal with irregular income from time to time. That’s why it’s important to budget your personal finances so you can draw from savings, when necessary. By ensuring you have money set aside for the essentials, like housing, utilities, insurance and food, you’ll have peace of mind to know you can make it through leaner months. If you're someone who finds it difficult to save, consider starting small. Our Automatic Funds Transfers can move your money into a savings account automatically. It's a great way to grow small savings into something bigger!

Diversify: This piece of advice rings especially true for business owners. As you save and invest money for the future, ensure that it is properly diversified and compatible with the amount of risk you are willing to bear. By diversifying and placing funds into another business, investments, or just setting cash aside, you will give yourself reassurance in case you need to pivot.

Plan for your future: One of the most important things business owners can save for is their own retirement. Even on a fluctuating income, business owners should set aside money each month for their future, without depending on selling their business for the bulk of their retirement savings. Take some time and determine how much money it will take to fund your retirement. Tracking your current personal expenses - such as mortgage, vehicle bills and entertainment - is a good place to start! More tips on how business owners can save for retirement »

Arrange your estate: Regardless of age, business owners should meet with a qualified attorney and estate-planning specialist to ensure their goals and wishes are properly accounted for, including plans for business assets. Many young business owners don’t always feel that estate planning is necessary, but without a plan, their business and family could be at risk. At a minimum, business owners should have an updated will with instructions on how their assets should be divided. CUA's Wealth Management Services can map out an estate plan that works for you.

At CUA, our Team understands that preparing for your financial future can be a challenge. Our expert Financial Advisors are here to help, regardless of the numbers in your account or your investment knowledge. To schedule an appointment with an Advisor, contact us at (902) 492.6500 or

Revised Jul. 19, 2021

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