Broker Check

Why Financial Planning is Important for Businesses and Families

October 21, 2022
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Financial planning is an important process for any size of business or family. The goal of this process is to allow all interested parties to communicate their financial goals and concerns in order to arrive at a cohesive financial blueprint for the future. A financial planner will help businesses and families draw this blueprint and execute the plan objectively. A solid financial plan will also help them avoid costly mistakes and stem the effects of unforeseen circumstances. 

Read more to learn about why financial planning is important for businesses and families… 

Financial planning for business

A financial advisor that specializes in serving business owners can help you navigate the complex financial structure of your business. A coordinated business plan that integrates your other trusted advisors will serve as your roadmap to meeting your long-term goals and outline how you should be allocating your business cash flow. 

A great financial advisor will help you limit risk, have a contingency plan for major life changes such as death or divorce, and help you plan expenditures such as taxes, overhead expenses, salaries, and other business expenses. Look for an advisor that specializes in cash flow reviews and optimization, Exit Planning strategies, and incentive/retention strategies for your key employees.

The biggest benefit a financial advisor will have for your business is they will keep you on the right track towards your organizational goals and help you preserve the future of your business. 

Financial planning for families

Family financial planning is a joint process that should involve all family members with a financial interest in your progress and a tenured financial advisor. Creating a formal financial plan for families is a great idea for high-net worth individuals because it will serve as a concrete blueprint for the future. It’s also a great idea for those that have not yet achieved high-net worth status, as you can follow the coordinated blueprint over the years with your financial advisor to achieve the net worth you desire. 

This process will encourage communication among family members about finances, goals, and hesitations/concerns. The other half of financial planning not as highly discussed is risk mitigation. Most advice focuses on rate of return. Then, the financial advisor will be able to offer recommendations to help your family reach its financial goals. They will also be able to offer advice and direction to help your family avoid costly mistakes along the way.     

We can help

Huskey Financial Group LLC brings years of experience to the table helping businesses and families plan for their future with financial planning strategies tailored to your unique circumstances. We don’t follow one-size-fits-most planning nor do we push proprietary products. Our product is our comprehensive process. Planning is not linear, it’s circular and things change. It’s best to discuss life events with your trusted advisor so you can ensure the decisions you make are the best for you, your family, or your business.

People ask us all the time: When is the best time to begin financial planning? And our answer is always the same: Now! 

Book a meeting and begin your financial journey with us today.