Many small and medium-sized business owners kick the can down the road when it comes to financial planning. That’s understandable since business owners are preoccupied with short-term responsibilities and dealing with fires that inevitably pop up daily.
Unfortunately, this leaves the business owner and his or her partners and family members exposed to tremendous risk.
What happens if conditions change and the business fails? How will the business respond if a partner falls ill? What is the business exposed to as the market fluctuates? How can the business be financially responsible while offering competitive compensation and benefits to employees?
In this interview, business finance expert Blake Fellows explains why it is essential for business owners to be proactive about setting goals, determining ranges for spending and saving, ensuring that foundational agreements are in place, and having specialized support in all aspects of financial planning