The Importance of Financial Planning for your Small Business

 

When you are forming your own business you want to make sure you are taking the right steps from the beginning. A large part of the formation of your business will rely on finances and the financial planning that was put in place from the start. To help you in the process of forming your business and getting the proper financial planning in place you can trust the attorneys at Robinson, Seiler & Anderson in Provo to provide you with the tools for success. Listed below are just some of the reasons why it is so important to have a financial plan in place for your small business.

 

Management of Income

Income is and always will be what will help you in driving your business forward. Having a full understanding of the income you are bringing in will help you in financially planning all the other aspects of your business. Managing your income will allow you to plan ahead for tax season as well as budgeting out for the expected monthly expenses such as rent.

 

Cash Flow and Capital

You can easily increase cash flows by carefully monitoring your spending patterns and expenses. Tax planning, prudent spending and careful budgeting will help you keep more of your hard earned cash. An increase in cash flow, can lead to an increase in capital. Allowing you to consider investments to improve your overall financial well-being. These will be the building blocks of your business’s success. Having a financial plan to accomplish this is key.

 

Provides Family Security

When forming your business you do so in the hopes that this will lead to a better and more secure financial outcome for your family. Having a strong financial plan in place can help you to make sure your family has the financial security they need. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones. Savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should a family bread winner become unable to work.

 

An Understanding of your Finances

A good financial plan will help you in having a better understanding of your finances and what you’re able to do with the income you bring in. Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood, and results reviewed. Giving you a whole new approach to your budget and improving control over your financial lifestyle.

 

For more legal advice regarding the formation of your business or financial planning, make sure you schedule a consultation with the attorneys at Robinson, Seiler & Anderson in Provo to help you in getting started off on the right foot.

View Our Testimonials Announcement

Norman H. Jackson, Utah Court of Appeals Judge, Retired, has joined the law firm of Robinson, Seiler & Anderson, LC, effective April 2017.  Judge Jackson was one of the seven founding Judges of the Utah Court of Appeals and served terms as Presiding and Associate Presiding Judge.
 
Judge Jackson was the senior attorney in a Richfield law firm for eighteen years.  The firm engaged in legal, business and tax cases, including practice before State and Federal Courts, U.S. Board of Land Appeals, Utah Public Service Commission and Arizona Corporation Commission.  Clients included counties, cities, banks department stores, communications and credit associations, irrigation companies, auto dealers, building supply stores, farmers, ranchers and small businesses. They took “every type of case that came through the door,” from criminal defense work to a patent royalty dispute for the inventor of the Frisbee. Judge Jackson has been a lifetime rancher doing business in Utah as Jackson Cattle Company and Arizona as EJ Cattle Ranches.
 
Judge Jackson’s professional service includes terms on the Utah State Bar Commission, Bar Foundation (President and Vice President), Air Travel Commission, and Utah Information Technology Commission.  He served on the Judiciary’s Alternate Dispute Resolution Committee for thirteen years and initiated and supervised the Appellate Court Mediation Office.  He developed and advanced a realistic and workable framework for both of Utah’s Appellate Courts to use in reviewing trial court and administrative agency decisions.  He published three editions of Utah Standards of Appellate Review while participating in more than 2,000 appellate court decisions.  
 
Judge Jackson’s experience will complement the other outstanding lawyers at Robinson, Seiler & Anderson, LC.  The firm will continue its representation of injured individuals, as well as clients in real estate, business, estate planning, tax, contract and education matters.
 

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