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How do I plan for the future of my business?

When you own a business, it is important to have plans in place for the future. Not just for how to grow the business, but also for when you want to retire and leave the world of work behind.

We explain the main considerations to focus on when it comes to planning for the future of your business.

Growth

When you’re running your business, you want to ensure it remains financially stable and grows into something successful.

Growing a business requires funding and investment. Thankfully, there are many services and schemes available that can help entrepreneurs to find the right opportunities to help their business.

How do I plan for the future of my business?

This could be funding to help train staff and provide new skills and services, or it could be funding to help allow your business to expand into other markets.

There is a dizzying array of these schemes on the market, and finding the right ones to suit you can be incredibly time consuming before you even begin to apply for them. It is crucial to research and seek out advice to help point you in the right direction, helping to save you time and ensure you are only looking for the most relevant opportunities.

Investment

One way to help your business to grow is to invest in other services as a way to generate capital, which can then be used to fund the expansion of your business.

This way of funding growth requires a degree of guidance. You need to know where you will be able to generate the best returns on your investments and you also need to be in a stable enough position as a business to be able to wait for investments to pay off.

Investments don’t guarantee an immediate return, but, with proper advice and planning, they could be used to fund expansion, new equipment, training and development within your business.

Retirement

The other key area to consider when planning for the future of your business is what happens to your business when you retire.

Do you close the business or do you transfer ownership to someone else?

This decision will likely depend on a number of factors, including:

  • Do you have any other staff?
  • How big is your business?
  • Is your business in a position to be sold to someone else?
  • Is it a family business?
  • Is your business a partnership?

Choosing to wrap up your business when you retire isn’t a small undertaking, or a decision to be taken lightly.

You should look at all the options available to you and seek out the right financial advice to find the solution best suited to you.

How can FSB help?

FSB members have access to our FSB Independent Financial Services. This includes the ability to speak with dedicated financial advisors who can help you with a number of financial solutions for your business.

Our advisors provide a free initial consultation to help assess your needs before searching the marketplace to find the best possible deals and solutions for your business.

This helps to save you time, as our advisors do the research for you to look for the most suitable products and services available.

Using this impartial advice can assist you in planning for the future of your business and give you peace of mind.

To find out more about how independent financial services can benefit your business, please visit our Independent Financial Services page or get in touch with a member of the team.