One of the things we often see with successful business owners and incorporated professionals is that they’re managing their business finances in the same way they manage their personal finances.
Instead of seeing yourself as part of your business, treat yourself as an employee. From a financial planning standpoint, this means looking at your business and managing it as a totally separate entity.
If you have a business that is structured effectively, and you’re utilizing the benefits of having your corporation, you’ll be able to benefit from doing things such as leaving money in your corporation, paying yourself a dividend, and know exactly where your cash flow is going each month. These are all important components of managing your business finances effectively, minimizing taxes, having control of your finances, and achieving your financial goals.
If you want to learn how to properly structure your business from a financial planning standpoint, book a call, we’d be love to run you through our full financial planning process.
