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Business Owner? What’s your ‘£’ number?

As a business owner are you building something of value, a business that one day will make a material difference to yours and your family’s financial security?

How would you define financial security?

How are you defining success? Is success a financial destination or is it living the life you want and being who you want to be for as long as you can?

It could be argued financial security is a destination but sustaining it is a journey, a tough journey that many do not manage well. I’m sure many of you know of those who once had millions and now have not very much left, we make mistakes, we are taken advantage of, we chase returns we do not need, we lose focus on what our short life is about and before we know it we are ‘old’.

Let’s say you’re 50 years old, in 240 months’ time you will be 70!

Time and tide wait for no man

It can be difficult to know what to focus on. If you’ve not heard of The Four Burners Theory then this is a must read. https://thenaturaledge.com/fourburners/ It’s about life being based around a set of trade offs and suggests an alternative solution to the work-life balance problem.

Many business owners might have an affair with their business over many years, a business to be super proud of and go on to achieve financial security without even exiting their business, yet some of these owners might not consider themselves successful in life.

Why is that?

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Focus on the goals not the how

A big part of my job is building Financial Plans for clients. It surprises me how many people find it hard to think about their long-term future. Possibly because they’re busy but also they’ve probably not been asked this before!

It can be tricky to think of genuine motivational goals – for example ‘I want a level of financial independence by my mid 50s that means I can semi-retire’ – if you can’t work out how this could be achieved.

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What does ‘good’ look like?

That’s the challenge for those seeking advice. If you’re a potential client, how do you differentiate between ‘mediocre’ and ‘good’ or ‘really good’?

I’ve been reflecting on this and realise that my focus always comes back to individuals, not firms. As a financial planner, I’ve collaborated with many professionals over the years and they do seem to fall into one of two camps.

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Got a desert island dashboard?

Living under lockdown means that business owners can’t just drop by a colleague to get a progress check on something. Yes we have phones and Zoom, but working remotely doesn’t deliver the feeling of connection that face-to-face provides.

So what are the key pieces of information we need when everyone is separated? As a business owner, I think the ‘Desert Island Approach’ is a good start point. Imagine you’ve been forced to live on an island for six months. You’ll receive just one update a week from the team running your firm – restricted to five items of information.

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  • KMD Private Wealth Management services are tailored to meet the needs of High Net Worth individuals and families.

    If you would like to have an initial conversation with one of our experienced chartered planners to briefly outline your current challenge/s, please call us or complete the form below. You will be under no obligation to use our services, but we hope will find the experience helpful in working through your priorities and deciding on next steps.

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