The professionals remind us every year of the Health Checks we should have to ensure we are healthy and avoid illness now and in the future. Keeping up with these checks is important for maintaining optimum health. Keeping on top of your finances is also important to ensure you can protect your future. We have put together 5 hot tips to ensure you are financially healthy and prepared for your year ahead.
Review all your Banking Review all your facilities to ensure they are still benefiting you and you are not over paying. Engage a Finance Broker to review your Home and Business loans in their entirety to make sure you have the most competitive structure, to help you achieve your finance goals. A Finance Broker will also review your banking package, to sure you have the most suitable products.
Visit your Accountant Your Accountant is there to give you advice on your current financial position, help you plan for the years ahead and advise you on taxation strategies. This is particularly important when owning a business, as they can assist you with your business and its financial position. Your Accountant can help you with a realistic 12-month cash flow forecast and show you ways to ensure your business is held accountable throughout the year.
Review your Protection Life is constantly changing, so reviewing your insurances and is vital. You may be paying for benefits you no longer require, require benefits you are not covered for or over paying. Seeing a Financial Planner or your Insurance Provider will help you put in place the insurance and protection you need to protect you, your family, and assets. If you are the Key Person in your business, it is important to have a plan in place should the worst happen.
Retirement Planning This is vital to ensuring you will have sufficient funds to enjoy retirement without feeling any financial pressure. Reviewing your Superannuation, knowing your entitlements and additional contributions, can help to make this happen for you. Speaking to your Accountant or Financial Planner will help guide you through this process. Certain planners can also assist you with succession planning and helping you position your business for your retirement.
Review your business plan With the world and economy ever changing, your business will inevitably change and need to adapt with it. Reviewing your business plan should be done every year as a minimum. Review what you wanted to achieve for the previous year and be honest about what worked and what you could have done differently. You can then work on where you are now and how you want your business to grow in the next 12 months. Think about where you now need to position your business to achieve optimum success. You may find it helpful to engage your Accountant, Financial Planner, or Finance Broker during this phase, to ensure your business is positioned correctly for what you want to achieve next.
Surrounding yourself with expert advisors will help you towards financial success. Ensure you are getting the maximum value from your advisors and working closely with them. Allow them to work closely together too, as this will help ensure they are all working towards the same goal which is your future goals.