If you’re a successful business owner, congratulations; you’ve already beaten significant odds. According to a report by the U.S. Small Business Administration, just over 45% of small businesses survive the first five years. By the tenth year, only 1 in 3 firms remain.
If you’ve made it past those milestones, you are probably enjoying your success. But that success usually comes with a cost: more time focusing on growing the business means less time to focus on your personal finances. Your business balance sheet may be looking good, but how about your own finances? If your business success went away tomorrow, would you still be able to live the way you to want to?
As long as your business and your life proceed as planned, you may never have to wonder, of course. But as we all know, there are many things in life that are far outside of our control. And some of these things can impact your financial well-being:
Benefit from a Different Financial Perspective
Statistics show this is quite common. A report by BMO Wealth Management surveying 400 small business owners shows just how unprepared many people are. Here are some unnerving findings from that survey: