Page 64 • The HERALD • 5th June 2025 v SUPPORT YOUR LOCAL SPECIALISTS v ASK A PROFESSIONAL RUNNING YOUR OWN BUSINESS? MANAGING YOUR FINANCIAL HEALTH, BOTH BUSINESS AND PERSONAL ARE ESSENTIAL – MAKE TIME FOR BOTH! by Michael Osman, Oyster Financial Planning Reaching financial milestones personally and through your business and celebrating these achievements keeps you motivated and hungry to achieve more. It’s half the fun of taking the plunge to set up your own business! Starting a business can be both exhilarating and overwhelming. It’s tempting to devote much of your time and e ort to developing your product or service, hiring the right people, and nding customers or clients. However, managing your nancial health, both business and personal, is equally important. Additionally, as a business owner, you likely face nancial challenges. With a strong focus on building and running a successful business, you may struggle to give your personal nances, the attention they require. UNDERSTANDING THE DIFFERENCES BETWEEN PERSONAL AND BUSINESS FINANCIAL PLANNING While there are overlaps, business and personal nancial planning involve di erent priorities and challenges. Personal nances require attention to budgeting, saving, pensions, and investments for future security. Business nances o en focus on cash ow management, employee expenses, and growth strategies. One key distinction is how nancial objectives are set. For example, while personal goals might involve saving for a home deposit or planning for retirement, business objectives can include increasing market share, expanding operations, or enhancing customer service. SETTING CLEAR GOALS AND OBJECTIVES Well-chosen goals o er a roadmap for success. Whether starting a new business or managing an established one, your goals should align with your broader aspirations. Goals represent your destination, while objectives are the steps you take to reach it. For example, if your business goal is to increase revenue by 20% over the next year, your objectives might include launching a new marketing campaign or enhancing customer retention strategies. Personal goals can also bene t from this structure, such as saving £10,000 for a family holiday by cutting unnecessary expenses over 12 months. Make any business or personal targets achievable, yet challenging and measurable. BALANCING TIME BETWEEN BUSINESS AND PERSONAL FINANCIAL MANAGEMENT Many business owners nd that their business demands overshadow their personal nancial management. To counter this, create a system that ensures both areas receive adequate attention. Designate speci c times to review your personal nances, perhaps setting aside a couple of days each month for budgeting and planning personal investments. For your business, conduct quarterly reviews to assess cash ow, pro tability, and expenses. BUILDING FINANCIAL RESILIENCE Financial resilience is critical for both personal and business longevity. For your business, this might involve maintaining healthy reserves for unforeseen expenses, securing the best insurance coverage, or diversifying revenue streams. Building personal resilience may involve establishing an emergency fund, investing wisely, and paying o high-interest debts. Take the time to distinguish between essential and non-essential spending in all areas of your nancial life. Separating what is important can reduce stress and better prepare you for uncertainties. CELEBRATING MILESTONES AND ADJUSTING GOALS Reaching financial milestones is no small feat, and celebrating these achievements keeps you motivated. For instance, if you’ve reached your retirement savings target or paid o a business loan, acknowledge the progress you’ve made. Simultaneously, it’s vital to reassess your goals and set new ones that align with your evolving ambitions. If you run your own business and want to focus on your future or are looking to take that jump to be your own boss let our Aspire Lifestyle Financial Planning process give you the con dence to grab this opportunity and be in control of your own destiny! Get in touch or pop in and see how Oyster can help you, call: 023 8084 8410 or email: michael@ oyster nancialplanning.co.uk Based in the centre of Hythe village.
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