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Increase your business profits
Your role in your business
Tax questions
Your net wealth
Succession Planning for your business
Reducing business risk
Increase your Business Profits
- Are you happy with your profit levels?
- Do you know how much similar businesses are making?
- Do you have systems in place to monitor your key business
ratios eg profit margin, return on equity?
- What is the general trend in your income, expenses
and profits?
- Do you have a plan to grow your business and increase
your profits by measuring your actuals versus budgets?
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How do you feel about your role
in your business?
- Are you working long hours under high stress and pressure,
and unable to leave your business to enjoy a decent holiday?
- Are you satisfied with your current profit level?
- Are you satisfied with your team’s performance?
Do you think they can work more efficiently?
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How do you feel about tax?
- Do you have sufficient cash put aside to pay your tax
on time?
- Do you have a monthly reporting system in place to
monitor your profits and tax payable?
- Do you feel you pay too much tax?
- Do you have a strategy to legally reduce the tax you
pay and simultaneously increase your overall wealth?
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How do you feel about your
net wealth?
- Any day of the week, do you know your up-to-date net
wealth?
- Any day of the week, do you know your current asset
allocation?
- Do you have all your wealth in 1 or 2 assets called
your business and home?
- Have you protected some of your hard earned assets
from creditors in case of unforseen bankruptcy and received a tax deduction
for doing so?
- Have you built 3 pools of wealth to support short,
medium or long term your goals?
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Succession planning for your
business
- When do you want to retire?
- What succession plan do you have for your business?
Who will you sell to?
- Are you building a business that can be easily sold?
- Are your current profit levels maintainable?
- Have you made yourself dispensable in your business?
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Have you reduced your business risks?
- Do you know and are you addressing your 3 biggest risks?
- If in a partnership, do you have a partnership agreement
that addresses conflict resolution and control in the event of the death
of one partner?
- What would happen to your business if you could not
work for an extended period of time?
- Is your will up-to-date? Does it address the ongoing
concerns of your business?
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