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Paul Sobotta, CLU®, ChFC®, CFP®, RICP®
Financial Planner
CA Insurance Lic. #4169793
Kyle Sobotta, CFP®
Financial Planner
Prudential Advisors
205 Washington Street
Arcadia, WI 54612
Phone: 608-323-7032
Fax: 608-323-7964
Email: paul.sobotta@prudential.com
September/October 2022
Team up to Create a Financial Strategy for Your Business
As you know, managing a successful business requires that you focus on all things financial. That’s because the bottom line dictates almost everything you can or can’t do to move your business to the next level. But creating a solid financial strategy takes time, something that may be in short supply for many business owners. That’s why working with a professional planner can help.
The Big Picture
An overview of your company’s finances can start you on the right track toward growing your business. Reviewing revenue, assets, capital, inventory, etc., gives you a snapshot of how your business is performing. Understanding the financial health of your business can show you which areas are thriving, and which areas may need attention.Why Use a Professional to Plan?
Having someone you trust to take over your business’s finances will allow you to focus on growing your company. A professional planner will know the latest trends that affect how your business is run and help you find ways to cut costs that you may not have considered. Arguably, the most important task a planner can undertake is working with you to create a strong financial strategy that will move the business forward.First Steps
Your first steps should include creating a balance sheet and a cash flow statement. A balance sheet lists your business’s assets, debts and liabilities. Subtracting your liabilities from the total value of your assets shows you the net worth of your business.A cash flow statement summarizes the sources and uses of cash in your business. Using data from the balance sheet and cash flow statement can help you project future earnings and determine where you want the company to be in the future. Together with your financial professional, you’ll then be able to formulate a plan for growing your business and the steps you’ll need to take to work toward your goals.
A financial strategy should also include tax and retirement planning and options for managing risk. Your financial and tax professionals can be a valuable resource.
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