September 15, 2010 at 9:09 AM
Sarah recently set-up her own clothes boutique, which took up most of her savings. Her income had been very low since she started her business. As a result, she'd never really felt like there was much point in thinking about financial planning.
- Sarah had little idea of what was coming in and going out every month – she just knew she didn’t have any spare money!
- Various debts had built up during the start-up of the business and Sarah felt these were getting on top of her
- Money worries were causing her undue stress and pressure, affecting her ability to grow the business.
The Wow Solution:
We worked with Sarah to help her create a financial plan that would allow her to make a success of her business by:
- Completing a comprehensive personal income and expenditure analysis for each month
- Identifying several cost savings and efficiencies, resulting in a decrease in monthly outgoings of £90 per month
- Reduced outgoings by a further £150 per month, by re-mortgaging and re-structuring unsecured debts
- Worked out a break-even level of income Sarah needed to draw from the business to cover all expenditure
- Created a plan for the future with targets to ensure that Sarah moved towards real financial stability and security, giving her the best possible chance of making her business a success
As you can see, financial planning is not about investing money or arranging products – it is primarily about creating a plan to help you be more in control of your money, and giving you the chance to focus on growing your business.
To get your FREE copy of the Wow Personal Balance Sheet, get in touch.