Why did you decide to set up your own business and is it on track to fulfil the goals you have for it, yourself and the life you want to lead? If it isn’t, what needs to change or have your own personal goals now changed?
In my last article, I wrote about the feedback I’ve had from a number of business owners who now feel they are running a start-up organisation once again, as so much in life has changed due to the pandemic. So don’t be afraid to review why you are running your business and ask if it is delivering everything that you hoped it would. You might need to rewrite your business plan to keep your business on track and growing.
That said, we have all had time to reflect over the last couple of years and many people have decided they want something different from life, or they want to use their talents and skills to give something back to society and to help build a stronger future for all.
A few business owners I have spoken to recently have also said they don’t have the same energy and drive to effectively start again, and they also don’t want the stress. They certainly aren’t alone, as the number of companies closing down and being struck-off the Companies House register in the first quarter of 2021 totalled 39,601, an increase of 743% on the same period in 2020.
It is worth noting that these figures should be viewed with caution, as there are concerns about CBILS and BBLS loan fraud. The Government is proposing increasing the powers granted to the Insolvency Service (The Ratings Coronavirus and Directors Qualification Dissolved Companies Bill) enabling it to investigate and disqualify the directors of dissolved companies.
If, however, you decide to exit the business or if you decide there is no future for the business, then it is important to speak to your professional advisors about this as early, so they can advise you about the options available to you, to help you transition to the next stage. Especially in light of these new powers.
It is also worth considering other options such as whether your business can operate with less of your involvement or at a reduced level, to still provide you with an income and to meet your life goals, without many of the stresses a larger business has. There is no point in being a busy fool.
Finally, don’t forget the personal financial goals you have, the age at which you plan to retire and the income you will need to live the type of retirement you want. Reviewing your personal wealth goals is just as important as planning for your business and it should be done regularly to make sure they are still on track.
Pension planning can seem a real chore in your 20’s and 30’s, but your older self will thank you in the years to come. Just ask anyone aged over 40!
As I said in my last article, now is the time to take stock and to plan ahead. Whilst it is certainly likely we will be learning to live with Covid in the future, we shouldn’t forget to live life now, to enjoy our working and personal lives and to make sure it fulfils everything we hope and dream of.