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Small Business Planning Lacking
Accountingweb.com led with that blanket statement in a report last week. Their new survey shows small businesses which are built with their owners’ sweat and diligence, are giving little thought to their business’ futures. Papalia Financial sponsored the survey of 200 small business owners in Connecticut, New Jersey, New York, and Pennsylvania. The survey, which Papalia released in September, shows that 85 percent of the respondents acknowledge that they are not content with their current financial planning.
“It’s surprising and even a bit alarming to find so many small business owners taking such a casual, shortsighted approach to plotting their future,” said Mark Papalia, President and Founder of Papalia Financial. “When you think about how much time and effort these entrepreneurs have invested in their enterprises, you would expect them to have a more structured, formalized plan to preserve their assets for the future.”
Business and succession planning is important but:
38 percent said they “do not have a business succession plan or long-term exit strategy” set for their business.
30 percent said that their plan “is in my head only and has not been fully documented”.
10 percent acknowledged that their plan “is not fully developed” and that they “should have a real plan”.
Do you recognize yourself in any of these statements? I did. For a long time I was in that 30 percent category. That’s where the Get Your Financial Year in Gear program came from – to fully document what I am doing now and how it will play out for the future. Papalia was surprised that these business owners didn’t have a formal plan. I’m not. There are only so many hours in the day and until it becomes a priority, entrepreneurs are wearing too many other hats to take time out to get it
done.
In the survey, when asked about business financing, 26 percent of those polled preferred “home equity loans” over other financing options. This surprised the author who is not a small business owner/family business owner.
I agree with the first half of his statement: “Most small business owners should not be exposing their personal assets in this manner, as it creates unnecessary risk and liability concerns,”
But I disagree with his one size fits all solution, “Far better options would be to utilize a long-term corporate loan, based on expected capital expenditure needs over the next five years, along with a corporate line of credit to meet short-term fluctuations in cash flow.”
An investor explained to me at a recent venture capital forum that 65% of all small businesses/new businesses are self-funded, using personal and family assets because it is cheaper, easier and you keep control. 65% of small businesses can’t be all wrong.
About the Author: Kerri Salls, MBA runs a virtual business school to train, consult and coach small business CEO's and entrepreneurs in 10 key strategies to make more profit in less time. Learn more at http://www.breakthrough-business-school.com/products.html or sign up for a free weekly newsletter at http://www.breakthrough-business-school.com/newsletter.shtml
Source: www.isnare.com
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| United States Small Business Administration |
| An electronic gateway of procurement information for and about small businesses. Search engine for contracting officers, marketing tool for small firms, ... |
| www.sba.gov |
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| SBA |
| The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. ... |
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| Main Page - SmallBusiness.com - Small Business Resources |
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| www.smallbusiness.com |
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| Smallbusiness.gov.au redirect to business.gov.au |
| Business Entry Point - Helping small business in big ways. An Australian Government initiative. The content from this website has now been consolidated into ... |
| www.smallbusiness.gov.au |
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| Business & Small Business |
| Online and print small business publication. Information to help start, grow or manage a small business. |
| www.entrepreneur.com |
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| Microsoft Small Business Center |
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| The Small Business Advisor - advice for starting and operating a ... |
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| SCORE "Counselors to America's Small Business" |
| A nonprofit association dedicated to encouraging the formation, growth, and success of small business nationwide through counseling and mentor programs. |
| www.score.org |
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| Small Business and Self-Employed One-Stop Resource |
| IR-2006-2, January 3, 2006 - Temporary and proposed regulations will significantly reduce tax filing burden for nearly 950000 small business owners. ... |
| www.irs.gov |
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| Welcome to Small Business BC your business resource in British ... |
| BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
| www.smallbusinessbc.ca |
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| Small Business Service | Home |
| Provides information and advice to help small businesses realise their potential. |
| www.sbs.gov.uk |
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| NSW Small Business |
| A site developed by the NSW Department of State and Regional Development for small businesses. Topics include management, resources, current issues and ... |
| www.smallbiz.nsw.gov.au |
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| Business Management & Advice: Small Business Resources & Information |
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| Small Business Funding Opportunities (SBIR and STTR) |
| Links to Small Business Funding Opportunities and SBIR / STTR Applications. |
| grants.nih.gov |
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| Microsoft bCentral Small Business Directory |
| Directory categorized by industry with company business card feature. |
| sbd.bcentral.com |
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| Our site has moved! Please update your bookmarks! |
| Facilitates the sharing and exchange of information among small business development centers, the small business administration and other business-oriented ... |
| sbdcnet.utsa.edu |
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| Small Business Development Corporation |
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