A word from the office - July edition

As we enjoy the warm days of July here in Gloucester, it’s an ideal time to revisit our financial plans, especially with the upcoming general election. Potential changes in economic policies and regulations make it crucial for both individuals and businesses to stay informed and prepared. Quayside, your local financial planner, offers excellent tips to help you safeguard your financial future. Whether you’re managing personal finances or running a business, let's explore strategies to remain stable and thrive, regardless of the election's outcome.

Monthly Headline from Quayside

Running a business often feels like there just aren’t enough hours in the day. You’ve invested significant time, effort, and money into your company, and as it grows more successful, financial management inevitably becomes more complex. While you’re focused on running your business, your personal financial management might not receive the attention it deserves. This is where consulting a Financial Adviser about business protection becomes crucial.
When discussing business protection, business owners should focus on several key areas to ensure comprehensive safeguarding of their enterprise:

1. Evaluate Comprehensive Insurance Needs: Discuss with your Adviser the various types of insurance your business might need, such as key person insurance, business interruption insurance, and public liability insurance. Ensure you have coverage that aligns with your specific business risks and industry requirements.
2. Plan for Business Continuity: Work with your Adviser to develop a robust business continuity plan. This should include strategies for dealing with potential disruptions, such as natural disasters, cyber-attacks, or significant loss of personnel, ensuring your business can continue operating smoothly under adverse conditions.
3. Safeguard Shareholder Interests: Consider shareholder protection insurance to maintain business stability in the event of a shareholder's death or critical illness. This can facilitate the smooth transfer of shares and prevent potential conflicts or financial strain on the business.
4. Implement Effective Risk Management Strategies: Engage with your Adviser to conduct regular risk assessments and implement strategies to mitigate identified risks. This proactive approach helps in minimising potential threats and ensuring long-term business viability.
5. Ensure Legal and Regulatory Compliance: Discuss the importance of staying compliant with legal and regulatory requirements, such as GDPR for data protection. Your Financial Adviser can help you stay updated with compliance obligations and avoid costly penalties or legal issues.

In addition, if you own a business, you probably see it as your biggest asset when it comes to retirement planning. You might expect to sell it one day and use the proceeds to fund a comfortable retirement for you and your immediate family.

This dream may or may not become a reality.

The service we can provide is specifically designed to help you with long-term planning to create financial independence from your business.

We can also advise you on how to protect you and your family against risks, so you can look forward to a worry-free retirement.

By addressing these areas, business owners can create a robust financial safety net to protect their business's future. With the right planning and protection, you can focus on growing your business with confidence, knowing that you are prepared for any challenges that may arise.

Top Tip from Steve

Whether you’re a sole trader, partnership, limited liability partnership (LLP), or company, business owners across all sectors often tell us that their people are their most important asset. We share this belief and are passionate about helping business owners establish strong foundations to cover all those 'what if' scenarios. This includes protecting ownership, managing debt, securing profits, and providing employee benefits, which collectively offer liquidity and stability during crucial times.

Business protection should be assessed and discussed at the outset to identify the specific risks your business faces. It should then be reviewed annually to ensure it remains relevant and comprehensive. Not all insurance policies are created equal, so it’s crucial to compare various options from different insurers. Look beyond just the premiums and consider aspects like coverage limits, exclusions, and the claims process to find the plan that offers the best coverage at the most reasonable cost.

Last Month’s Headline

Your child’s future – how financial planning can help. You can read more on this topic here.

Further Insights 

If you’re interested to read further, we also have more useful information on our website which can be found here.

Charity News

Alongside some of the Meningitis Now team, organised by CEO Tom Nutt, Quayside and a few friends have completed the Swansea Half Marathon.

You may think we are runners but I can assure you we are not. Of the 6 taking part only 3 have run a half marathon within the past 12 months some never before!

Please show your support and click this link to take you to our just giving page, any funds raised will be paid directly to Meningitis Now with the Foundation matching  the amount for other great charities so each pound you put in the pot is worth 2!

A huge thank you in advance from all of us!

Contact your Adviser

If you’d like to discuss more about this month’s topic, please book a call with your Adviser here.

Alex’s Diary

Amelia’s Diary

Liam’s Diary

Piers’s Diary

Steve's Diary

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