Small business owners are often so busy with day-to-day business operations that they often neglect the financial needs of their own family. Needless to say that’s a big mistake. If your personal finances are inextricably linked with your business, your family’s financial plan needs special attention.
This is a common observation that family’s well being is completely tied to business fortune. This may expose the family to business risks as many of the business risks are not within the control of the entrepreneurs.
Creating and sticking to a family financial plan makes sure you have enough to retire, mitigate the impact of business risks to family, fulfil your children’s education, and enjoy your aspirations.