SMEs and the wealth shortfall

Many small business owners place all their faith – and life savings –in their business. There’s another way. As we recover from the impact of COVID-19 on our economy and our lives, there’s never been a better time to take a fresh look at your money, reset your goals and renew your plans for the future.

For business owners, it’s a great time to start thinking beyond your business – to how your personal finances are tracking and what you might need to do to get or keep things on track. It’s easy to focus on your business finances – but all too often entrepreneurs neglect their own savings and wealth creation as they pour everything they have into their enterprise. This can be problematic as fewer than 5% of small business owners get owners close to or matching what they initially thought their business was worth1.



It’s hard to build wealth when your salary is small

More than 2 out of 5 small business owners have a taxable income under $35,000 a year⁴. In addition to this there’s no doubt that Australia’s entrepreneurs are massively underinvesting in their own super – which is a big risk if your business sale doesn’t go as planned.

Below we have pulled together some top tips on how you can build your wealth.

 

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How to plan your finances - while running a business

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