Are you sacrificing your own financial security for the sake of your business?

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22nd August 2018

We speak with many small business owners who do not pay themselves superannuation. Being self employed means superannuation contributions are not compulsory. Cash flow is often a big pain point for small and medium sized businesses, with many employers sacrificing their own financial security for the sake of the business.

Owner-operators may sacrifice their own super payments to ensure that payments owing to staff are met. They may also decide to pay bills that will keep the doors open today, at the expense of future, personal financial security. Many small business operators also believe the future sale of their business will fund their retirement.

There can often be a lot of grey areas between business and personal finances for small business owners and ongoing personal sacrifices could potentially leave you on shaky ground come retirement. It is important for business owners to seek professional advice on managing their finances to protect their biggest asset of all – themselves and their families.