8 Things Every Business Owner Should Address
Running a successful business requires more than just having a great idea or a sought-after product. It also involves understanding key financial, legal, and operational concepts that underpin a stable business.
Here are ten things every business owner should know.
#1 - Estate Planning
An important aspect often overlooked by entrepreneurs is estate planning. Business owners must plan not just for the continuation of the business during their lifetime, but also after they're gone. This planning includes having a succession plan in place, ensuring that the business is in their will, and understanding the business's tax implications for their estate.
#2 - Insurance
Entrepreneurs need to be aware of the various types of insurance available to protect their businesses. This insurance includes liability, property, and, in some cases, professional indemnity insurance. It is important to consult with a financial or insurance professional to ensure adequate coverage for specific business needs.
#3 - Retirement Savings
Business owners are responsible for their own retirement savings. It is vital that they establish and contribute to their own retirement plan. Depending on the business structure, establishing an employee retirement savings plan or an executive compensation plan may be appropriate.
#4 - Business Structure
Understanding which business structure is most appropriate for your business can have significant tax and legal implications. Whether operating as a sole proprietor, partnership, LLC, or corporation will impact one's personal liability, tax responsibilities, and administrative costs. As the company grows, establishing a new business structure may be appropriate, as it affects tax liability at both the corporate and personal levels.
#5 - Cash Flow Management
Cash is king when it comes to business. Monitoring and managing cash flow is a skill every business owner should master. They must understand the operating cycle, plan for contingencies, and consider financing options. Financial and tax professionals can be valuable in establishing and monitoring cashflow, helping business owners implement strategies.
#6 - Regulatory compliance
Depending on the industry, the business may be subject to various regulatory requirements. It is essential to understand these regulations and work toward business compliance to avoid penalties or business disruption.
#7 - Tax Planning
Tax planning is integral and involves developing strategies to minimize the business's tax liability. These strategies may involve taking advantage of tax deductions and credits, deferring income, or making tax-efficient investment decisions using the business revenue.
Business owners must work with financial and tax professionals, such as business advisors, CPAs, or CMAs, who specialize in tax planning for businesses and their owners.
Leading a team and recruiting key people are crucial for the business's success. It’s vital that business owners seek those who motivate and inspire other employees, know how to attract and retain talented individuals. These key people must possess business acumen that complements and supports the other key employees.
Let's Team Up
As a business owner, addressing these eight things will help build a sustainable, prosperous business. Remember, no one is born with these skills, and it's okay to seek guidance from financial, legal, and tax professionals to make improvements in areas you're less familiar with.
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
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With the World Cup kicking off and America’s 250th anniversary around the corner, there is a lot to celebrate here in the U.S. World Cup attendance figures have been very strong so far, averaging over 65,000 attendees per game. Attendance is on pace to surpass the all-time World Cup cumulative tournament attendance record, which was set the last time the tournament was played on U.S. soil in 1994. This immense fan interest has sent ticket prices soaring, with the average get-in price for group stage games around $1,000, according to TicketData.com. That’s up over 1,600% from 1994, when tickets averaged $58 for the entire tournament. The significant difference in the face value of tickets between the 2026 and 1994 tournaments got us thinking about how prices (or index levels) of other items have changed over the last three decades. And, in the spirit of America’s upcoming anniversary, we looked at quintessential American items – hamburgers, homes, cars – and compared them to overall CPI and wage inflation over the same period.
Unsurprisingly, price levels across the items shown in this week’s chart have risen since 1994, and nearly all have outpaced overall CPI inflation’s cumulative increase of 123%. Hamburger price levels are up 333%, while the cost of a new home is now 213% more. However, wages, represented by the average hourly earnings of production workers, have also gone up 185% during this time, helping consumers keep pace with at least some of these price increases.
Despite wages growing faster than costs overall, many still feel that the wealth and success they desire is unattainable, pushing consumer sentiment to all-time lows. Bringing the American Dream back into reach will be essential to powering the next 250 years of American prosperity.
Chart of the Week: Source: BLS, Census Bureau, Cox Automotive, Federal Reserve, LA Times, TicketData.com, U.S. Department of Commerce, J.P. Morgan Asset Management.
Thought of the Week: Source: BLS, Census Bureau, Cox Automotive, Federal Reserve, LA Times, TicketData.com, U.S. Department of Commerce, J.P. Morgan Asset Management.
Abbreviations: Cons. Sent.: University of Michigan Consumer Sentiment Index; CPI: Consumer Price Index; EIA: Energy Information Agency; FHFA HPI: - Federal Housing Finance Authority House Price Index; FOMC: Federal Open Market Committee; GDP: gross domestic product; HPI: Home Price Index; HMI: Housing Market Index; ISM Mfg. Index: Institute for Supply Management Manufacturing Index; PCE: Personal consumption expenditures; Philly Fed Survey: Philadelphia Fed Business Outlook Survey; PMI: Purchasing Managers' Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally Adjusted Annual Rate
Index: Institute for Supply Management Manufacturing Index; PCE: Personal consumption expenditures; Philly Fed Survey: Philadelphia Fed Business Outlook Survey; PMI: Purchasing Managers' Manufacturing Index; PPI: Producer Price Index; SAAR: Seasonally
Adjusted Annual Rate
MSCI EAFE is a Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets of Europe, Australasia, and the Far East.
Bond Returns: All returns represent total return. Index: Bloomberg US Aggregate; provided by: Bloomberg Capital. Index: Bloomberg Investment Grade Credit; provided by: Bloomberg Capital. Index: Bloomberg Municipal Bond 10 Yr; provided by: Blomberg Capital. Index: Bloomberg Capital High Yield Index; provided by: Bloomberg Capital.
Key Interest Rates: 2 Year Treasury, FactSet; 10 Year Treasury, FactSet; 30 Year Treasury, FactSet; 10 Year German Bund, FactSet. 3 Month LIBOR, British Bankers’ Association; 3 Month EURIBOR, European Banking Federation; 6 Month CD, Federal Reserve; 30 Year Mortgage, Mortgage Bankers Association (MBA); Prime Rate: Federal Reserve.
Commodities: Gold, FactSet; Crude Oil (WTI), FactSet; Gasoline, FactSet; Natural Gas, FactSet; Silver, FactSet; Copper, FactSet; Corn, FactSet. Bloomberg Commodity Index (BBG Idx), Bloomberg Finance L.P.
information from FactSet's Pricing database as provided by MSCI. Russell 1000 Value Index,
Style Returns: Style box returns based on Russell Indexes with the exception of the Large-Cap Blend box, which reflects the S&P 500 Index. All values are cumulative total return for stated period including the reinvestment of dividends. The Index used from L to R,
top to bottom are: Russell 1000 Value Index (Measures the performance of those Russell 1000 companies with lower price-to book ratios and lower forecasted growth values), S&P 500 Index (Index represents the 500 Large Cap portion of the stock market, and
is comprised of 500 stocks as selected by the S&P Index Committee), Russell 1000 Growth Index (Measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values), Russell Mid Cap Value Index (Measures
the performance of those Russell Mid Cap companies with lower price-to-book ratios and lower forecasted growth values), Russell Mid Cap Index (The Russell Midcap Index includes the smallest 800 securities in the Russell 1000), Russell Mid Cap Growth Index (Measures the performance of those Russell Mid Cap companies with higher price-to-book ratios and higher forecasted growth values), Russell 2000 Value Index (Measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values), Russell 2000 Index (The Russell 2000 includes the smallest 2000 securities in the Russell 3000), Russell 2000 Growth Index (Measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted growth values).
Past performance does not guarantee future results.
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