Financial Planning: Navigating Retirement
Many find fulfillment in their work and plan to continue their careers well into their 70s and even beyond.
Author: Brandon Jordan, CFP®, CHFC®, CEPA®, CVGA®, CLU®, MSA, EA | CEO of Impact Advisors Group
In times of uncertainty and/or adversity, refocusing on the fundamentals is a time-tested solution.
Below are some fundamental and foundational principles to sustain business success:
1. Clear Vision and Mission: Define your purpose and long-term goals.
Yogi Bera once quipped, “If you don’t know where you’re going, you’ll end up somewhere else.” Not having a clear purpose and destination will rarely result in success.
2. Strategic Planning: Develop actionable plans with measurable objectives.
Failing to plan is the functional equivalent of planning to fail. Whether or not things go according to plan isn’t the point. The act of intentional planning brings clarity and purpose to our actions.
3. Strong Leadership: Guide and inspire your team effectively.
Peter Druker: “Management is doing things right. Leadership is doing the right things.” There is a difference. Choose wisely.
4. Financial Management: Maintain sound budgeting, cash flow control, and financial analysis.
Making confident and informed decisions is critical. Having quality financial reporting is a requisite to make confident and informed decisions.
5. Customer Focus: Prioritize customer satisfaction and build strong relationships.
The importance of focusing on those who voluntarily choose to pay for our goods and/or services should be self-evident. When times are tough, treat them better!
6. Operational Efficiency: Optimize processes for productivity and cost-effectiveness.
When times are plentiful, most businesses (and families) experience/incur some excess and unnecessary financial bloat. Challenging times represent an opportunity to become more operationally/financially efficient.
7. Team Development: Invest in hiring, training, and retaining talent.
What’s the bigger risk, training people who leave OR not training people who stay?
8. Networking: Build strong industry connections and partnerships.
There is little downside risk to networking. Networking can help expand business opportunities and create mentorship opportunities.
9. Continuous Improvement: Regularly evaluate and enhance business processes.
When we choose to focus on getting it right vs. being right, solutions tend to reveal themselves. Be the best at getting better.
Think of the number of people your business supports: your customers, your employees, your employees’ family, as well as your own family. Achieving and sustaining success has a material, positive, and enduring IMPACT on everyone! It’s a heavy burden for sure, but IAG will share this burden with you!
Many find fulfillment in their work and plan to continue their careers well into their 70s and even beyond.
Against the backdrop of heightened political uncertainty and lower consumer sentiment, investors may have concerns about a recession.
To improve the odds that our business wins long term, it’s essential that we build up our defense against threats, both internal and external.
The International Trade Administration defines a tariff as “a tariff or duty is a tax levied by governments on the value including freight.”