New Zealand is a country built on the shoulders of small businesses – 97% of NZ enterprises have fewer than 20 employees with 70% having no employees at all! If you are “it” when it comes to your business, there can be a lot at stake if something happens to you. Your inability to work could seriously impact your business and your personal lifestyle.
Common Business Impacts
Revenue
You probably wear a lot of hats to make sure your business earns money – sales, marketing, finance, operations, systems management, customer relations etc. Finding someone who can do all that at short notice is often impossible. And if you stop…. your income drops (or stops) too.
Expenses
Your fixed expenses aren’t necessarily going to drop at the same time as your revenue and you might even find the business incurs some new costs as you try to ‘hold it together’ while you recover. How are you going to pay your expenses if your business revenue is drying up?
Relationships & Contracts
You’re not a faceless corporate brand – your clients have chosen to work with you personally. If you can no longer provide what they need, they may choose to go elsewhere. Some may never come back. Even if you get back to work, it’s likely it will take time to get your revenue back up to what it once was.
Personal Wealth
If your personal assets are providing security for your business debts, these assets may be at risk. And those personal guarantees you gave while never expecting to have to worry about them? – they can also come back to hurt you financially.
Family & Lifestyle
Chances are your business is where a big part of your personal income comes from. Your personal living expenses won’t magically disappear, so you and your family may have to adjust to a very different standard of living.
The stakes may be even higher if your business involves more people than just you. Staff, business partners, and other shareholders come with additional responsibilities and consequences. How long do you think your business could survive without you, your business partner or a staff member you are reliant on?
The Solution
Protecting your business (and your personal wealth) starts with creating an effective Business Protection Plan which solves three key issues:
How do you keep your business running if something happens to you or someone essential to the success of your business?
How do you protect the income you generate through your business so you can maintain your current lifestyle?
What is the best way to wind your business down (if required) and deal with any creditors and debts so that your own assets are protected?
How do you keep your business running if something happens to you or someone essential to the success of your business?
There are a wide range of business protection options available – each with their own focus – so it pays to get advice up-front to ensure your business is covered in the areas it needs to be.
Your business is also unique, so your Business Protection Plan won’t look like anyone else’s. That is why at Sam Kodi we take the time to understand what your business (and personal) goals and objectives are. We then work with you to identify the risks you face so the right protections can be put in place.
If your personal wealth is closely connected to the health of you and your business, it’s time to make sure you have an effective plan in place should the worst happen. We invite you to take the first step in protecting your business by calling us today.
What our customers say
Our Testimonials
“If we knew then what we know now from Sam – we would be semi-retired by now. We now have better control of our finances without being constrained. Our direction has been made much clearer and our efforts much more focused. We highly recommend Sam to anyone who needs a Financial Adviser”
“We just wanted to say how appreciative we are of Andrew Blomfield and all the advice and work he has done to help us reach our goal… From the very start, Andrew has made us feel comfortable and we easily felt we could trust what he was saying. We are so aware that Andrew goes beyond the necessary and uses his knowledge and expertise to help us. The role he has played in this huge step in our lives has been invaluable.” Edwin and Karlyn
