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Before You Begin
If you are not careful, it is easy for your
personal financial goals
and your business goals to conflict. For example, your personal financial plans
might include maximising the income stream from your business so that you can
make the largest possible investment in a superannuation fund, but one of your
business goals might be to re-invest as much profit as possible in the
development of new products or services, new premises or new technology.
In order to avoid such conflicts, it is a good
idea when developing your business plan to begin by drawing up a list of your
personal financial objectives. Then as you begin to formulate your business
goals, you can weigh them against your personal goals and make appropriate
adjustments to ensure that you have a coherent overall strategy.
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