6 weeks left in 2021! Supply chain issues everywhere, in-laws on the way in town next week, presents to order for Christmas!
Take a deep breath, carve out some time for some Personal Prep for 2022. Good morning everyone, Thomas Joyner with Business on Purpose here.
Two weeks ago, we talked about tweaking and refining your Vision for your business. Last week we looked over your finances and built out a budget for next year. Today, we tackle some personal things in life you need to have a grasp on before moving on, along with a very important conversation with whoever shares your home.
So let’s not waste any time, let’s dive right on in!
The first thing you need to make sure you are ready for is with a few simple Estate Planning items. A few years ago Scott sat in the Mikkelson Law conference room and told them the truth…” clients have NO IDEA of what they need when it comes to Estate Planning, and they get even more confused when they walk into an Attorney’s office. Can we build something that makes Estate Planning clear?”
If you're looking for more resources to work ON your business, we have them.
They built a powerful tool that allows you to get the conversation started with your Estate Planning Attorney.
Here is the tool and how it works.
For key leaders and other employees who do not own the business, they should begin by looking at and discussing the two columns on the left side.
For business owners, you begin looking at the 3 columns on the right side to begin the conversation with your Attorney.
Ask them, “what do I need” and they can use this tool to put an Estate Plan together for you.
It is simple, it’s easy to understand, and ready-made. So if you already have your will, your power of attorney, but just want a copy of this, please let me know and I’d be happy to send to you.
Estate Planning can feel a bit like going to the Dentist, you know you need to, but you don’t like it. Please schedule time, and don’t put this off. Estate Planning is an important part of your 2022 PREP for both your home and your business.
The next piece of prep work to dive into is all based around Insurance. I sat in with Landon Papay of Papay Allstate AGency and asked a similar question. Insurance is so nuanced, but this document is at least a starting point so you can know what to ask your particular insurance agent about.
Everything from personal lines, life insurance, accident plans, and Key Employee Life can be discussed, but you need a starting point. Schedule your call with your insurance provider today or get in touch with us and we can connect you to the ones we use.
Lastly, We want you to have a conversation we like to call the Financial Barn!
The financial barn is a conversation WORTH having. It’s powerful to connect and dream a bit about what the next year will hold.
Here is how it will work.
Get out a blank sheet of paper and a pen, and begin drawing out a stick figure Barn. Don’t get crazy, it’s intentionally going to be simple.
In a very BOP-like way, let’s go ahead and address the elephant in the room…”What if I don’t WANT to have this conversation with my spouse or partner?”
Seriously, if that is you, then we as a BOP team are asking you to come speak to your Coach directly for advice and a plan.
The number one reason for the breaking up of relationships is a lack of communication about finances.
Remember, we care about you as much personally as we care about your business.
Start adding in rooms to the barn. Living expenses, rent or mortgage, giving, tithe, college fund, 401k, vacation…everything you plan on putting money towards next year and a dollar amount next to it!
Now add those numbers up to see what you need to earn to reach your goal. Is it reasonable? Is it attainable?
So many people just earn and earn and earn and don’t tell their money where it needs to go. If you go over, you can be incredibly generous, knowing you hit your goal.
Let’s get on the same page financially in your own home and it will be a powerful jolt for the financial health of your business and family too!
So those are the 3 areas to knock out before the end of the year. Estate Planning, Insurance Planning, and the Financial barn.
Stop what you’re doing and do it right now! Set up meetings with professionals and a time to discuss your home with your spouse or whoever shares your home. It’s that powerful and that worth it.
As always, let us know if we can help!
Have a great week and a great thanksgiving! We have much to be thankful for.
Thomas Joyner is a business coach in the Lowcountry of South Carolina specializing in liberating business owners from chaos. He is a weekly contributor to The Business on Purpose podcast and can be found at mybusinessonpurpose.com