Compass Questionnaire for Business Owners

By Adam Downes, MD & Chartered Financial Planner at Pura Vida Financial Planning Ltd

Managing both your business and personal finances can be overwhelming. Compass, a concise and insightful financial questionnaire, offers a practical solution. Here’s how dedicating just 15 minutes to Compass can bring clarity and efficiency to your financial life:

  1. Time Efficiency: Let’s be honest, as business owners we are busy. We try to balance everything, but certain aspects of our life don’t receive the attention they need. Completing Compass saves you time in getting financially organised and provides a list of high-priority action points to shape up your personal finances.
  2. Tax Planning: Business owners often miss opportunities for tax savings with their personal finances. Being financially organised can lead to multiple tax-saving avenues. Restructuring insurance policies or increasing company pension contributions can save significant amounts of corporation tax and dividend tax.
  3. Increasing Your Wealth: Many business owners overlook opportunities to grow their personal wealth outside of their business. Compass identifies opportunities for diversifying and growing your personal assets. This might involve smarter savings strategies or exploring investment options that allow you to build wealth and achieve financial freedom.
  4. Managing Risk for Your Family: Unforeseen events can jeopardise both your family’s financial security and your business continuity. Compass helps identify critical gaps in your insurance coverage, ensuring that you, your family, and your business partners are adequately protected against life’s uncertainties. When did you last update your Will?
  5. Risk Management for Your Business: Compass extends beyond personal finance, offering insights into safeguarding your business. It helps you prepare for scenarios such as the loss of a business partner, and considers shareholder agreements with appropriate insurance solutions to mitigate business risks.
  6. Improving Your Life: The most important aspect of getting financially organised is to align your finances with what is important to you. Life is there for living now and in the future. By getting financially organised, you can plan to spend money (and have the time) to do the things most important to you and those you care about. This involves planning for spending on material objects such as cars, home improvements, as well as intangible things like experiences, holidays, and helping others.

 

Getting financially organised is about using your money in the best way possible for you. It’s about organising your money so you can achieve financial freedom sooner.

If you’re interested in completing the questionnaire, please click the link here. Once complete the MAP team will be in touch to discuss the results and how you can more closely link your business planning and your own personal financial success.

About Pura Vida Financial Planning:
We focus on fixed-fee financial planning, providing independent financial advice aimed at helping you achieve your financial and life goals.

If you would like to be introduced to Adam, a Chartered Financial Planner & MD at Pura Vida Financial Planning, please get in touch with your team at MAP.

Adam Downes

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