Financial Planning

Financial Planning

What is financial planning?

Financial Planning for business owners and their businesses

Imagine your business as a bucket. Money is coming in to try and fill it from sales and turnover. Money is flowing out trying to empty it, with wages, rates, tax, National Insurance, marketing, fuel costs, other operational costs, professional fees, VAT etc etc. The list is endless. Oh and don't forget your own income needs too.

Furthermore, we also have assets that may be in our bucket as well as outside that we are unaware of and could be of use to us. Lifeline will help identify these and how they can be used.

Lifeline helps put you in control. It does this by focusing on your business plan and management accounts. How often are we faced with waiting for our accounts to be produced, before we know what our tax bill is likely to be? By the time we get our accounts it is too late to do anything about it.

Lifeline believes you should be able to control your cashflow, by effective use of management accounts for the current year you are in. This will enable you to identify challenges as they arise and be in a position to act before your accounts are finalised.

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Lifeline's Financial Planning focuses on all aspects of your business. We never assume there is no other way of doing things. Experience has shown that often its small changes that can have the greatest impact.

Many start their own business for lots of different reasons. Many stay in business because they don't know anything else. How many actually plan how to exit their business? One day, you the business owner, will leave your business. You may sell, you may hand it down, it may die with you. Through Lifeline's Planning process we will help you plan how you want to leave your business, if you want to leave it.

Controlling cashflow is essential, but what if it all goes wrong and what can be done to protect against this. Lifeline will help you identify those areas where there are vulnerabilities and what can be put into place to protect against that. For businesses this starts with some form of record keeping of sales and expenses. Whether we like this or not it has to be done. Lifeline's process is to develop this, so it is of use to you and your business. This is achieved by using a book-keeping process which is simple to use and produces the accounts you need for your accountant and Inland Revenue. Most importantly, it puts you in control of your cashflow.

Financial Planning for domestic clients

Imagine you also have your own personal bucket. Money is flowing in from income and flowing out for expenses, holidays, household bills, motorcar, shopping etc. Inside the bucket is money we can spend. All we own may not be inside this bucket. We cannot take our house shopping, we cannot usually cash in all our pension. For you, it is important you are able to manage and control your bucket and lifeline is able to help advice and support you in this process.

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Lifeline's Financial Planning process help's you identify those assets both inside and outside your bucket and how these can be used for your planning objectives. We may, without effective planning, be leaking money out of our bucket into HMRC's bucket not just while we live but also after our death. Lifeline will help identify those areas of excessive leaks and with effective planning in place may be able to plug one or two.

Financial Planning does not just involve planning for when things go according to plan but also when things go wrong. How do we protect ourselves against this in the best way? Lifeline will help address these challenges to make sure your plans are protected.

Financial Planning will lead to identification of areas requiring specific advice. Lifeline does not accept responsibility for the advice provided by professional third parties as this is the responsibility of the appointed adviser. If Lifeline is required to provide specific financial advice as a result of the financial planning process then this is provided under separate agreement with the client.

Clients are not obliged to take financial advice from Lifeline and may engage their own independent financial adviser if they wish. This does not effect the financial planning processes so long as the recommendations made meet the objectives agreed.