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Firm owners must plan for personal success before business

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Small-business owners play an important role in the economy, as they are largely considered to be one of the the main drivers for the recovery of America. However, when implementing growth strategies for their firms, small business owners need keep their personal future in mind in order to protect their finances.

According to a recent survey conducted by private wealth management organization U.S. Trust,  72 percent of business owners said they feel one of their responsibilities is to create jobs, while 76 percent feel as though they have to keep people employed, even if it means lower profits.

"Some of the most successful business owners and entrepreneurs in history have been driven by a desire to change the world and improve the lives of others," said Keith Banks, president of U.S. Trust. "The country was founded on that spirit of entrepreneurism, and it is a tremendous engine of economic growth and prosperity."

This can be a risky practice for small-business owners who have to look out for themselves first. With business insurance policies in place, they won't have to bail out their firm in the event of a financial catastrophe. 

Business owners need better planning for the future
More than half of business owners said they have acquired or made substantial investments in their firm over the past year. While firms owners are showing trust in their business to succeed, they need to be able to set themselves and their families up for a prosperous future.

"Yet many business owners are so caught up in what they are doing that they often don't envision a world without them in it," said Banks. "By not anticipating risks or a change in circumstances, they unintentionally may put the financial security of their families and employees at risk, despite their best intentions."

The first thing small-business owners can do is to prepare an estate plan. The survey showed only six out of 10 respondents said they don't have a comprehensive estate plan, while only one-third said they have outfitted themselves with a life insurance trust. Having these protections in place can make it easy for small-business owners to invest in and plan their enterprise.

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