Keep the End in Mind

Posted by siteadmin on Friday 30th January 2015.

Last week, I made a radio appearance on Harrow Community Radio FM talking about the importance of having an exit strategy particularly when running a business.

It was great to have a chat and share my thoughts with Margo Manning who presents the station’s business show. I’ve often been told that I have the face for radio and it was good to put that to the test.

I’ve worked with numerous clients who have successfully effected an exit strategy who required advice and planning support, particularly with what to do next.

Now it’s not just entrepreneurs who need an ‘exit strategy’. Anyone in the business of life (that’s all of us folks) who is serious about planning for their financial future needs one.

In one of my presentations, I focus on this theme which I call 'Having The End in Mind'.

I’ve said this before but it’s worth repeating. You need to know where you’re headed and what you want both personally and financially. Otherwise it’s like running a 400 meters and not knowing where the finishing line is.  Without, you'll just keep running.

A lot of people put off the planning process which is really short sighted.  Some might say it's daunting. But it really isn't that painful to do and you do need clarity in what you want to achieve.

Put simply, you can’t hit a target if you don't know what you're aiming at.

I think one of the key factors when it comes to planning your finances is thinking about what motivates you.

Do you want more money to spend in your retirement to spend on holidays? Do you want to give your children a tax efficient nest egg? Do you want to draw a certain amount in income once you’ve stopped working? Do you want an annual world cruise?

Whatever it is, we all have different objectives and motivations. But the important thing is to identify them, recognise this early and then act to address.