Looking ahead to the future.
One of the most wonderful things about a family and owner managed business is the flexibility and freedom they create. As a business grows there are often more opportunities for effective remuneration planning.
Business leaders tell us that the biggest benefit of being part of their family business is the flexibility, however this can also create questions and issues. When a business starts, its focus is on getting revenue up and running – and just doing what is necessary, day in and day out. Little thought is given to the future and building structures that can support a growing and successful business.
Remunerating that fits with business and individual needs.
The earlier you can build robust communications, plans and systems for expenses, dividends and paying family members that contribute to running the business, the better. These areas, when left, can very quickly create a hotbed of tension and misunderstandings. Assumptions and expectations build and become tangled, especially when understanding and agendas are not aligned amongst everyone.
In addition to this, there are a number of ways to efficiently and effectively plan when you have the right information and awareness of what’s possible and what people are looking for.