Financial planning for small businesses – what you wish they’d told you

I recently met with the owner of a small but very profitable business and, for the sake of this article, we’ll call her Katie.

Aged 27, Katie ran her own business (limited company) selling high-end electrical goods on eBay and Amazon. The business was founded 2 years ago and now has a turnover c. £1.5m pa. Katie was an equal shareholder with her partner, but they are not married and did not have any other financial dependents. At the time we met, they had c. £400,000 of retained profit within their business.

Given that Katie and her partner are equal shareholders, it’s essential for them to consider their long-term financial strategies, including the potential implications of their business structure and how to optimize their profits for personal and business development. Utilizing professional services can provide invaluable guidance in this regard, and platforms like www.dasa-umbrella.co.uk offer resources that can help entrepreneurs navigate comple