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  Why a Business Needs Analysis [BNA]

Business

Creative Compensation 

insurance retirement investmentsIf your company is to grow and be successful, you need experienced and talented employees. Recruit them, reward them and value them. One of the first things potential employees consider when looking for a position is compensation. What does your compensation package say about your company? After all, employees equate compensation with their value to the company. Don’t forget those employees who became “part of the furniture” – if you want employees to work hard and be trusted with the challenges of your company – increase their salaries. Compensation packages can be linked to retention, motivation and performance. Creative compensation alternatives are the small business’s competitive advantage. The future of your business could depend on it.

 

insurance retirement investments

Issues of Concern

Every business should have a plan in place to deal with:

  • One of the business owners dies or becomes disabled, would you and the other owners be able to afford to buy his business interest? or would you consider his “ Good for nothing” son as your partner who will sit ininsurance retirement investments your chair and you will work for him. Think about it ! 
  • Someone who is fundamental to the running of the business, be it an owner, shareholder, or employee with specialized skills and in the event of death or disability, without whom the business would suffer a financial loss.
  • Highly skilled employees are highly mobile and  ultimately the business would like to retain the services of such employees.
  • Future expansion of your business could be a prospect? However, expansion usually is a costly exercise that requires vast capital investments or will personal sureties or guarantees be signed by yourself or directors in respect of the business?
  • The business has cash reserves which it would like to invest in order to grow the capital.

insurance retirement investments Is there a plan in place to settle:

Any loan facilities with any institution or individual for which one of the owners or both was required to stand personal surety. Did you know that the owner, or the owner’s estate, could be held liable for the entire amount of the outstanding debt. The impact on your business can be severe. Imagine the impact of this on that business owner’s personal financial planning.

Why Financial Planning?

Financial planning is a process that allows you to focus on these and other problems within your business environment and provides you with solutions on how to solve them. The process involves sitting down with a Financial Adviser who will perform a Comprehensive Business Needs Analysis. The appropriate needs analysis will identify issues of concern, appropriate financial products can be put in place and will make it easier for the business owners to sleep at night.

Don't let an unexpected expense ruin your business.             


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HOW CAN WE BE OF SERVICE

Any product information [legal and / or technical] on this webpage is subject to change from time to time. This webpage is a summary of some financial products / different product features and is not to be construed as advice by Procon Insurance Brokers. Any recommendations made must take into consideration your specific needs and personal circumstances.

Enige produk inligting [wetlik en / of tegnies] op hierdie webblad is van tyd tot tyd aan verandering onderhewig. Hierdie webblad is ’n opsomming van sommige finansiële produkte / verskeie produkte se kenmerke en moet nie as advies deur Procon Versekeringsmakelaars beskou word nie. Enige aanbevelings wat gemaak word, moet jou spesifieke behoeftes en persoonlike omstandighede in ag neem.