The SME

The SME (Small to Medium size Enterprise) business sector is often seen as the nursery for the larger businesses of tomorrow. There’s no doubt that the people who take on the challenge of running their own businesses are brave, they must believe in themselves, they must have a solid business plan and a method to make the plan work.

As a Financial Wealth Expert for over 35 years I have experienced seeing some clients make absolute fortunes from their little acorn becoming a mighty oak.  When they do our services can help them to reduce the tax liabilities that undoubtedly become associated with running a successful and profitable business. What I’ve also come to learn is that companies and their chief executives and key personnel are often so busy becoming successful that they fail to look at the basic needs of themselves and more importantly their families.

It is hard to argue against the fact that a managing director if pressed to replace themselves in their own company would seriously struggle to find a single person who would work the hours they do, accept the remuneration that they do, have the depth of knowledge about the business that they do, have the understanding relationship with their Bank and Creditors that they do. In fact they would probably have to employ two or three people to cover all the things that they take for granted is part of their workload. The other aspect of this is that behind most business entrepreneurs there’s a partner at home sometimes with children and a mortgage that needs paying every month, school costs, food and all the other normal costs of living.

In the unfortunate position of this entrepreneur loosing their life either due to accidents, terminal illnesses or indeed if they are prevented from working due to disability or long term illness, the business undoubtedly will suffer, but could it not also be argued that the partner and children and family of the entrepreneur will suffer a fate much worse.

It’s sad but true in many cases the simple act of placing some life insurance cover or some other critical or terminal illness, income replacement insurance or indeed a cocktail of all of these, is the last thing on the mind of the entrepreneurial business owner, after all were all invincible aren’t we???

If it were to be pointed out that a large number of you currently reading this article would be putting yourself, your partner or your family into a worse financial position than a Local Public Transport bus driver would that shock you??

The reason I point this out is that Bus drivers (in the majority of cases) get 3 times their salary death in service life insurance, they get paid leave if their ill, they get a pension scheme and they can also select to have private medical insurance added to their package of employee benefits.

So if you’re serious about your business, if you love your partner and your family don’t you think they at least deserve the security and peace of mind that is afforded to the families of a bus driver?

Call: 01902 422333Email: info@fscinvestments.co.uk

Frank S Cochran DipFA, MIFS – Managing Director, FSC Investment Services Ltd, 65 Waterloo Road, Wolverhampton, WV1 4QU.

The purpose of this article is to provide technical and generic guidance and should not be interpreted as a personal recommendation or advice. You are not certain to make money – you may suffer a loss. FSC Investment Services Limited is Authorised and Regulated by the Financial Conduct Authority.

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