Financial Checklist for Business Owners

When you ponder your current wealth, health, and life in general, here is a financial checklist for business owners to help you secure the actual results you want.

Money isn’t the only thing in life. It’s surprisingly low in most peoples’ priorities. Yet the value and importance of money rush to mind when we need to make major decisions for business, retirement, family & other commitments.

Each of us wants the peace and certainty that our money is doing the right things in our lives along the continuum of (i) lasting security, (ii) financial freedom, (iii) capacity for financial independence.

Financial checklist for business owners

How is your money doing? Here are some points you may use for reflection. One or two of these may be more important than others. Feel free to tailor these for yourself, using this page as a starting point for your own exercise.

Non-business investments

Have your investments overcome the losses of a prior financial meltdown, whether personal or global? Are you emotionally engaged with the future in order to secure the goals you want? Are your financial holdings, and the process of monitoring & updating them, in sync with your stronger future?

Life and health insurances

Are life and health insurance contracts organized and succinctly summarized for easy reference, or are they scattered and confusing? Have you considered how strategic insurance planning can supplement your future income, stabilize your business, even secure the succession or sale of your business?

Team members in your business

Is your inside team bringing the value you need? If you were to take two weeks completely away from business, would everything be ok? If you left for two months would everything still continue moving forward?

Investing in your team members can offer a dynamic and lasting impact. Financial results and satisfaction will prove the results. Your business can attract a higher sale value when a team is successful even in your absence. That team may even become your succession plan!

External team members

How is your external team supporting you? Do you give them the time and attention they need, to let you WRITE YOUR OWN FUTURE.   Accounting, legal and financial advisors can help shape and confirm business & retirement strategies. They can advise how to increase earnings, multiples, and markets.

Results can include higher value on sale or succession of your business. Ensure you're having open and vigorous discussions so your advisors can contribute their best value.

Primary advisor at centre-ice!

A financial checklist for business owners would be terribly lacking without identifying your primary advisor, mentor, coach (insert your preferred title) helping to coordinate your entire team and game-plan.

Do you have such a trusted “primary advisor” with you?  If you stand in the middle alone, you're bound to face frustrations and vast hurdles trying to coordinate your team, identify and select your strategies, engage each succssful step forward.

Do what you do best!  A "primary advisor" can help coordinate the business- and estate-lawyers, accountants, insurance and financial advisors, and so on.  One of these persons or someone else can be devoted to coordinating the larger picture and keeping the whole team focused on achieving your goals.  See more about Stewardship Team.

Confident in your team's commuication

Let's be sure we include communication in this financial checklist for business owners.  Sadly I've found many businesses where the outside team members seldom or never speak together.  When does the estate lawyer confirm matters with the accounting firm?  When does the financial advisor collaborate with accountants and lawyers?

Following on our discussion above, you already suspect I see your advisors' value as a "team." These people should understand you intimately.  They must listen to you.  They should understand your values and personal goals.  Do they know what keeps you up at night?  Are they aware of your worries or struggles personally or in the business?  Can these people be your super-heros, the pillars of your parthenon, your guiding council?

We know that in business life is often too rushed to do the things we need to do.  It can even be too rushed to create time together and collaborate as a team.

Results to secure your future

I hope you will meld or amend this financial checklist for business owners to your own circumstances and needs.  Doing so, and following your list, will help you move forward safely and successfully.  With trusted advisors working closely with you, you can enjoy life, business, and your future opening up the way you desire.

More in our learning modules at:
Amazon or Kindle:   "A Lifetime Of Wealth -- And How Not To Lose It."
“Subscribe” — see on this page — to get upcoming insights and updates.
Brian Weatherdon, MA CFP CLU CPCA MDRT



  1. Im grateful for the blog. Awesome.

  2. bookmarked!!, I really like your website!

  3. Perfect reading with my breakfast today. Good thoughts.

  4. Lots of useful information, thanks.

  5. Exceptionally well written!
    Good time to make some plans for the future.

  6. I love reading through a post that can make people think.
    Also, many thanks for permitting me to comment!

Leave a comment