FEATURE: GROWING YOUR BUSINESS Cash flow is king
Steve Clemence (pictured) is TH March’s Chartered Financial Planner and business protection expert. He is also President of the Insurance Institute of Plymouth and Cornwall and a stalwart Chamber member. Here Steve looks at protecting your cash flow and business.
It is all too easy to expand your business and then run into trouble because the cash runs out at a crucial time. A crisis in your business can often be averted if you have insured
the most important assets, you and your key people, against death, critical illness or long term illness. Having insurance can make sure that there is money available when it is needed most to get your business through the cash crunch caused by a crisis. Just as an individual should have a will, you need to think about
what would be happening in the business today if something had happened to you or your businesses partners, fellow directors, key people or shareholders yesterday. It should be written down in a partnership or shareholder
agreement, so you might have to look at your partnership agreement or your memorandum and articles. Taking out key person cover and business loan protection shouldn’t just be left to when your investors require it, you should require it to protect your business and your family. If you are growing your business it will be down to your hard work
and determination to succeed that will make it happen. In the short term it will be a sacrifice in time to your loved ones, so why not protect their future and the value of what you are building up ‘the family silver’ while you are still getting there. Having a Financial Planner on board to sort out your business
protection needs will help you put the right plans in place, if they go to the whole of the market they can select the best cover and provider for your needs, you’ll probably want someone with experience in this area and will also want to run any recommendation by your accountant, but the right advice will allow you to make sure the right cover is paid to the right people (or your company) at the right time.
For information sheets on key person, shareholder protection, long term income protection, business loan protection and relevant life Cover please contact Steve on 01822 855555 or on
steven.clemence@
thmarch.co.uk
28 Chamber Profile Winter 2019
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