Are you so focused on running and growing your business that you don’t have time for your own personal finances? Or are you thinking of starting a business and want to know more about juggling your finances? This episode of the Money, She Talked podcast is for you.
A third of businesses around the world are now owned by women* and this number is rising all the time as women embrace entrepreneurship and strike out on their own. To discuss the challenges and opportunities that business owners face when managing their personal finances, Tilney’s Eleanor Wotherspoon is joined by Elaine Clarke, CEO of Baa Bar Ltd, which she started when she was 23 and Financial Planning Partner Ann-Marie Atkins.
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03.03: People often work with their accountant, finance director and advisers in isolation so nothing interlinks, say Ann-Marie.
05.45: In the 90s business was booming for Elaine and, with no financial advice, her dividend payments were sitting in cash.
08.22: Ann-Marie discusses the importance of thinking about and knowing what you want to achieve in the future so you can put the building blocks in place, for example tax-efficiency in retirement and providing for loved ones.
10.00: Elaine highlights the complexities of business finance as she discusses a business sale, reinvesting, restructuring, entrepreneurs’ relief… and the pandemic, which was all about survival. Today she’s optimistic.
13.28: Cashflow is a really important part of linking things together, says Ann-Marie.
16.00: There is lots of help and support available but it’s not very visible, Elaine shares.
18.30: Top tips for someone considering setting up on their own? Elaine believes in sticking to what you know but if you don’t, make sure you surround yourself with people that can help you, she says. Her other top tips are: pick your partners carefully, don’t gloss over the paperwork, speak to someone who has done it before and don’t forget your cashflow.
20.37: What’s on Ann-Marie’s checklist for business owners? Pay close attention to legal foundations, think about protection, don’t assume your business will be your retirement fund…
23.55: Having good advisers is not a cost, it’s an investment, says Eleanor.
*The Changing Faces of Women’s Wealth, The WealthiHer Network, January 2021
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