RADNOR, Pa.--(BUSINESS WIRE)--In celebration of National Small Business Week (April 29-May 5), Lincoln Financial Group (NYSE: LNC) shares three financial planning tips for small business owners to help them gain a competitive edge in the marketplace.
“In some ways, the needs of small businesses are no different than any other. But when it comes to financial planning, small business owners need to take a more holistic approach to address the unique needs of their business and their employees now and in the future,” said Daniel Prisciotta, CFP®, CPA, PFS, ChFC®, CBEC®, founder and president of Equity Strategies Group and a registered representative of Lincoln Financial Advisors. “That means thinking through the right strategies and solutions available to small business owners including retirement, benefits and life insurance to help them be successful in any stage of their business.”
1. Attract and Retain Top Talent
Exceptional
employees help support a small business owner’s success. But today,
steady work and a good wage are not enough to attract and retain the
best talent. Over half of employees agree that the benefits their
employer offers influence their decision to join the company. And, 87
percent say they are more likely to enroll in benefits that they are
familiar with and educated about — citing health care, dental, vision
and retirement savings plans as those of most interest.1
Offering competitive employee benefits and providing comprehensive
education around those benefits gives an edge as an employer of choice
in today’s competitive marketplace. Executive benefit strategies using
life insurance can help attract and retain leaders within the business.
2. Think About Retirement – For You, Your Business and Your
Employees
As a small business owner, you may be so focused
on the day-to-day that you forget to plan for what’s ahead. Financial
security is top of mind for many Americans with 86 percent of employees
focused on saving and planning for their future.1 It is
important for small business owners to understand the retirement
needs of their employees and executives because doing so can boost
employee satisfaction.
Retirement plans are especially valuable to Millennials and Gen-Xers, who believe an employer-sponsored retirement plan will be their top source of income in retirement.2 By providing a retirement savings plan to employees, small business owners can distinguish themselves as competitive employers who care, with the goal of helping employees save for retirement so they can achieve their retirement income goals.
But retirement planning isn’t just for employees. Small business owners should think about planning for their own secure retirement, as well as that of their key executives. Incorporating supplemental retirement strategies using life insurance and solutions, like annuities that can help provide a stream of income that can’t be outlived, can help owners and their executives achieve the retirement income goals they envision.
3. Protect Your Business, Your Employees and Your Loved Ones
Small
business ownership comes with a great amount of responsibility – for the
business, for your employees, but also for yourself and your family. And
many aren’t prepared with the right plan in place should something
happen. In the case of critical illness, disability or premature death,
the impact on a small business owner’s family savings and lifestyle
could be significant. Business owners also face the financial risk
associated with the loss of an essential employee, such as an owner, a
partner, a top executive or a member of the organization with unique
talents, experience or skills that are crucial to the prosperity of the
business. Life insurance and disability insurance products can help
mitigate these risks and protect your personal and professional
interests. Life insurance can also help small business owners in their
succession plans. With today’s longer lifespans, annuities can also be a
useful solution when planning for a retirement income that needs to last
for up to thirty years, or more.
"Small business owners need to be able to see the forest through the trees. A financial advisor can help by incorporating these tips into a comprehensive business plan to improve the probability of business owners achieving their vision and goals for a successful future,” added Prisciotta.
For more information about National Small Business Week visit www.sba.gov/nsbw.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, as well as to guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $253 billion in assets under management as of December 31, 2017. Lincoln Financial Group is a committed corporate citizen and was named one of the Forbes Best Employers for 2017, is a member of the Dow Jones Sustainability Index North America, and received a perfect score of 100 percent on the 2018 Corporate Equality Index. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
LCN-2096767-042018
