Tips for Small Business Owners to Balance your Business and Family Finances

When it comes to finances, small business owners need all the help and advice they can get.  Look no further than CMC’s the Perfect Small Office-Mason tenant, Rod Gosa.  His philosophy is WDYWFY?: What do you want for you?  He understands that meeting demands of job and family can be challenging, and he is here to help!  Rod has been an Ameriprise Financial Advisor for more than 17 years and can assist you in achieving your retirement goals, all while helping your business grow.  Rod has a passion for helping small business owners plan for tomorrow, so they can focus on today.  Financial planning can seem impossible – but it does not have to be.  Here are some of his best tips for small business retirement planning:

1. Make time to plan and organize.  Small business owners often assume multiple roles at work – CEO, office manager, and HR, to name a few.  It’s easy to understand why your personal finances may not be at the top of your priority list.  Instead of multi-tasking, consider scheduling a regular time each month to sit down with your household balance sheet.  While this may not be a relaxing activity, knowing your current financial position, and having a plan for the future, can help alleviate stress in the long run.

2. Communicate with your family.  It’s important to keep in mind that your family is a stakeholder in your business, especially if it provides a significant portion of your household income.  Speaking openly and frequently about issues you’ve encountered and decisions you are faced with can help strengthen your relationship with your spouse and children; while providing you with different perspectives.  However, your family’s needs and wants should always be considered, make sure your financial decisions reflect what’s best for your business.

3. Be realistic.  Needs and financial demands change over time.  Regularly assess the profitability and growth potential of your business, as well as your household situation.  If you must make small sacrifices in your personal life, do so – but remember that this works both ways.  You may also need to make difficult trade-offs, such as delaying a business expansion in order to make a down payment on a new home or child’s tuition.  If you currently have the resources to invest in both, take advantage of the opportunity; just make sure your actions support your long-term goals.  

4. Don’t try to wing it.  Whether you’re making decisions for your business, family, or both, don’t feel like you need to go it alone.  Talk with other professionals in your network to see what works for them.  Consult with a financial advisor, accountant, and attorney before you make major financial commitments or sign complicated agreements.  Most importantly, treat your personal financial plan and business plan with the importance they deserve by putting them in writing.  Not only will this help hold you accountable, it will also give you something to refer to when those difficult and inevitable choices arise. 

Taking these steps – and feeling confident about your complete financial situation – may help you avoid absolute“one or the other”decisions,and be successful in both your business and personal life.

Rod Gosa has been a tenant at CMC in Mason since 2011. He is married to his wife, Anita, and has two children: Brian, 30, and Valerie, 28.  He specializes in fee-based financial planning and asset management strategies. To contact him, call 513-204-1569, visit , or write to 7588 Central Parke Blvd., Suite 326, Mason, Ohio.