{"id":23388,"date":"2026-02-02T17:18:42","date_gmt":"2026-02-02T17:18:42","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/financial-planning-tips-entrepreneurs\/"},"modified":"2026-05-26T18:14:03","modified_gmt":"2026-05-26T18:14:03","slug":"financial-planning-tips-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/financial-planning-tips-entrepreneurs","title":{"rendered":"Financial planning tips for entrepreneurs"},"content":{"rendered":"        <div class=\"wp-block-rbcwm-post-author caption \">\n\t\t\t                <div class=\"rbc-caption body-color rbc-caption-full rbc-caption-align-top\">\n\t\t\t\t\t                        <div class=\"rbc-caption-avatar rbc-caption-avatar-medium rbc-caption-avatar-circle\">\n                            <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2023\/07\/tom-solly.jpg?w=150&#038;h=150&#038;crop=1\"\n                                 alt=\"Tom Solly\"\/>\n                        <\/div>\n\t\t\t\t\t\n                    <div class=\"rbc-caption-content\">\n                        <span class=\"rbc-caption-text rbc-caption-text-small\">\n                            <h2 class=\"body-size mb-0\">\n                                <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/people\/tom-solly\"\n                                   class=\"link-chev\">Tom Solly<\/a>\n                            <\/h2>\n                        \t                        Director, Wealth Manager                                                <\/span>\n                    <\/div>\n                <\/div>\n\n\t\t\t\t\t\t\t        <\/div>\n\t\t\n\n\n<div style=\"height:29px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>It can be easy to neglect your own finances when you\u2019re focused on growing and nurturing your business. But creating a solid plan, where both your business and personal finances are working for you, could give you more confidence that your hard work will be worth it.<\/p>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-flush rbc-block-small\"><div class=\"\"><div class=\"row \"><div class=\"col-lg-12\">\n<div class=\"wp-block-rbcbd-download-banner rbc-card rbc-card-grey mb-2\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body\"><div class=\"row justify-content-center align-items-center\"><div class=\"col-7 col-md-4 col-lg-2 mb-1 mb-md-0\"><a class=\"rbc-link-thumbnail\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/a-guide-to-selling-your-business\"><img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/wp-content\/uploads\/sites\/23\/2023\/12\/guide-to-selling-your-business.png\" alt=\"Top image for carousel\"\/><\/a><\/div><div class=\"col-md-8 col-lg-10\"><h3>A guide to selling your business<\/h3><div class=\"hr-mini my-1-half bdr-accent\"><\/div>\n<p class=\"paragraph-intro\">Thinking of selling your business? Find out how to get your finances in shape and prepare for the future in our comprehensive guide.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/a-guide-to-selling-your-business\" data-type=\"post\" data-id=\"23278\" class=\"link-cta link-chev\">Download guide<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<p>Here are five financial planning tips for business owners.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-make-the-most-of-pensions\">1. Make the most of pensions<\/h2>\n\n\n\n<p>Some entrepreneurs see their company as their pension, but this can be a risky mentality to adopt. It&#8217;s easy to assume that you&#8217;ll sell your business when you want to retire and the proceeds will be your pension. But what if it takes longer than planned to sell your business, or it isn\u2019t worth enough to fund your <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/private-clients\/our-services\/pensions-and-retirement-planning\" data-type=\"page\" class=\"link-underline\">retirement<\/a>?<\/p>\n\n\n\n<p>Making contributions into a pension could help you build a more secure retirement, and it&#8217;s also a tax-efficient way to save. As the owner of your company, you can make your own tax-efficient savings into your pension, and you can also make employer contributions, which are then deductible against corporation tax.<\/p>\n\n\n\n<p>Your accountant can help you make the most of all the personal and business tax reliefs available to you, as well as advise on the most appropriate business structure for tax purposes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-protect-against-risks\">2. Protect against risks<\/h2>\n\n\n\n<p>You\u2019re probably well-versed in insurance for your business premises and stock. But have you thought about insurance for what&#8217;s arguably your most valuable asset \u2013 your people? As a business owner, you are your business. If you were to pass away or suffer an illness that meant you couldn\u2019t work, your business could struggle to keep trading. <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/private-clients\/our-services\/financial-protection\" class=\"link-underline\">Protection<\/a> against death and illness could be crucial for entrepreneurs.<\/p>\n\n\n\n<p>You might also want to consider protection for the other key people in your business. Key person protection and shareholder protection are just some of the solutions that could help your business stay afloat should the worst happen to one of your key members of staff or shareholders. It could also be worth getting legal advice on setting up a cross-option agreement. This gives the surviving shareholders the option to buy back the shares of the unwell or deceased shareholder, thereby helping to minimise business disruption.<\/p>\n\n\n\n<p>Finally, make sure you have an up-to-date will. This will ensure your shares or business interest are passed on to the right people when you die and that your family are taken care of.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-plan-your-exit-in-advance\">3. Plan your exit in advance<\/h2>\n\n\n\n<p>Exiting your business may seem a long way off, but thinking about your exit early on could reap rewards further down the line.<\/p>\n\n\n\n<p>If you want to sell your business in the future, then it pays to work out your \u2018magic number\u2019. That\u2019s how much you would need from a sale in order to achieve the lifestyle you want. A wealth manager can help you work out <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/know-your-future-cashflow-modelling\" class=\"link-underline\">how much your future lifestyle might cost<\/a>, and whether the potential proceeds from a sale, alongside your pensions, savings and investments, are likely to be sufficient. They can also work with you to allow you to undertake new projects or invest in other ventures.<\/p>\n\n\n\n<p>If you are hoping to leave your business to your family, you might qualify for Business Relief (BR). Under the current rules, qualifying for BR may mean there&#8217;s no inheritance tax (IHT) to pay on the value of your company shares when you pass away. However, from 6 April 2026, the current full relief from IHT, per person, will only apply to the first \u00a32.5 million of qualifying assets. A 50% rate of relief (an effective tax rate of 20%) will apply above that. It&#8217;s important to note that any unused \u00a32.5 million allowance can transfer to a surviving spouse or civil partner, allowing couples to pass on up to \u00a35 million of qualifying assets at 100% relief.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-don-t-put-all-your-eggs-in-one-basket\">4. Don\u2019t put all your eggs in one basket<\/h2>\n\n\n\n<p>Your focus may be on making your business the best it can be, but it\u2019s important to think about your overall <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/private-clients\/our-services\/investment-management\" class=\"link-underline\">investment strategy<\/a>. As well as putting money into your business, consider investing across other asset classes, such as equities, bonds and cash. Diversifying your investments could help cushion the blow to your long-term finances if your business doesn\u2019t perform quite as well as you\u2019d hoped. Depending on your business\u2019s cashflow, it could be worth investing some of the excess profits to give them the opportunity for long-term growth.<\/p>\n\n\n\n<p>How much money you put into each asset class will depend on a range of factors, including how long you\u2019re investing for, your goals and your attitude to investment risk. We can help you build a <a class=\"link-underline\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/how-to-build-a-diversified-portfolio\">diversified portfolio<\/a> that suits your individual needs and objectives, and adapt your portfolio as your needs change over time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-surround-yourself-with-experts\">5. Surround yourself with experts<\/h2>\n\n\n\n<p>There\u2019s a lot more to being a successful entrepreneur than just having a good idea. Your business needs to be built on solid financial foundations so it can grow to be a success. That\u2019s why it\u2019s important to surround yourself with a team of experts from day one. It\u2019s also important to review your financial plans regularly to ensure they still align with your business and personal goals.<\/p>\n\n\n\n<p>At RBC Brewin Dolphin, we can introduce you to the right people at the right stage of your journey \u2013 whether that\u2019s venture capital firms, lawyers, or accountants.<\/p>\n\n\n\n<p>We\u2019ve worked with thousands of business owners, helping them to gain clarity over their financial future and supporting them in making the right decisions. Let our ideas help you plan for the future with confidence.&nbsp;<\/p>\n\n\n\n<p>Find out more from our dedicated support team by calling us on 020 7246 1111. Opening hours are Monday to Friday 9am to 5pm. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<section class=\"wp-block-rbcwm-rbc-block rbc-block rbc-block-flush rbc-block-small\"><div class=\"\"><div class=\"row \"><div class=\"col-lg-12\">\n<div class=\"wp-block-rbcbd-short-cta-banner rbc-card-well row justify-content-center\"><div class=\"col-lg-12\"><div class=\"rbc-card text-center ani-up rbc-card-grey\"><div draggable=\"false\" class=\"rbc-card-wrap\"><div class=\"rbc-card-body false \"><div class=\"d-flex justify-content-center\"><div class=\"paragraph-mw\">\n<h3 class=\"wp-block-heading has-text-align-left h5\" id=\"h-get-financial-planning-tips-straight-to-your-inbox\" style=\"font-style:normal;font-weight:400\">Get financial planning tips straight to your inbox<\/h3>\n\n\n\n<p class=\"has-text-align-left paragraph-intro mb-1 is-style-default has-medium-font-size\">Sign up to our newsletter for expert insights on investing for the future, saving for retirement, passing on assets to the next generation, and much more.<\/p>\n\n\n\n<p class=\"has-text-align-left\"><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/subscribe-to-our-newsletter\" data-type=\"page\" data-id=\"14603\" class=\"link-cta link-chev\">Subscribe<\/a><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/section>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><strong>The value of investments and any income from them can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Information is provided only as an example and is not a recommendation to pursue a particular strategy.<\/strong> <strong>Forecasts are not a reliable indicator of future performance.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having a solid financial plan is an essential part of being a successful entrepreneur. Get started with these five top tips.<\/p>\n","protected":false},"author":97,"featured_media":46184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcbd_featured_desktop_image_position":"","rbcbd_featured_mobile_image_position":"","footnotes":"","jetpack_post_was_ever_published":false},"categories":[606,265],"tags":[185,182,183,184],"rbcwm_content_owner":[],"rbcwm_need":[768,769],"rbcwm_segment":[773],"rbcwm_solution":[758],"rbcwm_topic":[757,264],"rbcwm_channel":[99,781],"rbcwm_format":[779],"class_list":["post-23388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-owners","category-your-business","tag-a-guide-to-selling-your-business","tag-entrepreneurs","tag-financial-planning","tag-make-the-most-of-your-pension","rbcwm_need-grow","rbcwm_need-secure","rbcwm_segment-business-owners","rbcwm_solution-wealth-planning","rbcwm_topic-wealth-planning","rbcwm_topic-your-business","rbcwm_channel-private-clients","rbcwm_channel-uk-individual","rbcwm_format-article"],"acf":{"rbc_ct_service":"","rbc_ct_theme":false,"rbc_ct_topic":false,"rbcwm_subtitle":"Having a solid financial plan is an essential part of being a successful entrepreneur. 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