Lincoln Financial Group has shared 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, 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.”
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. 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.
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.
Think 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.