If you own a small business, you typically don’t get a lot of recognition – so you may be pleased to learn that March 29 is National Mom and Pop Business Owners Day.
However, despite the mom-and-pop label, you can face some complex financial issues – so you’ll want to make the right moves.
Of course, making it through the COVID-19 pandemic may have been your biggest recent challenge.
Once you’re on the other side of it, think of how you can help maximize the benefits you get from your business – and perhaps even extend its longevity.
For starters, if you haven’t already established a retirement plan, such as an “owner-only” 401(k), a SIMPLE-IRA or a SEP-IRA, start exploring your options.
Also, review your investment portfolio.
Much of your money is already tied up in your business, which entails some risk, so you may need to balance this out in your other investments.