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Small Business Owner Financial Checklist
START-UP & STRUCTURE
CASH FLOW & MONEY MANAGEMENT
CASH FLOW & MONEY MANAGEMENT
- Choose the right business structure (LLC, S-Corp, etc.)
- Register your business with the state
- Apply for an EIN (Employer Identification Number)
- Open a business bank account
- Separate business and personal finances
- Set up accounting software or hire a bookkeeper
CASH FLOW & MONEY MANAGEMENT
CASH FLOW & MONEY MANAGEMENT
CASH FLOW & MONEY MANAGEMENT
- Create a monthly/quarterly budget
- Track all income and expenses
- Maintain 3–6 months of emergency savings
- Set up invoicing and payment systems
- Review pricing to ensure profitability
- Plan for seasonal ups and downs
GROWTH & INVESTMENTS
CASH FLOW & MONEY MANAGEMENT
ASSET PROTECTION & INSURANCE
- Create a business financial plan
- Identify key revenue drivers
- Monitor profit margins regularly
- Reinvest a portion of profits for growth
- Explore business credit options and lines of credit
- Evaluate hiring or outsourcing opportunities
ASSET PROTECTION & INSURANCE
RETIREMENT & LONG-TERM PLANNING
ASSET PROTECTION & INSURANCE
- Get general liability and professional insurance
- Consider key person insurance for owners/leaders
- Protect yourself with life insurance + living benefits
- Have a succession or buy-sell agreement in place
- Explore executive bonus plans for team retention
- Review business continuity strategies annually
ASSET PROTECTION & INSURANCE
RETIREMENT & LONG-TERM PLANNING
RETIREMENT & LONG-TERM PLANNING
- Work with a CPA for tax planning (not just prep)
- Track and pay estimated quarterly taxes
- Stay up to date with industry-specific tax deductions
- Keep business licenses and permits current
- Protect IP (trademarks, patents, copyrights)
- Review legal contracts and operating agreements
RETIREMENT & LONG-TERM PLANNING
RETIREMENT & LONG-TERM PLANNING
RETIREMENT & LONG-TERM PLANNING
- Set up a business owner retirement plan (Annuities, SEP IRA, Solo 401(k), etc.)
- Build personal and business wealth using cash value life insurance
- Create a succession and estate plan
- Review and update beneficiary designations
- Plan an exit strategy (sale, succession, etc.)
ONGOING MAINTENANCE
ONGOING MAINTENANCE
ONGOING MAINTENANCE
- Review your financials monthly
- Set financial goals each quarter
- Meet with your financial team (advisor, CPA, etc.) annually
- Stay educated with financial workshops and resources