From Passion to Prosperity: How Financial Planning Supports Small Business Success

Last month Debra, Cat and I were guests at the Best of Royal Greenwich Business Awards 2024 – an event that gets bigger and better every year! Our day at the glamorous InterContinental London was full of highlights. Obviously, winning Highly Commended in the Professional Service category tops the list. Sharing a revolving door with Kai Widdrington, en route to his Strictly Live performance, was one to impress our daughter with. But, for me, the biggest buzz of all was being in a room packed to the gills with passionate, driven, creative entrepreneurs who were getting some well-deserved recognition for the blood, sweat and tears of running a small business.

Because they were mostly small businesses. There was a husband and wife team making handmade cakes and pastries. A Nigerian street food truck owner. A fashion designer creating clothes for digital avatars and their “In Real Life” owners. A local greengrocer with an eye on sustainability. A brilliant team of young techies, helping other businesses harness the power of AI. A nursery chain with a mission for social change. And the overall winner, a mum who curates subscription boxes of books and toys for autistic children. 

It was a hugely diverse crowd, representing every business sector, background and age group. But what they all had in common was the itch that drives entrepreneurs to create something from nothing. To sacrifice time with their family. To swap socialising and holidays for long hours and paperwork. To lie awake at night worrying about next month’s wage bill. Even to risk their life’s savings or remortgage their house to make a success of ‘the big idea’. Every single person in that room was going through the ups and downs of running a business, in the hope of providing a better future for themselves and their loved ones.

It brought to mind the questions I discuss with my business-owning clients every day – and the thoughts my wife and I wrestle with ourselves as business owners. Questions such as: 

• What would happen to the business if a key people had a serious illness – or even died?
• Are staff benefits good enough to attract and keep the right people?
• What’s the best way to fund growth and where can you find investment?
• How can you take money out of the business?
• Will you make enough to fund your lifestyle – now and when you retire? 

Many of these worries can be put to rest with some good advice and forward planning. If you’re on the small business coalface, pensions and protection may feel like low priorities (and let’s face it – they’re complicated and time consuming!) But once they’re sorted, it’s amazing how it can give you the confidence and headspace to get on with growing your business. Over time, a good financial adviser will get to know you and your aspirations – both business and personal – and provide a valuable sounding board when questions arise. 

So, if you’ve got a business on the boil or know a budding entrepreneur who might benefit from some support, maybe we can help? This link explains more about our service for business owners. Feel free to share it or drop us a line: Cat, Rachael and I are always available for an exploratory chat.

And who knows? We may meet some of you at next year’s Best of Royal Greenwich Awards. I do hope so!

By Daren Wallbank

Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited. 24/02/25