Business Financial Planning in Canton OH

When engaging in business financial planning, Canton, OH business owners can optimize performance by creating and implementing a written plan. McGervey Wealth Management services include personalized business financial planning and comprehensive financial planning services. 

Our Goal: We inspire clients to make informed decisions through communication, education, and service that exceeds their expectations.

words financial planning in a cup of coffee

When planning for retirement or planning investment management, business owners in Canton, OH, rely on all aspects of our process to reach financial goals:

  1. Establish your retirement plan and retirement accounts.
  2. Estimate how much savings you will need to live the retirement lifestyle of your choice.
  3. Manage your investment to help you reach that target.

Our financial services boost the value of your business:

  • Find ways to lower costs and increase profits
  • Help select and optimize business processes and systems
  • Keep track of ongoing progress towards your goals to help maintain momentum
  • Work with you to develop strategies designed to minimize dependence on the business owners
  • Create succession plans and strategies for business monetization

A critical step to achieving these financial goals is creating, implementing, and monitoring a business financial plan. Before making such a plan, let’s walk you through what that is. 

Chapter 1

What is a Business Financial Plan?

financial advisor reviewing documents with client

This financial portion of your business plan focuses on detailing the key financial inputs and outputs that your business expects to generate. A new company will forecast financial data while an existing business uses past financial performance. 

A financial business plan looks forward – it is not simply a balance sheet or income statement for reporting past results. It provides valuable measurements of financial performance, identifying any warning signs that things aren’t going according to plan. By detailing how you will fund and operate your business over a specified time, it helps you track progress towards your goals.

Your financial business plan considers your spending plans based on how much you intend to invest in different aspects of your business. It also projects the revenue expected to result from any such investments. And not to worry, your financial advisor will assist you in the creation of this.

Your plan should outline the resources needed to reach your goals, including current resources and additional investment. It should also mention any risks associated with achieving your goals and specify budget allocations per department or team.

Chapter 2

Why Does Your Business Need a Financial Plan?

Your financial business plan is key to determining the success of your overall business plan. It helps you evaluate new business opportunities; it also enables you to maintain financial discipline. 

As your business grows, you can lose sight of its underlying financial condition – your financial plan helps ensure that doesn’t happen. By staying informed of where your business stands, you can allocate assets easier. 

A good financial plan is beneficial for determining risk, handling rapid growth, or through challenging times. It’s also a helpful tool for communicating business progress with investors, employees, and other stakeholders. 

Your financial business plan helps to improve your cash flow management by setting clear parameters. It forces you to consider managing cash flow and set criteria for managing strategies month in and month out. It also helps you keep track of where you are spending money. 

Your data will help optimize your budget. By providing a layout of funds available for spending and investment, you can prioritize and allocate them as needed. 

This includes balancing spending by team or department. Your employees can help make the best use of assigned resources. 

Your business financial plan provides a record of your past spending plans. By looking at the financial plan to see what worked and what didn’t, you can improve your planning. 

Chapter 3


What is your business vision? As vital as creating a business financial plan is, it’s a path to your goals rather than being the goal itself. Before you start making a plan of this type, it’s crucial to determine your goals.

Are you looking to emphasize growth, even if this puts you in the red for a time? 

Is your primary focus staying cash flow positive at all times? 

Do you plan to grow organically or by acquisition?

What motivates your business approach? It might be delivering excellent customer services or innovative design, serving the community, etc. This vision will help determine your goals.

Will you require more staff? Identifying your company vision is also valuable in motivating your staff members to help the business achieve its goals. A clearly stated vision statement can go a long way towards generating employee buy-in.   

Once you’ve figured out your vision you can move on to the planning phase and outline how you intend to achieve goals.

Chapter 4

Components of a Business Financial Plan

A business financial plan typically consists of these components:

  • Your income statement: This shows exact amounts and sources of all income and expenses over the preceding period.
  • Cash flow projection: This involves using projected revenue and expenses from your budget or income statement to deliver a prediction of the cash flow available. When projecting expenses, it’s essential to decipher fixed and variable costs, as lower fixed costs generally represent less risk to cash flow.
  • A balance sheet: This considers current and long-term assets and liabilities to provide an accurate picture of your firm’s financial position. This is a crucial metric for determining what funds are available for investment in different areas of your business. The balance sheet should also differentiate between the retirement assets of the owner and employees and other assets.
  • Goal funding requirements: These are breakdowns of the funding needed for various initiatives. Included might be a planned marketing campaign, technology investments, hiring new personnel, etc. These amounts included in the overall cash flow projection can help break them out individually to provide greater clarity and control over business spending. 

Typically, business financial plans will cover three years, but this can vary by company and financial plan. A primary goal is to identify a break-even point if the business is not already profitable.

Chapter 5

Creating a Business Financial Plan

By helping your business take steps to “operate in the black,” creating a business financial plan can be the missing element between loss and gain. 

Steps to create a business financial plan include:

  • Review the strategic plan: This shows whether your business will grow or remain steady. Strategic planning involves critical priorities, investing in new technology, hiring additional personnel, expanding into new markets, etc. Then estimate the financial effect of following through on these initiatives.
  • Project revenue and expenses: Using historical data, project how your incomes and costs will likely change going forward, considering any new initiatives previously identified. 
  • Seek out any needed financing: If your revenue isn’t sufficient, financing is needed. If business resources or assets cannot fill the gap, you will require outside funding. 
  • Develop a contingency plan: Such a plan involves preparing for potential financial reverses by accessing emergency funding sources. Read more below.
  • Evaluate results: Make sure to monitor the actual results of the business and compare them to project outcomes. Doing so can help you determine adjustments to help you stay on track. Focus on basic cash flow to validate that any new initiatives or investments are making it through to the bottom line.
Chapter 6

Navigating Risk and Mitigating Risk

Your business financial plan helps you handle financial risk. Such risks could involve an emergency that requires unplanned expenditures or unforeseen low revenue. 

The financial plan can include set-asides for dealing with setbacks. This type of financial reserve is crucial to crisis management.

To plan for contingencies, use your financial plan to calculate an amount to place in an emergency fund. This can cover the funds needed during a crisis. The amount you set aside for this purpose should provide you with operating cash for at least three months or longer. 

If cash on hand is not sufficient, you might need to arrange for a line of credit or sell assets to cover the funding gap. Preparing in advance for contingencies by referencing your financial plan, improves the chances that your business will overcome any challenges. 

Chapter 7

Growth Roadmap

long road with words road map


A benefit of a business financial plan is planning for growth. You can evaluate where your business stands and what resources are available to devote to optimization. An evolving growth roadmap can take your business to the next level.

Your roadmap should include new markets you intend to enter, new services you will offer, and employees you plan to onboard. It provides crucial information regarding how ambitious you can be.

If your plan involves incremental investments, your growth roadmap relies on accurate financial projections each step of the way to provide the necessary funding. Keep it flexible, as market conditions vary significantly from initial predictions made. 

Chapter 8

Succession Planning

When you’re ready to retire or reduce your workload, the next step is to determine if you want to sell your business. This can include bringing in outside investors or selling a portion of the firm to a partner or employees. Our business financial planning team in Canton, OH, can help you evaluate your options.

Our focus is to make sure that we communicate various options available to you, as you smoothly transition from running a business full-time to potential retirement. Updating you regularly about the sales process, we help keep your business functioning efficiently while the sale progresses. 

We work closely with you to understand business focus, personnel, systems, and identify any potential areas of improvement. This allows us to help boost your company value for an acquirer.

The succession process can be complicated. Our financial planners in Canton, Ohio, analyze every angle of the succession process with you, including how to monetize your business when working with stakeholders.

Chapter 9

We Simplify Your Customized Services

Our business financial planning in Canton, OH, goes above and beyond a cookie-cutter solution. We don’t use jargon. Transparent, simplified, consistent communication is part of our method. McGervey Wealth Management customizes services tailored to your particular business financial needs such as:

  • Proactive, comprehensive financial planning
  • Drawing up a plan 
      • Designed to help you achieve financial independence aside from your business
    • Disciplined investment management
      • Handled in-house (not outsourced)
    • Tax, estate planning, and business planning strategies enhance your wealth-building efforts:
      • Evaluate business and personal finances to identify tax reduction strategies
      • Work with your accountant and/or tax attorney to implement your tax strategies
  • Simplifying Terms
  • You don’t need to learn technical jargon; that’s why we take care to translate complex financial concepts into plain English. We use understandable, clear reports, so you can quickly grasp the big picture without having to wade through detailed pages. 
Chapter 10

How to Choose a Fiduciary to Assist You in the Planning Process

Fiduciary advisors in Canton, OH, such as McGervey Wealth Management, are legally required to provide you with advice solely based on what’s in your best interest. Ohio business owners can benefit greatly from our process

Fundamental Q&A:

Our Process:

  • Goal Identification
  • Plan Development
  • Strategy Selection
  • Transparent Communication

Our Services:

  • Fee-only
  • Fiduciary 
  • Customized plans
  • Holistic approach

Our Goal

We inspire clients to make informed decisions through communication, education, and service that exceeds their expectations.

  • Relationships are Grounded in Financial Planning
  • 4 Step Full-Cycle Investment Process
  • Proactive Client Experience
  • Fiduciary Duty & Straight Forward Fees

Our Investment Approach:

  1. Determine Macroeconomic Environment.
  2. Identify beneficial Sectors, Styles, and Regions and ones to avoid.
  3. Security Selection within the above Sectors. Strong fundamental characteristics –best in class.
  4. Manage the process with weekly actions based on the market environment and fundamental realities. 
  5. Decisions are made on reason and not speculation about what someone thinks may happen; this helps to remove the emotion.

The comprehensive financial planning services of McGervey Wealth Management are tried and true. Financial Advisors in Canton, Ohio, are available to assist. We are a registered investment advisory firm ready to help align your life with your wealth starting today. 

Schedule your in-office appointment at our physical location: 4001 Whipple Ave NW #202 Canton, OH 44718. Or let’s start with a phone call! 

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McGervey Wealth Management is a financial advisory firm serving clients nationally and locally in the Canton, Akron, and Cleveland, Ohio regions. Specializing in financial planning, investment management, business planning, retirement, and legacy planning, we’re passionate about helping you achieve your financial goals.