Financial Planning for Entrepreneurs in Cleveland, Ohio

Financial Planning for Entrepreneurs in Cleveland, Ohio

7 Mar 2022

No two businesses are the same. Your company’s unique financial state and goals are distinctive. So what sets yours apart? When was the last time you evaluated your profit and loss statement, balance sheet, and other financial statements? If you don’t have a fully customized financial plan, your company may be overlooking opportunities for improvement. 


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Starting a financial plan tailored to your business aims is incredibly crucial this year. With new tax laws on the horizon, advisory firms must stay in the know while keeping you well-informed. Fee-only fiduciary advisors consider local, national, and global economic factors when helping Canton business owners develop a sound financial game plan.

How organized are you with business finances, truly? There’s a good chance that you’re reading this article to get the needed help to succeed. A wise entrepreneur knows that hiring the right people who specialize in their area of expertise helps achieve greatness. Collaborative teamwork is a gift and one you deserve. You don’t have to go it alone anymore.  

Your Customized Financial Plan is a Launching Pad for Success

Every business needs a coherent map. How would you describe yours? If you were to move forward without a well-designed financial path, you would find it’s much more challenging to build momentum in the quest to transition from the red to the black, accumulate capital for additional investment in the business and maximize your bottom line. Resist the temptation to keep your nose to the grindstone.  

Setting financial goals is a big part of your foundation, both personal and professional. The development of a financial plan needs to be tailored to your unique business and evolve accordingly. This forces you to reflect on your prior decisions, review your current financial standing and shape a more promising future. 

Most importantly, it helps you reach your personal finance goals with as few impediments as possible. Investment advisory services will catalyze your company’s growth, spurring that much more revenue while bolstering your profitability in the short-term and long term.  

When seeking a financial advisor in or near Cleveland, Ohio, make sure you’re not offered cookie-cutter solutions. You want a customized plan with the immediate future and posterity in mind. Customized planning ensures in-depth specific goals for your enterprise are always the focus. Your roadmap for financial success will ultimately help your organization reach targets following the timeline established during the planning process.  

Necessary Process to Create a Customized Financial Plan for Your Business 

The formation of your business’s unique financial plan begins with analyzing the numbers. You will no longer need to worry about that. Financial projections will be developed based on your current figures while accounting for expected costs and sales forecasts.  

Analyzing your company’s unique goals as they currently stand will give us all a sense of whether they’re realistic and attainable. Anyone you feel needs to be involved in this process will be. Your accountant and business manager can aid in the crafting of your company’s financial plan, ensuring it is entirely accurate and numerically perfected.

Truly comprehensive financial plans account for contingencies. Well, seasoned financial planners closely examine cash flow statements and assets to generate a plan for instances when money is not being generated or when the business deviates from the charted course. 

A sound financial plan contains significant cash reserves to offset the financial strain of such unexpected events. It might even make sense to establish a line of credit that will help keep your company afloat should you lose clients, endure a supply chain breakdown or face other significant obstacles.  

Ongoing Monitoring

Your business’s financial plan should be viewed as a dynamic document rather than a static document. In other words, the financial plan will morph and evolve in coordination with your company’s growth as time progresses. Reliable financial advisors help monitor your ongoing progress along with your financial roadmap and help you pivot accordingly.  

The plan can be altered to account for your business’s ongoing evolution if necessary.  However, never rely on gut instinct to justify alterations. Instead, analyze the results with your advisor of cash flow statements and other financial reports before even considering making a change of any sort. If your business is on pace with the goals established during the financial planning stage, our team will be forthright with you and reassure you that you are making meaningful progress toward the target benchmark.

Separating Business Goals From Personal Goals

Comprehensive financial planning delves into financial planning for businesses and business owners. Your personal wealth-building goals are different from those of your business. Tap into the

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power of wealth management strategies to help expand your financial nest egg as well as that of your business. Our investment advisors provide full-cycle investment guidance based on economic factors, including but not limited to:

  • Inflation
  • Stagflation
  • Reflation
  • Disinflation
  • Hyper-inflation
  • Local economic stimuli
  • Nationwide economic factors 
  • Global economic factors

Let us review your current financial situation now to develop a strategic game plan.


Personal financial planning and business financial planning will help you get ahead in life. These plans are entirely separate from one another – each will be tailored to the distinctive factors of your personal life and your business, ensuring the lines between them are not blurred in the slightest.

Sound Business Financial Plans Include Succession and Exit Strategies

No business lasts forever. If your business survives several decades or longer, it will likely change hands at least once or possibly even several times. Your company’s finances might take a massive hit if you or another owner of the business become incapacitated, fall ill or pass. Furthermore, the day will come when you decide to step down from ownership and segue to your golden years as a retiree.

Incorporating both succession and exit strategies into your overarching business financial plan is needed. The logic in establishing such plans ahead of time is to ensure your business enjoys a seamless transition to the next owner, guaranteeing operations continue without significant interruption or impediment.  

Learn more about our unique approach. Meet with our financial planning professionals to develop your company’s customized financial plan. It’s time for you to rest easy, knowing you’ve done everything in your power to keep the business fully functional and on pace for its target aims, regardless of hurdles behind or ahead.

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.

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More About the Author: Michael McGervey

Michael serves as a resource to executives and business owners, assisting them in making proactive and informed personal financial decisions. He is also a member of McGervey Wealth Management’s Investment Committee and is responsible for investment research as well as the execution of the firm’s portfolio strategies.