I am senior partner in a professional practice where I have worked for a number of years. I enjoy my work, which is divided between bringing in fees by helping my clients resolve their problems on the one hand, and growing and managing the practice on the other. I am uneasily aware that I have been sucked into the "hours for pounds" trap but it is necessary for me to use my professional skills and knowledge to bring in client fees to support the practice and earn profits for myself. I am foremost a professional practitioner, and  a business manager second and I often wonder if there is not a "better way." I am happy that I earn sufficient profits to support my family. We live well, but I often wonder if I am not giving too much of myself to my practice and not enough to my family.

So what specific concerns do I have?

Personal finance

I’m not certain of my long term security. I don’t know what my “number” is and how much is enough.  My personal finances are generally a bit better organised than my entrepreneurial clients but I still want to know when I can take my foot of the accelerator without the money running out later in my life.

Time and lifestyle

My lifestyle and work life balance is not too out of kilter. We are well off and I am able to take reasonable holidays with the family but ultimately I am into hours for pounds. Can I live a less restrictive lifestyle?

Tax and maximising my situation

The current tax regime is crippling. My profits take me well into 50% tax. How do I ensure that tax is minimised and how do I become more tax efficient in order to increase effective income generation?

Professional matters

We have maintained our income over the last few difficult years, but have had to work harder to do so. What will my business and partnership look like in the next five years?  How is it going to be influenced by my professional and regulatory pressures?  Of even greater concern is looking at how I position my business or practice and how I focus on my business to make sure it continues to prosper.  I have marketing and promotion issues and am concerned about attracting more of the right sort of clients and staff.

Technology

The pace of change is driving me crazy and I don’t know what technology I should be using and how I invest money in it.

In practice - the Planning for Life solution

To follow

< Prev		Next >