Plan of Action

It is widely agreed that the growth of small businesses contributes greatly to the nation’s economic expansion. Entrepreneurship is linked to creation of jobs, increases in productivity, improvements of living standards, and economic growth in general. Small businesses help create new jobs, introduce new products and provide specialized expertise to large corporations. Unfortunately, according to the U.S. Small Business Administration, over 50 percent of small businesses fail in the first year and 95 percent fail within the first five years, largely due to poor financial management. The one simple reason to understand and observe business financial planning is this: it is necessary to avoid failure.

Andrew Oster of Oster Financial Group works with business owners on a range of business planning issues, from establishing the most effective structure and ensuring peak operation to planning for retirement and succession. In the chapter called “Taking Care of Business,” Andrew addresses each of these issues in addition to risk management and the importance of tracking strategic relationships. Also, he explains how a competitive benefits structure is often the key to attracting and retaining good employees. Business owners will want to develop a benefits strategy that strikes a balance between looking out for employees and protecting their own bottom line. That balance must also include a business owner’s own retirement plans. Andrew has found that while many business owners work hard to ensure that they offer a retirement plan for their employees, they are less focused on saving for their own retirement. The current economic struggles serve as a sore reminder that we all need to be saving for an uncertain future. The business owner who understands these concepts and uses them effectively is practicing sound financial management, thereby increasing the likelihood of success.


TRITON in the News

Securities offered through SagePoint Financial, Inc. Member FINRA/SIPC. Advisory services
offered through Triton Wealth Advisors, LLC., an Oklahoma registered investment advisor.
Insurance services are offered through Andrew Oster. Triton Wealth Advisors
is not affiliated with SagePoint Financial, Inc. Triton, SagePoint
Financial, CLS Investments and Schwab Advisor Services are not
affiliated with each other. Triton advisors are advisory licensed in OK and TX and securities
licensed in the following states: MO, OK, TX, FL and KS. TWA advisors are also insurance licensed
in the following states: MO, OK, TX.