According to new research from the Principal Financial Group ®, business protection remains the top priority for business owners at small to medium-sized businesses; yet only 36 percent have these benefits in place. A new white paper from The Principal ®, How Priorities Align with Practices, outlines the findings from the recent survey of owners at small to medium-sized businesses and key insight for financial professionals. Owners cite health and wellness as their second priority, followed by income protection ranking third. “Owners of small to medium-sized businesses often juggle a number of conflicting priorities, creating a discrepancy between priorities and practices,” said Steve Parrish, national advanced solutions director for The Principal. “While the research shows growing their business is the top goal of business owners in 2013, they can avoid adverse business results by balancing short and long-term goals.” When owners rank their priorities, they place the highest priorities on their businesses, followed by employee benefits and then personal needs. The paper outlines key implications for financial professionals including:
- Aligning owners’ personal needs with business financials.
- Focusing on short-term versus long-term planning.
- Recognizing the importance of key employees.
- United States residents age 21 and older
- Currently employed, either full-time, part-time or self-employed
- Business owner of at least 5 percent of the company
- Actively manage their business
- Own a company with between 2 and 500 employees