Survey: As their businesses continue to grow, owners should shift their focus to the future
MILWAUKEE, Sept. 20, 2017 /PRNewswire/ — Today’s Hispanic small business owners feel their businesses are financially stable, but as they build success, they should turn their focus to the future.
According to a Northwestern Mutual survey, 85 percent of business owners feel confident in the management of their businesses’ finances. However, 37 percent feel their confidence would improve if they established a long-term financial plan.
Northwestern Mutual conducted the survey to better understand the top motivations and financial priorities for Hispanic small business owners as well as their level of financial confidence when it comes to managing their businesses.
The survey found that while 49 percent of business owners spend time daily planning for the future of their businesses, long-term considerations, such as retirement planning (30 percent) and business succession (17 percent), fell lower to the list of top financial priorities.
A personalized, holistic approach
“Our research demonstrates that Hispanic small business owners know a personalized, holistic approach to financial planning is key to their goals today and tomorrow,” said Chris Meece, director of Hispanic market strategy at Northwestern Mutual. “At Northwestern Mutual, it’s our priority to ensure they have sound strategies for short- and long-term financial success, both professionally and personally.”
Long-term financial planning will be a critical factor in the continued growth and longevity for Hispanic small business owners’ enterprises, according to the survey.
Key findings from the survey include:
- The desire to build a legacy for their families motivated 25 percent to start their businesses
- About half (52 percent) sought financial advice from family and friends, 47 percent from other business owners and 30 percent from a mentor
- Twenty-seven percent said working with a financial planner would improve their level of confidence in managing their businesses’ finances
Northwestern Mutual is committed to empowering Hispanic entrepreneurs. Earlier this year, the company was a platinum sponsor of the annual Association of Latino Professionals for America (ALPFA) Convention, an opportunity for young Latino professionals to develop professional growth and confidence. Additionally, Northwestern Mutual has a longstanding partnership with Hispanic Executive magazine, hosting events and providing editorial content with the mission of inspiring the next generation of Hispanic business leaders.
To learn more about Northwestern Mutual’s available services and products, both in English and Spanish, please visit:
*About the Research
All figures, unless otherwise stated, are based on proprietary research conducted by Northwestern Mutual. Data collection was provided by SSI. Total sample size was 235 Hispanic small business owners. Fieldwork was undertaken August 17-25, 2017. The survey was carried out online in English and included U.S. Hispanic small business owners with businesses earning $100,000 to less than $10 million in 2016 revenue.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for 160 years. Through a distinctive, whole-picture planning approach including both insurance and investments, we empower people to be financially confident so they can live life differently. We combine the expertise of our financial professionals with a personalized digital experience to help our clients navigate their financial lives every day. With $250.4 billion in assets, $28.2 billion in revenues, and more than $1.6 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.4 million people who rely on us for life, disability income and long-term care insurance, annuities, brokerage and advisory services, trust services, and discretionary portfolio management solutions. The company holds more than $100 billion of client assets as a part of its wealth management company and investment services. Northwestern Mutual ranks 97 on the 2017 FORTUNE 500 and is recognized by FORTUNE® as one of the “World’s Most Admired” life insurance companies in 2017