Changes Places

One in four small businesses in America is now led by a woman. That means more women will need to plan for financial uncertainty for their companies experts say.

According to the latest research from Northwestern Mutual’s 2013 Planning & Progress Study, 60 percent of women (compared to 40 percent of men) are likely to cite unexpected expenses as their primary incentive for playing financial catch-up.

“Women tend to start saving early,” says Martha Kendler, director, business market at Northwestern Mutual.

Even so, Kendler says too many remain unprepared for the unanticipated. Her advice?

“Set up a practice of saving early and consistently.”

Leveraging the value of your company is also unique to the growing number of female business owners.

“Business owners should ask themselves two things,” insists Kendler. “What happens if something unexpected happens with the business? And how will it affect my family and me?”

Continuity planning is central to determining how you and your business will continue on in the event of unanticipated circumstances.

Furthermore, business owners have to plan their exits, too.

You may never fully retire, but there will come a point in time when you’re not as involved in the day-to-day. And, when that day arrives you want to be sure you’ve solidified a retirement income stream.

Generally, says Kendler, women are more receptive to outside counseling from professional advisors and family members. She believes women benefit from actively seeking advice.

Bonus PINK Link: Three dangerous habits that can hurt your financial health.

Are you a saver by nature? !

By L. Nicole Williams

Nicole is the Editor at Little PINK Book. Follow her on Twitter @iamnicwill.

“[S]he who can take advice is sometimes superior to [one] who can give it.” Erica Jong