Small business owners should answer questions today

If I asked you to ballpark the percentage of companies in the US which are small businesses, would you? 25%? 50%? Maybe 75%? The answer is surprising: It is 99.7%, according to the US Small Business Administration. And these companies employ over half of all private sector employees. Here are some additional statistics that may surprise you. Small businesses ...

• Pay 44 percent of private payrolls in the United States.
• generated 64 percent of net new jobs over the past 15 years.
• Create more than half of the nonfarm private gross gross domestic product (GDP).
• Hire 40 percent of high tech workers (such as scientists, engineers and computer programmers).

When you watch the news and read the newspaper, so much space is taken over large companies. But it is clear from these figures that small businesses are a valuable national resource and should be treated as such.

No company is immune to the vagaries of the economy and the forces beyond the owner's control. Life happens to people and businesses. So if you are a small business owner, you need to ask yourself these questions:

• What will happen to my business if I die
• What will happen to my business if I become disabled [?
• what will happen to my business when I retire?
• What will happen if certain key employees die or become permanently disabled?
• How can I ensure that my company will be able to overcome unexpected financial difficulties?

The answers to these questions are probably things like a purchase and sale agreement, overheads insurance company, the keyperson insurance and individual disability and life insurance. His formidable? It does not need to be. The videos on this small business planning page can help you with some of the important bases. Then, contact your agent or adviser to get help that is tailored to your specific needs. If you do not have an advisor, be sure to watch the video that gives you pointers on finding one that is right for you.