By Bev van Nijkerk, 14 May 2019
What will happen to the business if you take time off? Will your clients be prepared to wait around? Will a competitor seize the gap and grab your market share? Bev van Nijkerk, segment specialist for Sanlam Young Professional Market, looks at what you need to consider.
To start with, ‘momtrepreneurs’ should ensure they’ve considered all the facts and scenarios carefully. “You can’t make an informed decision without first speaking to your
financial planner, your accountant, your business partner and your family about the potential impact of taking some time off. What’s going to happen to your cash flow if you aren’t there for a few months? Will your clients be understanding? You need to weigh up all the options and then decide what both you and your business can realistically afford,” says Van Nijkerk.
Next, Van Nijkerk suggests drawing up a proper maternity leave plan outlining a course of action for your business. The sooner you can do this, the better – ideally even before falling pregnant, when you still have lots of time to prepare. Things to include:
Besides a plan for your business, you’ll also need your own personal financial strategy – it’s best to draw this up in consultation with your financial adviser. Here, you’ll need to consider:
“The bottom line is that you need to plan, plan, plan. Don’t rush into anything before you’ve made proper provision for both your business and yourself. Whether or not you can take time off and for how long, and taking care of the financial implications involve making informed decisions. You essentially have two ‘babies’ to consider – your business and your baby. Make sure they both receive the attention they deserve,” Van Nijkerk concludes.