Don’t make radical personal financial decisions as a result of business uneasiness. Too often, business owners place their focus on the financial health of their business, to the exclusion of their personal finances. This can be particularly damaging during difficult economic times. It is important that you have a clear and realistic picture of your company’s financial standing—and that includes the company’s ability to support you (and any other principals) with a salary and benefits that are in line with your industry’s standards.

So while it may be tempting to make personal sacrifices to boost your company’s shrinking bottom line, experts agree it is a move filled with significant risk.

Instead, consider this a great time for a review of your personal financial situation. Our financial planners can help you work through the challenges of business ownership during a tough economy, bringing a point of view that can serve you well long into the future.

• Continue contributing to your 401(k) or other retirement plan
• Consider working with a financial planner who can help you make good decisions about managing and growing your personal assets
• Take advantage of any opportunities a down market presents. For instance, it’s a buyer’s market in real estate; mortgage rates are relatively low.