(NewsUSA) - Sales on Small Business Saturday and during the holiday season can often make or break a small business.

During this time, many small businesses are focused on revenues and operational efficiency. But they should also dedicate time to address their financial risks.

Small business owners can manage these risks by adapting their individual financial plans to the risks of business ownership.

The top financial planning areas of concern for small business owners are:

1. Tax planning. Businesses and individuals have different marginal tax rates at different income brackets. A CFP® professional can help you coordinate your business and personal income taxes for maximum returns.

2. Insurance coverage. Small businesses require specialized insurance coverage beyond what the owners may have for themselves and their families. Small businesses need to have a safety net in the event that they are affected by a natural disaster, death or disability of the owner or other key individual, loss of property, or lawsuits from negligence or defective products.

3. Retirement. Small business owners need more retirement planning rather than less. The good news is that business ownership affords all sorts of tax-advantaged ways to save for retirement. The ability to put aside amounts is considerably larger than what is permissible to non-business owners.

4. Investments. Most small businesses are self-financed by their owners. This may mean that the business is the owner's major or only investment. Small business owners who have extra capital may want to reinvest the money back into the business. CFP® professionals may help you diversify your investments to offset your financial risk as an owner.

5. Succession planning. Small business owners need to have a plan for what they want to do with their business after retirement. The COVID-19 pandemic has clearly added a great deal of complexity to the lives of small business owners who wish to monetize their life's work and pass on their business to someone else. Working with a CFP® professional can help small business owners determine all the options for a successful transition.

If you are a small business owner or thinking about starting your own business, visit LetsMakeAPlan.org for more information on how to find a CFP® professional and how smart financial planning can help your small business succeed.