What is financial wellbeing?

Common questions about financial wellbeing

• What is business financial wellbeing?

  For business owners, both large and small, good planning is essential in order to increase the chances of weathering any events that may arise.
  Owners of businesses, both large and small, need to generate income, plan carefully and anticipate challenges to increase their chances of weathering any number of future business disruptions.

  ¹A business can build its financial resilience and protect its financial wellbeing by using a structured approach that includes:

  Manage

  • Meeting its financial obligations
  • Maintaining sufficient cash reserves
  • Maintaining a comprehensive financial management system

  Plan

  • Identifying and planning for business risk
  • Allocating resources to cover ups and downs in cash flow
  • Putting in place the appropriate level of business protection insurance

  Capital

  • Having access to affordable and timely credit
  • Maintaining a sustainable debt load
  • Having access to investment capital

  1Source: Financial Health Network

• What is the online financial healthcheck?

  Our free, financial health check for business is a confidential self-assessment tool that provides a snapshot of the current financial wellbeing of your business. To get your financial wellbeing score, you simply answer the 8 key questions which should take no more than 2 minutes. In addition to the score, you will also get access to a library of free content including a range of financial wellbeing articles and tips. Your score is anonymised and we do not retain your score results.
  

• What is a Financial Wellbeing Meeting? And how do I request one?

  Whether you have something specific in mind or just want a quick chat about your finances, our financial wellbeing meeting is designed to support you. Here’s what to expect:

  • The meeting is completely confidential and free of charge.
  • Our business advisors are trained to support all types of business customers and are familiar with a wide range of financial situations.
  • The meeting will be structured to establish your current business needs and identify your core business objectives.
  • Each meeting will review your key financials with the aim of helping you make informed decisions critical to the success of your business.
  • Our business wellbeing advisors are trained to support you in identifying key financial goals and to develop and implement a suitable plan to help you reach them. Our approach includes reviewing current savings, managing cash flow, protection for you and your employees and planning for the future of your business.

• Do I have to be a Bank of Ireland customer to book a Financial Wellbeing Meeting?

  No, our financial wellbeing service for business is available to everyone. If you wish to chat to one of our business wellbeing advisors and find out how we can help you make the most of your business, you can request an appointment here.
  

• Is there a charge for completing a Business Financial Wellbeing Meeting?

  No, our Business Financial Wellbeing meeting is free of charge. However, any products or services discussed at these meetings may incur charges. We will provide information on all costs and charges in good time before we provide you with any products or services which incur costs and charges.
  

• How long does the Business Financial Wellbeing Meeting take, face to face or on the phone?

  In order to get the full value of a financial wellbeing for business meeting, expect a typical meeting to last between 30 and 45 minutes – but our advisors will work around your schedule if your time is short.
  

• Do I need to bring anything with me?

  We do advise that you bring, if available to you, a set of financial accounts and a business plan to aid in discussions with the advisor. We also recommend completing our online, financial health check in advance. It will help get you thinking about your finances in preparation for the meeting. However, if these are not available or you would prefer not to provide these at this time, there is no requirement to bring anything with you on the day of the meeting.
  

• I’ve requested an appointment, what happens next?

  An advisor will be in touch with you soon to agree a time that best suits you. If you have not heard back from us within 3 working days, please get in touch. You can contact 0818 200348 – Select option 3 (lines open 9am to 5pm Monday to Friday excluding Bank Holidays).
  

• What if I need to cancel my appointment?
  
  If an advisor has already confirmed a meeting time with you, please let them know if you can’t make it. If they haven’t got in touch yet, just let them know when they get in touch.