The last thing small business owners want to think about is saving for retirement.

Between managing employees, expenses, and customers while ensuring their company continues to offer a quality product or service, the stress and hard work it takes to run a business can be overwhelming.

Manta recently found that 34 percent of entrepreneurs are not saving for retirement. The reasons for doing this can vary depending on the situation.

For many, the easiest way to ensure the longevity of their organization is to continue to put their own money back into the business. For others, it is so that the business can be in the best condition possible before passing it down to the next generation.

Consequently, business owners end up focusing more on ensuring their business succeeds than preparing for their own retirement. As the end of the year is approaching, business owners are examining their closing sales and preparing for tax season.

The last thing on their mind is retirement plans. The good news is there are several options for business owners that help make preparing for the future easy and keep you – and your employees – on track towards retiring with time to enjoy the earnings of hard work.

While preparing for life after your business can seem even more daunting than having your business, it can make all the difference. In doing so, it is crucial that business owners get the resources they need to sustain their business and their livelihood for the future.

According to the U.S. Small Business Administration, 99 percent of Maine businesses are made up of small businesses, with the number totaling over 144,000. That is a significant amount of business owners who need resources in managing their finances and employee benefits.

In today’s competitive environment of trying to hire good employees, what sets a business apart from others, beyond healthcare coverage, is often retirement savings. Offering this to employees not only helps to increase retention, but it is also one of the best ways to say thank you.

If you are new in your business, you may find yourself focusing more on how to get off the ground in making your dream a reality. If you are well into your business venture, you may have found that you can function without one. Either way, adding a retirement plan to your financial plan can be one of the best ways to help ensure the longevity and health of your business.

Specifically, for small business owners, there are tax advantages that help in saving for retirement for both yourself and your employees. Yet, with so many options available, how do you know which retirement plan is right for your business?

The first thing you to can do to find out which retirement plan makes the most sense, is to meet with a financial advisor. Many local community banks offer opportunities to do so, such as Saco & Biddeford Savings Institution, who has retirement services available through S&B Financial Services.

At S&B Financial Services, we place a strong value on building trust in our partnership to walk alongside you in finding what works best for you and your financial wellbeing. The relationship you build with your financial advisor is crucial in discovering the best course in retirement planning.

During this meeting, your advisor will take the time to listen to your business needs and assess what is the most feasible for your organization. One of the best ways you can benefit from seeking the council of a financial advisor is asking questions throughout the process and trusting in your advisor as your advocate to find the strategy and recommendations that give you the most flexibility.

Your advisor will navigate the options with you and make recommendations based on your unique needs. From that moment on, your advisor will continue to be your partner through this process whether it is educating employees on their options, answering questions or keeping you up-to-date with changes in the market. Saving for retirement can seem irrelevant in the midst of sustaining your business.

Whether you’re well into your role as a small business owner or just starting your journey, it’s important to remember that it’s never too late to start.

Matthew Cyr is Senior Financial Advisor and Program Manager for S&B Financial Services in  Saco.