Small business owners have a great deal of responsibility on a day to day basis. With some much time concentrated on the present, it can become easy to forget about planning for the future. As this article explains, small business owners may find it difficult to plan appropriately for retirement and beyond. In fact, a survey by TD Bank found that 47% of small business owners do not have a retirement plan in place. Even as a small business owner — with no pension or employer matching 401(k) — there are ways to properly and effectively save for retirement.

If you are a small business owner, check out these 4 things to help you plan for retirement and plan properly.

1) Set a goal

It is important to set a goal for your business and envision what you would like to do with your business when you reach the age for retirement. You may have a family member or colleague you would like to pass along the business too, you could choose to sell the business, or possibly you would rather close the business all together and sell off your assets. While it may seem like it is far down the road, your ultimate goal for the business will greatly influence how you prepare for retirement.

2) Build a retirement plan

When owning a business it can be tempting to put all your profits back into the business to help enable the business to grow. However, it is just as important to grow your retirement accounts. The earlier you begin investing in a retirement account, the more time you have to grow your savings with compounding returns. Even business owners that want to sell their business at retirement still need to save cash now. You never know what the economy will be like when retirement comes around and potential bids may not be the same as your valuations.

3) Think about growing your business

TD Bank’s survey also found that 57% of small business are sole proprietorships. This is a type of business entity that is owned and run by one person and there is no legal distinction between the owner and the business. If you are counting on selling your business to finance your retirement and the business is a sole proprietorship, then you need to rethink your strategy. Buying a sole proprietorship is essentially buying a job, not a business.

You need to strategize ways to increase the value of your business. This could involve adding employees and growing revenues. As you grow your business, begin enlisting the help of other people such as an accountant or banker so you can focus on the main aspects of the business. Investing properly to grow our business can make a huge difference for your retirement.

4) Be smart with finances

As a small business owner, you should have a strong grasp on the businesses finances. There are a ton of free seminars and videos from the Small Business Administration to help you learn everything you need to know. These tools can help you understand when the proper time is to expand, when to seek credit, and the types of loans available to small businesses. If your company is growing, and finances is not your strong suit, then consider delegating these roles to a banker or accountant you can help guide you forward in the best way possible. This will keep your business safe and on the right track. Having your business finances in order will help you reach your retirement goals as best as possible.