If financial planning is being skipped, then you need to boil things down a bit. There are three very simple questions that need to be asked and in most cases the last question is the most important.
Retirement Goals and Objectives
What type of legacy do you want to leave behind for your heirs? Do you want the check to the mortician to bounce?
Show Me the Money
For example, if only have $6,000 to spend, an IRA is all you might need assuming 2019 limits. Having said that, a solo 401k plan which also has a Roth option to it, might be better even if you only put in $6,000. More on that in a bit.
And as any small business owner will explain, most extra dollars are invested back into the business. This is a simple math equation- many small business owners believe in and perhaps even realize a larger return on investment with a dollar invested back into the business versus the stock market or real estate.
In many cases, a small business will be a huge source of retirement income either through residual income (such as an insurance agent or a financial advisor), shareholder or partnership income such as guaranteed payments, or from the sale of the business.
This might not be as true for the one-person consultant of course, but you get the idea of pressure between growth and retirement.
Taxpayer's Comprehensive Guide to LLCs and S Corps : 2019 Edition