Does your business have guts? Important documentation, such as a business plan, an operating agreement, licenses, employment/contractor agreements, insurance policies, etc., come together to make the "guts" of your business. If your company is missing some essential foundational documents, you're not only hindering your ability to succeed but also opening yourself up to unnecessary legal risk as your corporate veil could be pierced. Also, if your business is lacking in this area, what other gaps are you facing that you might not be aware of? Here are the top three tips to getting your business in order:
Raise your awareness
Take inventory of where you and your business are right now and what your concerns are relative to the goals you'd like to achieve. What's keeping you up at night? Where do you feel your business is lacking? Are your financial investments getting you where you want to go?
Don't be a lone wolf
Steve Jobs said, "Great things in business are never done by one person. They're done by a team of people." Having a team of trusted advisors is invaluable to a business owner. You don't know what you don't know - you could be open to risks you're not aware of, and there could be opportunities you're not taking advantage of. Seek advice on how to protect yourself, your business, and your family in the event you are sued, become disabled, or pass away. By consulting experienced professionals, you'll learn where your gaps are and fill them, ensure you and your business are truly protected, and get (and stay) on the path to financial and personal success.
It's a cliche, but it's true: people don't plan to fail, they fail to plan. A business owner's greatest asset is a plan that is followed and updated regularly. Together with your trusted advisors, design plans for your life and business. Having a plan to follow, to consult with when situations arise, and to check to make sure goals are being met, will be a foundational tool for your success, both in life and in business. And those things keeping you up at night? They've been addressed, written down, and planned for. Sleep well.
As part of a business owner's trusted team, Sundvick Legacy Center assists business owners with a range of services unique to them, including asset protection planning, estate planning, business growth strategies, and choosing which entity (or entities) is best for their situation. Do you want a consultation in the areas of estate planning and asset protection? Contact our office today.