Ahhh love is in the air. The month of February is filled with love…romantic love, friend love, pet love, it’s everywhere. But how about business love. Have you considered what it means to love your business? I don’t mean that part of your business where you’re doing the day to day work. No, I mean the things that go on behind he scenes. The nitty gritty that really helps your business to run like a well oiled machine.
Sometimes it is necessary to have some maintenance done on your business. You know like when you take your car in for an oil change and tune up. Your business needs that kind of regular maintenance as well. That means that you are having quarterly reviews with your professional team, ie your attorney, accountant, insurance broker and marketing person to make sure that everything you need is running smoothly.
It is easy to reach out to those professionals when things are going haywire. When you have to figure out the best way to solve a problem as efficiently as possible. But you should also be reaching out to those professionals more frequently. Even if you grab a quick cup or coffee or have a virtual breakfast chat, it is important to check in and understand exactly what your business is doing. What improvement can be made and what have you done during this quarter that will either expose you to liability or has helped to close those liability gaps.
The Business No Brainer set you up the right way, but what do you do now? It is important to keep in mind that your business is not static. It does remain the same over the course of time. You may add or remove partners, you may decide to add a location or expand your market. So while you may be set up initially to limit liability, as your business evolves, changes may be necessary to your structure and/or your underlying agreements.
Having a conversation with your attorney quarterly can help you to brain storm. You can decide where the business may go in the future. You may decide you have big plans that will come to fruition in the next 24 months, but now may be the time to lay that foundation. Or maybe you have no plans at all but after chatting with your attorney over coffee you realize that you do in fact have ideas for growth that can be implemented sooner.
You love your business because it lets you do what you want. The thing you create, the customers you have and the freedom being a business owner provided you. You wouldn’t want to allow the whole thing to be ruined because of unforeseen liability. While an attorney is not a magician who can solve every problem current and future, they can help you to navigate away from as many problems as possible.
So if you don’t love your business, your business can’t love you. Schedule a consult today.