You discovered your business opportunity and you are forming relevant long term contacts to grow the business. In the midst of all this excitement and planning, have you consulted with all critical individuals to implement and achieve your business plan? Who would those resources be? Here are three simple resources, which in our experience may be overlooked but when paid proper attention to, can ensure your company’s long term future with unlimited opportunity:
- An Attorney – prior to signing any contracts review with your attorney. Well established businesses utilize standardized contract wording to guarantee their short and long term obligations are met. The contracts are written by attorneys with direct knowledge of their business operations. Contracts have replaced the “hand shake” agreements of the past.
- An Insurance Consultant – your insurance program can be tailored to meet most needs inherent in contracts. There are times when contracts have stipulations, which insurance may not be able to provide a response. It is always best to understand clearly for all circumstances required by contracts and plan to pay when risk transfer is not available (i.e. Punitive Damages).
- An Accountant – an accountant to plan for current and future expenditures in your business, which you may not be fully aware of and/or have understanding such as tax requirement in various situations.
Having the above alliances can increase your best practices, corporate culture, profitability, and provide the runway to long term sustained financial freedom. Even better than having all three of these resources on standby is to make sure they are working together and constantly communicating. A well-formed alliance between these individuals can be the difference in making your business profitable in the long term versus short term.
If you have any questions, please feel free to call us at (561) 994-0880.