In the hustle and bustle of running your own business on a daily basis, it’s easy to overlook some of the more boring aspects of getting your planning in order. That being said, doing so can be significantly beneficial for you, your future, and your company.
There are several different things that you should have in order at all times in order to stay on top of your game and to have all of your personal and professional planning accounted for.
Contracts
It goes without saying that contracts are the life blood of any business today. Ongoing contracts should be regularly reviewed by a business attorney. Adhering to the highest quality of detail in your contracts goes a long way towards minimizing disputes down the line.
A great way to avoid legal disputes is to make sure that your contracts are written properly the first time around. Although disputes can and may still emerge as a result of breaches, a well-written contract can really influence your chances of dealing with a contract and it can also make it more likely that you’ll succeed in a legal claim. As a business owner, you should have a wide array of contracts that protect you and your business.
Getting advice from an attorney is a must-have that should not be ignored. Templates, unfortunately, do not provide the kind of comprehensive protection you might need. They might also contain mistakes that invalidate the document, so make sure things are written properly by getting an attorney’s insight.
Accounting
When you first start your own business it’s easy to think that you can handle things on your own but it’s very easy for young entrepreneurs to get overwhelmed and very quickly. Tax complications and the challenges associated with growing your business are just a couple of the concerns you should be aware of. One of the most important things you can do is to hire an accountant sooner rather than later.
Accountants spend the majority of their training and their time on a daily basis working with complicated tax issues. Having someone that you’ve already formed a relationship with early on goes a long way towards reducing your own headaches over the issue. As the founder or the day to day manager of the company, your time is better spent elsewhere.
Life Insurance
Life insurance is one of the most important investments you can make because it will help to provide for your family if something ever happens to you. Life insurance is relatively easy to get and very inexpensive when you opt for term life insurance. This gives you peace of mind that if something should happen to you, your family will be provided for.
You might also consider policies for key individuals in your company in the form of a key man insurance policy as well. Having all of your insurance needs taken care of on a regular basis can give you a lot of confidence as well as peace of mind. A lot of times when entrepreneurs raise money from venture capitalists, the VC’s will require entrepreneurs to get a policy secured last minute in order to finalize the contract. For this a no medical exam insurance policy can be secured within a few days to make sure the deal goes through smoothly and minds don’t get changed.
Is there anything I missed? What are some parts of business do you think young entrepreneurs overlook when starting up?