Running a successful business is hard work in any economic environment.
Competition is fierce. Technological developments come at you at an increasingly faster pace. Your products and services require constant development and improvement. Staffing issues, bookkeeping, markting, scheduling, planning and managing. Whew! You have more to do than reasonable can be accomplished in a busy work week.
To succeed, you must focus and prioritize. The challenge is that your priorities often are sitting quietly on the sideline, waiting patiently for you to give them the attention they need, while relatively unimportant distractions clamor for your undivided attention. Unless you make time for the important but not urgent aspects of your business, they will remain quietly on the sideline until it is too late, leading to disastrous consequences for your business.
Avoid the ten fatal mistakes that business owners often make when they fail to focus on the things that can help them achieve long-term growth and prosperity. Each of these mistakes can be deadly for a business; each of the mistakes is preventable with proper planning and preparation.
The following examples illustrate how easily the Ten Fatal Mistakes can arise in any business:
Mistake No. 2: Failure to Maintain Corporate Formalities.
Mistake No. 3: Failure to Segregate Business Enterprises into Distinct Entities.
Mistake No. 4: Failure to Use a Qualified Statutory Agent.
Mistake No. 5: Failure to Establish a Buy-Sell Agreement.
Mistake No. 6: Failure to Fund the Buy-Sell Agreement.
Mistake No. 7: Failure to Create and Regularly Update an Estate Plan.
Mistake No. 8: Failure to Follow State and Federal Employment Laws.
Mistake No. 9: Failure to Set up Reasonable Restrictive Covenants.
Mistake No. 10: Failure to Protect the Intangible Assets of the Business.
Knowing the Ten Fatal Mistakes is not enough. Successful businesses take affirmative steps to avoid and overcome the Mistakes. Will you choose to heed the warnings?
If any of the ten illustrations remind you of your own business, take action today to make sure you won't succumb to the Ten Fatal Mistakes. Contact your lawyer today. Develop and implement a plan for addressing the Ten Fatal Mistakes. Follow that plan through conclusion.
Running a successful business is hard work in any economic environment. Avoid the Ten Fatal Mistakes, and help your business succeed.
