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, marketing, scheduling, planning, and managing. Whew! You have more to do than reasonably can be accomplished in a busy work week.
To succeed in business, 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.
1. Failure to Set Up a Proper Business Entity.
2. Failure to Maintain Corporate Formalities.
3. Failure to Segregate Business Enterprises into Distinct Entities.
4. Failure to Use a Qualified Statutory Agent.
5. Failure to Establish a Buy-Sell Agreement.
6. Failure to Fund the Buy-Sell Agreement.
7. Failure to Create and Regularly Update an Estate Plan.
8. Failure to Follow State and Federal Employment Laws.
9. Failure to Set Up Reasonable Restrictive Covenants.
10. Failure to Protect the Intangible Assets of the Business.
Over the next few weeks, BiziBoom will focus on the Ten Fatal Mistakes, and will provide specific advice on how to avoid them. If you would like a free copy of my e-book, “Ten Fatal Mistakes that Business Owners Make (And How to Avoid Them),”
I am, first of all, a husband and father. Rebecca and I have been married 23 years; we have four children ages 21, 19, 18, and 15. My family is my greatest joy in life. For 24 years, I have practiced business law in Arizona, the past eleven as the managing partner of Gibson Ferrin, PLC. We help businesses and their owners meet their business and personal goals. My practice focuses on the intersection between intellectual property law and employment law. I help businesses prosper by properly managing their intangible assets.
I am licensed to practice law in Arizona only. Though I believe the advice in BiziBoom™ is based on sound legal principles, the law of your jurisdiction may be different. The advice given on BiziBoom™ is informational only; it may not be applicable to your specific situation. You should seek the advice of competent counsel in your jurisdiction, someone who knows the particular legal requirements of your jurisdiction. Until you have signed an engagement letter with Gibson Ferrin, PLC, neither the Firm nor I are acting as your legal counsel. Nothing on BiziBoom™ creates an attorney/client relationship between you and the Firm.