Overcoming Small Business Challenges through Operational Strategies
As with so many things in life, some of the same qualities that help small businesses succeed, can also lead to their demise. Fortunately, much of that risk can be lessened through operational excellence.
For example, the owners and managers of small businesses often know each other before they go into business together. Sometimes, they’re even related. Preexisting relationships can help propel small businesses forward, especially when there are high levels of trust and competence.
Unfortunately, however, familiarity is sometimes accompanied by a lax attitude toward operational formalities. Owners and managers may skimp in critical areas such as:
- Governing documents such as articles of incorporation, partnership agreements, and bylaws;
- Solid or regular auditing and accounting practices; and
- Shareholder meetings and minutes.
In worst-case scenarios, business and personal funds are commingled or used for improper purposes.
The good news is that if you are just starting out, it is easy to avoid all of these issues and the accompanying potential for lawsuits and tax problems. A Creative Business Lawyer® can provide trusted advice and help position a small business in the most favorable circumstances for that unique business.
Here are some examples of the services a trusted legal advisor can provide:
- Assistance in identifying recordkeeping products and in establishing high quality recordkeeping practices;
- Helping owners understand the potential consequences of a lack of proper documentation;
- Ensuring that clients know the deadlines for business and tax filings; and
- Explaining the importance of keeping personal and business finances separate.
Perhaps most importantly, a skilled business lawyer can help you structure your operational strategies properly. This can be invaluable in helping your business avoid pitfalls and liabilities along the path toward success. We like to begin with getting to know your whole business, not just the legal side; but, also truly understanding your revenue model, how it serves your life, your team and your clients. Then, we can advise you on the best strategies for a business that meets not just your business objectives, but serves your life as well.
This article is a service of Kundani Chang Khinda Wilson LLP. We are an award-winning law firm that specializes in business and estate planning for clients like you. The goal for every family is to stay educated on all topics like this, avoid probate, avoid estate taxes, and build a legacy for you and your loved ones. What sets our firm apart is that we build lasting, lifelong relationships with our clients. They rely on us to keep them updated, provide sound legal counsel, and be there for them immediately if any problems should ever arise. The best part is we don’t charge hourly fees to our families, so you never have to worry about speaking to us. If you’re ready to keep your family out of Court, contact us today to schedule an initial consultation or visit our website at www.kckwlaw.com.