04 Mar You Simply Don’t Know What You Don’t Know: Using Professionals to Help You Look into a Crystal Ball.
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Don’t you wish you had a crystal ball that would let you see the future of your business, what issues you might face and what the best way is to ensure its success? There may be no crystal ball, but there may be a better way to KNOW WHAT YOU DON’T KNOW.
We have all heard the expression “You don’t know what you don’t know” and probably have no idea who first coined it, but it must be kept in mind when you want something done RIGHT, especially something like starting and running a successful business.
As you step into your role as a business owner and leader there are many unknowns that you will have to deal with and planning properly can help you reduce the negative effects of these unknowns. Just as you know your target demographic, your ideal client, and your cost of goods sold, you also need to consider and know the sometimes obscure issues related to taxes, employees, copyrights, and contracts, among countless other things. Professionals, mentors, and advisors can help you identify these potentially hidden issues and help you reach your goals quicker and with less headache than if you try to do it all alone.
Professionals can be a profit center (proactive) rather than an expense (reactive):
Most business owners I meet have it wrong. They see professionals and advisors as an expense. They retain a professional only once they feel they are in immediate need of a specific service or once they have been forced into hiring one by an external influence in a reactive role. Successful business owners I have met use professionals and advisors to ADD value to their business; they see these professionals as an opportunity for growth, a way of making sure that the ‘unknowns’ are covered by someone who DOES know in a proactive role. Do you get yearly checkups or wait until you have to be rushed to the emergency room?
Just like in medicine, preventative, proactive care is the best solution for your business. You go for a yearly checkup, you monitor your blood pressure, you exercise and eat well to ensure (or at least reduce the chances) that you will need to rush to the emergency room.
It just makes good sense to treat your business with similar sensibilities. Build your team of professionals to increase your chances of success and reduce issues such as:
- Choose an available business name BEFORE you infringe on another’s;
- Form the proper entity for your business;
- Properly form your corporation BEFORE the state comes to you with penalties;
- Properly draft client service contracts BEFORE your clients stiff you or expect more than what they paid for;
- Properly classify workers as employees or independent contractors BEFORE you are hit with fines and penalties;
- Ensure all the work done by your employees and independent contractors is owned by you BEFORE they hold your website up for ransom;
- Ensure that your contracts and agreements actually memorialize the agreement you believe you are agreeing to;
- Draft a proper partnership agreement BEFORE you and your partner find yourself at odds with one another and the business in a standstill;
- Use your content and brand strategically to open additional revenue streams or bring about new partnerships and affiliates;
- Develop policies and procedures to preserve your business trade secrets and other intellectual property;
- Plan for someone else to take over your business in the future, whether through a sale or by passing control on to heirs.
Unfortunately business plans are not one size fits all. Your friend’s contract or the tax information you found in your online search may have worked for another business, but each business has its own set of circumstances, intricacies, goals, and visions that may require an expert’s perspective for proper planning and execution.
The reason to hire an attorney such as myself is to be proactive and prevent costly, stressful, and time consuming errors and issues later on that will not only eat your money, but your time. You don’t know what you don’t know, so work with someone that does know. Working with professionals can give you an idea of what to expect so you can avoid issues, make better, quicker, more informed, and more profitable decisions.
Building a business is a team effort. In order to accelerate your path to success professionals and advisors should be part of your A-Team. You should build your team and partnerships before issues arise in order to be prepared with a strong foundation and to have the ability to respond quickly before issues arise. A deep understanding about where you are in your business makes the road ahead smoother and more navigable for everyone. The more an advisor or a professional knows about your business the more value we can add to the relationship and the better we will be able to help you see into your crystal ball. Do what is best for your business and contact a professional today, the one you have been hesitating to speak with.
Together we can best strengthen your business by covering all legal bases from entity formation to client contracts to intellectual property protection. Ultimately we can accelerate your path to success.
DISCLAIMER: The information contained in this article is for informational purposes only and is not legal advice or a substitute for obtaining legal advice from an attorney.
Law Office of Jason H. Rosenblum, PLLC © 2015 All rights reserved.