Building a business has it’s challenges and rewards like everything else we face in life. Whether you are a start up or an established business the following are my must haves to owning a successful company.
Seek advice from both a CPA and an attorney before you incorporate. Both professionals should have significant experience in this area and ask for referrals. You need to understand the pros and cons of establishing an entity and the differences.
If you have partners, develop a solid buy sell agreement and recognize it will stay locked in filing cabinet until you sell your firm or there is a trigger event such as death, disability, or divorce with your partner. This is your prenuptial for your business and you will never love a partner like a spouse so this document is essential.
Invest in accounting software that will provide meaningful reports to manage your business. Professional service firms should compare accounting software packages and make sure it meets needs for offering services to the federal government.
Hire slow and place staff in the right roles for success. This isn’t easy to do when you are a small firm and need staff to accomplish several roles in a position. Invest in solid training programs, motivate and reward accordingly, and communicate performance effectively.
Develop a strategic planning process that works for your firm. Include all levels of staff in your planning process. Some of the best ideas can come from employees that are not your senior leadership team.
Growth initiatives are typically more successful when you plan accordingly. Mergers and acquisitions need a thorough due diligence and a planned integration.
Entities have a life cycle and consider your exit strategy no later than five years before you plan to leave or retire.
Communicate with your staff, clients, and and leadership team often.
Please don’t hesitate to call me if I can provide value to your firm…