What Makes Small Business Owners Toss and Turn At Night
Small business owners are required to wear many hats if they want to ensure that their businesses are successful. Engaging the services of a professional, such as an attorney or accountant, can help ease some of the stresses that business owners face. Here are some of the top reasons business owners are tossing and turning at night:
- Increased Revenue/Profits: The number one concern voiced by business owners is how to take their sales to the next level. Almost every aspect of the business must be considered when making a plan to increase profits. Does the business need outside investors or financing? How can things run more efficiently? Do employees need to be added and/or removed?
- Attracting and Retaining Talent: It is very important to create a positive culture and work environment to retain talented employees. Business owners should consider having a signed employment agreement that lays out all the terms of someone’s employment. Additionally, they should plan for the sudden exit of key employees in order to protect from interruption to the business.
- Legal Liability: There are a lot of legal concerns that come into play when running a business because there are local, state, and federal laws that need to be considered. Many business owners are hustling to run their day-to-day business and should engage with an attorney to advise them on the legalities involved in the business and alleviate some of the legal pressures on business owners.
- Succession/Disaster Planning: Business owners are a key part of the business, so what happens if they are sick, injured, or ready to retire? Succession planning should be done at least three years before the owner plans to exit. It is important that the business owner identifies how much they will need during retirement and who is qualified to take over the business.
Oftentimes, business owners try to solely run their business, which could do more harm than good for their business. Business owners should surround themselves with a team of trusted advisors to turn to for advice and guidance. Our business attorneys at NC Planning enjoy the opportunity to help business owners juggle their many hats and we are committed to relieving the legal pressure placed on small business owners.