The 7 Keys to Protecting Your Business
With the swings in the economy and the uncertainty of business success that is so prevalent today, it only makes sense to do everything possible to not only protect your business but to help it grow as well.
Ed and Doug Guernsey, leaders of Guernsey and Associates, an investment services advisory firm in Northwest Florida, give the lowdown on not only new investing laws but also the seven keys to protecting, and growing, your business in an unsteady economy.
The keys are as follows:
Don’t try to do it all yourself; you have team members who have strengths that you don’t possess. Capitalize on those strengths and watch your business flourish.
Develop systems to run your business.
As Ed points out, franchises are successful because they have foolproof systems in place to keep the business running smoothly. Implement those systems so your team is always aware of your vision and direction for the company.
Make a budget and then stick to it.
This can often be easier said than done; many business owners let their checkbook run the business. This is a short sighted approach. Have another employee, even if not a partner or co-owner, to backstop you on all purchases. This “accountability” partner is crucial to keeping your spending and savings plans on track.
Give your best employees a “Golden Handcuffs” benefits package.
Many competing businesses are started by key employees who want to go it alone. Give them an incentive to stay with such benefits as a guaranteed income package; in the event of their disability or death, their family still collects their income. Keeping these key assets in your business is in your best interest and is worth your investment in their expertise.
Encourage financial awareness, not only for yourself but for your employees.
According to a Federal Reserve study, most employees spend about 20% of their working hours dealing with issues of personal finance. The more education and assistance you can give them on finance, the more productivity you will gain.
Develop a business continuity plan — or as Dr. Jim refers to it — a “living will” for your business.
This is vital for the security of your employees and provides great peace of mind. Having a plan in place for the business in the event of your disability, retirement or death is just good common sense. Your employees will thank you for it.
Develop and implement a qualified sick pay plan.
This protects your employees from taking undue tax hits in the event of a long-term disability situation, as well as protecting you from discrimination suits, as it prevents you from unfairly rewarding a better employee over a less-productive employee.
And there you have it: seven keys to protection, seven keys to growth and seven keys to business stability. Guernsey and Associates also has a CD available to both clients and non-clients called “The Seven Deadly Fiduciary Traps” available by contacting Angie at 850.476.3490. This CD has some valuable information on the role of a fiduciary (or a financial middleman) in your investing life. Check this out, as well as the multiple seminars and workshops that Guernsey and Associates offer and your business will thrive.