Business systems
Business Planning

The Power of Business Systems to Boost Your Company’s Success

Running a business is like conducting an orchestra. Every section needs to play in harmony to create beautiful music. In the world of business, your systems are the sheet music that keeps everything in sync. Whether you're managing a small startup or a growing enterprise, having effective business systems can be the difference between hitting a high note and falling flat. Let's explore how you can harness the power of business systems to boost your company's success.

Streamline Your Operations for Peak Performance

Imagine trying to cook a gourmet meal without a recipe. You might eventually get there, but it would be chaotic, time-consuming, and the results would be inconsistent. That's what running a business without proper systems is like. By implementing well-designed business systems, you create a recipe for success that your team can follow every time.

Start by identifying the core processes in your business. These might include customer service protocols, production workflows, or financial reporting procedures. Once you've pinpointed these key areas, document each step clearly. Use flowcharts, checklists, or step-by-step guides to make the information easily digestible. Remember, the goal is to make these processes so clear that anyone could step in and complete the task with minimal training.

With streamlined operations, you'll notice a significant boost in productivity. Your team won't waste time reinventing the wheel for every task. Instead, they'll follow established procedures, allowing them to work faster and more efficiently. This newfound efficiency frees up time and mental energy, which your team can then redirect towards innovation and growth initiatives.

Build Consistency and Trust with Your Customers

In today's competitive market, consistency is king. Your customers expect the same high-quality experience every time they interact with your business. Whether they're buying a product, seeking customer support, or engaging with your brand online, inconsistency can quickly erode trust and loyalty.

This is where your business systems shine. By standardizing your processes, you ensure that every customer interaction follows the same blueprint for success. From the way your team answers the phone to the steps involved in fulfilling an order, having clear systems in place guarantees a uniform experience.

Think about some of the most successful brands in the world. Whether you walk into a Starbucks in New York or Tokyo, you know exactly what to expect. This level of consistency doesn't happen by chance – it's the result of carefully designed and implemented business systems.

To build this kind of consistency in your own business, start by mapping out the customer journey. Identify every touchpoint where a customer interacts with your brand. Then, create standard operating procedures for each of these interactions. Train your team thoroughly on these procedures and regularly audit their performance to ensure adherence.

As you build consistency through your systems, you'll notice an increase in customer satisfaction and loyalty. Happy customers are more likely to become repeat buyers and brand advocates, fueling your business growth.

Adapt and Grow with Confidence

In the fast-paced world of business, change is the only constant. Market trends shift, new technologies emerge, and customer preferences evolve. Without proper systems in place, adapting to these changes can feel like trying to turn a large ship with a small rudder – slow and cumbersome.

However, when you have robust business systems, you create a framework that's flexible enough to accommodate change while maintaining stability. Think of your systems as the strong roots of a tree. They provide a solid foundation, allowing your business to bend with the winds of change without breaking.

To build adaptable systems, focus on creating processes that are modular and scalable. Break down complex operations into smaller, manageable components. This approach allows you to update or replace individual parts of the system without overhauling everything.

Regularly review and update your systems to ensure they remain relevant and effective. Encourage feedback from your team members who use these systems daily. They often have valuable insights into what's working well and what could be improved.

By maintaining adaptable systems, you position your business to seize new opportunities quickly. Whether you're expanding into new markets, launching new products, or pivoting your business model, your systems provide the structure to implement changes smoothly and efficiently.

Take the Next Step to Unlock Your Business Potential

As your trusted LIFTed Business Advisor, I can guide you through the process of implementing these powerful business systems and other strategies to help your company thrive. That's why I offer a LIFT Business Breakthrough Session, where we'll dive deep into your current legal, insurance, financial, and tax systems, then identify any areas that need improvement. Together, we’ll ensure your business is primed for growth, giving you the freedom and success you've been striving for.

Book a call today to start your journey toward a more successful, systematic, and scalable business:

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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microloan
Business Planning

Microloans: Your Gateway to Small Business Success

Are you dreaming of starting your own business but struggling to find the funds? Or maybe you're a small business owner looking for a financial boost to take your venture to the next level? If traditional loans seem out of reach, microloans might be the answer you're looking for. In this article, you'll discover how these small but mighty loans can help you achieve your business goals.

What Are Microloans and How Do They Work?

Imagine having access to a small amount of money that could make a big difference in your business. That's exactly what microloans offer. These are small loans, typically under $50,000, designed specifically for startups, small businesses, and entrepreneurs who might not qualify for larger, traditional loans.

Microloans work differently from the loans you might get from a big bank. Instead of dealing with complex application processes and strict requirements, you'll find that microloan providers often take a more personalized approach. They're interested in your business idea, your plan for success, and your potential for growth.

When you apply for a microloan, the lender will look at factors like your business plan, credit history, and how you plan to use the money. Don't worry if your credit isn't perfect – many microlenders are willing to work with borrowers who have less-than-ideal credit scores.

One of the best things about microloans is their flexibility. You can use the money for various business needs, such as:

  • Buying inventory or supplies
  • Purchasing equipment
  • Covering startup costs
  • Expanding your business
  • Managing cash flow

Remember, while microloans typically have higher interest rates than traditional bank loans, they're still much more affordable than credit cards or payday loans. Plus, they offer the added benefit of helping you build your credit as you repay the loan.

Where Can You Find Microloans?

Now that you know what microloans are, you're probably wondering where you can get one. The good news is that there are several options available to you:

The Small Business Administration (SBA): The SBA's Microloan Program is one of the most well-known sources of microloans. They work with intermediary lenders to provide loans up to $50,000. Along with the loan, you'll often get access to business training and technical assistance to help your business succeed.

Nonprofit Organizations: Many nonprofits offer microloans as part of their mission to support small businesses and economic development. Organizations like Accion USA and Grameen America focus on helping underserved entrepreneurs, including women, minorities, and low-income individuals.

Online Lenders: The digital age has brought new options for microloans. Platforms like Kiva use a unique crowdfunding model where individuals can lend small amounts to support your business. These loans often have very low or even zero interest rates.

Community Development Financial Institutions (CDFIs): These organizations focus on economic development in underserved communities. They often offer microloans along with other financial services and support.

Credit Unions: Some credit unions offer microloan programs for their members. These can be a good option if you're already a member of a credit union or looking to join one.

Friends or Family: your friends and family may be the best source of a micro-loan to your business. If you seek a micro-loan from a friend or family member, take it as seriously as you would applying for or receiving a micro-loan from a bank or credit union. That means you must document the agreement clearly, in service to the relationship. And that’s where we come in. If you are going to take a loan from friends or family, contact us to prepare the documentation related to the loan, and help you keep the relationship healthy. When choosing a microlender, consider factors like interest rates, repayment terms, and any additional support or resources they offer. Don't be afraid to shop around and compare options to find the best fit for your business needs. And, be sure to have us review all agreements before you sign anything. There can often be “gotcha” clauses that could come back to bite you later.

How to Increase Your Chances of Getting a Microloan

Securing a microloan isn't always a walk in the park, but there are steps you can take to improve your chances:

Polish Your Business Plan: Your business plan is your chance to show lenders that you're serious about your venture. Make sure it's clear, concise, and shows how you plan to use the loan and repay it.

Improve Your Credit Score: While many microlenders are flexible about credit, a better score can still help you get better terms. Pay your bills on time, reduce your debt, and check your credit report for errors.

Prepare Your Financial Documents: Gather your tax returns, bank statements, and financial projections. Having these ready shows that you're organized and serious about your business.

Be Ready to Offer Collateral: Some lenders might ask for collateral to secure the loan. This could be business assets or even a personal guarantee. Understand what this means before you agree.

Show Your Passion: Microlenders often want to support passionate entrepreneurs. Be ready to talk about why your business matters to you and how it will impact your community.

Start Small: If you're new to business loans, consider starting with a smaller loan amount. Successfully repaying a small loan can help you build a relationship with the lender and potentially qualify for larger amounts in the future.

Take Advantage of Support Services: Many microlenders offer business coaching or training. Take advantage of these resources – they can help you succeed and show the lender that you're committed to your business's growth.

Remember, getting a microloan is about more than just the money. It's an opportunity to build relationships, improve your financial management skills, and set your business up for long-term success.

The Advisor You Need, No Matter What Happens

As your trusted LIFTed Business Advisor, I understand the challenges of securing funding for your small business or startup. That's why I offer a comprehensive LIFT Business Breakthrough Session to analyze your foundational business systems, identify any gaps, and get them all squared away so your business is ready for growth. With my support, you can confidently approach microlenders and focus on bringing your entrepreneurial vision to life. Your dream business is within reach, and I'm here to help you grab it!

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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Business data
Business Planning

Demystifying the Data for Small Business Owners

Are you overwhelmed by the sheer volume of data your business generates? Do you wonder which numbers are essential for making informed decisions? If so, you're not alone. Many business owners need help identifying key performance indicators (KPIs) that can provide valuable insights into their operations.

In this article, we'll demystify data tracking and provide a clear roadmap for identifying your business's most important numbers. We'll discuss the fundamentals, delve into industry-specific metrics, and offer practical tips for implementing a data-tracking system. And we’ll lay it out in list format to keep it as straightforward and uncomplicated as possible.

The Fundamentals of Data Tracking

Before we dive into specific metrics, let's establish a solid foundation. At its core, data tracking is about collecting and analyzing information to measure performance, identify trends, and make informed decisions. By understanding the key metrics that drive your business, you can gain a competitive edge, optimize operations, and achieve your goals. You can also make business decisions with your eyes wide open.

Here are some essential financial metrics that every business should track:

Revenue: This is the total income your business generates from sales of products or services.

Costs: This includes all expenses incurred in running your business, such as salaries, rent, utilities, and materials.

Profit. The dollar amount of revenue that remains after deducting costs and expenses.

Profit Margin: This is the percentage of revenue that remains as profit after deducting costs.

Cash Flow: This refers to the movement of money into and out of your business.

Debt-to-Equity Ratio: This measures your business's leverage and financial stability.

If you aren’t currently tracking these numbers, or if you are but don’t know how to interpret them so that you can make informed decisions for your business, it’s time to get support. I can help. Read to the end, and I’ll show you how to book a call with me for more information.

While tracking these numbers is essential, it's important to remember that you’ll also have other data to track, depending on your industry and business model.

Tailoring Your Data Tracking to Your Industry

Each industry has its own unique set of metrics that are particularly relevant. For example, a retail business might focus on sales per square foot, customer acquisition cost, and inventory turnover. A manufacturing company might track production efficiency, defect rates, and cost per unit.

Depending on your industry, consider tracking the following metrics:

Retail: Sales per square foot, average order value, customer lifetime value, inventory turnover, and customer satisfaction.

Manufacturing: Production efficiency, defect rates, cost per unit, lead time, and on-time delivery.

Service: Customer satisfaction, net promoter score, average revenue per customer, and employee turnover.

Technology: Customer acquisition cost, customer churn rate, monthly recurring revenue, and time to market.

These are just a few examples. In order to know exactly what you should be tracking for your business, get support tailored just for you. Doing so will give you a complete picture so you can benchmark your performance against competitors, identify areas for improvement, and make clear, informed decisions.

Implementing a Data Tracking System

Once you know which metrics to track, it's time to implement a system to collect and analyze your data. Here are some tips to get you started:

Choose the right tools: There are many software options available, from simple spreadsheets to advanced business intelligence platforms. Select a tool that meets your needs and budget.

Define your goals: Determine what you want to achieve with your data tracking. This will help you prioritize which metrics to focus on.

Collect data consistently: Ensure that data is collected accurately and on a regular basis.

Analyze and interpret: Use data analysis tools to identify trends, patterns, and insights.

Take action: Based on your analysis, make informed decisions to improve your business.

One word of caution here. Do not attempt to track these metrics by yourself! This is not the best use of your time as a business owner. Your job is to meet with the people who are tracking this data for you and then make decisions based on an analysis of the data.

And remember, data tracking is an ongoing process. As your business evolves, your data needs may change. Continuously review your metrics and make adjustments as necessary.

By understanding the fundamentals of data tracking, tailoring your metrics to your industry, and implementing a robust system, you can harness the power of data to drive your business forward. Don't let the complexity of numbers overwhelm you. With the right approach, data can be your greatest ally in achieving success.

The Advisor You Need So You Can Make Decisions With Your Eyes Wide Open

As your trusted LIFTed Business Advisor, I understand the importance of data-driven decision-making. It’s the only way to make decisions with your eyes wide open. That's why I offer a comprehensive LIFT Business Breakthrough Session, where we'll analyze your current foundational systems and identify opportunities for improvement. Then, we’ll develop a plan to help you achieve your highest business goals.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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business decisions
Business Planning

A Guide to Recent Supreme Court Wins for Small Businesses

As a small business owner, you must constantly navigate a complex legal landscape. From federal regulations to local ordinances, it's hard to keep up with all the laws that affect you, but if you don't, you could suffer the consequences.

In this article, I'll simplify the recent legal landscape for you by examining a few recent Supreme Court decisions and explaining how they affect your business. Then, I'll show you how to get ongoing support so you never have to keep up with changes in the law on your own.

We'll start with the most significant recent law change, the “Chevron Doctrine.”

Fewer Restrictions on Small Businesses

One of the most significant rulings for small businesses this year was the Supreme Court's decision to overturn something called the “Chevron Doctrine.” This doctrine refers to a decision that became law in 1984, giving federal agencies broad authority to interpret laws and regulations. In essence, if an agency's interpretation was reasonable, courts had to defer to it, and businesses were bound to it.

This often led to situations where small businesses were faced with confusing or overly burdensome regulations. The Supreme Court's decision to overturn the Chevron Doctrine means that courts will now have more power to review and challenge agency interpretations. This is a major win for small businesses, as it gives them more leverage to fight back against unfair regulations.

To better illustrate the impact of the Chevron decision, let's consider the case of a small manufacturing company. This company was facing a significant increase in regulatory costs due to a new Environmental Protection Agency (EPA) rule. The company believed that the EPA's interpretation of the rule was unreasonable and would put its business at risk. After all, small business owners have fewer resources than their big-business counterparts, so compliance could mean the difference between financial success and financial ruin.

Before, the company would have had limited options to challenge the rule. However, after the Chevron Doctrine was overturned this year, the company was able to file a lawsuit arguing that the EPA's interpretation was unlawful. The court agreed with the company and struck down the rule.

More Protection from Unfair Regulations

In addition to overturning the Chevron Doctrine, the Supreme Court also ruled in favor of small businesses in several other cases. For example, the Court struck down a rule that allowed the Securities and Exchange Commission (SEC) to pursue enforcement actions against small businesses without providing a jury trial. This is a significant victory, as it protects small businesses from potentially unfair and costly legal proceedings.

The Court also ruled that small businesses can challenge federal regulations even if they haven't been directly harmed by them. This is important because it allows small businesses to fight against regulations that could potentially harm them in the future.

Additional Supreme Court Victories

In addition to the cases discussed above, the Supreme Court has also ruled in favor of small businesses in several other areas. These include:

Labor law: The Court has ruled that small businesses have the right to require employees to sign arbitration agreements, which can help to resolve disputes more efficiently.

Tax law: The Court has ruled that small businesses can deduct certain expenses related to their businesses, even if these expenses are incurred for personal purposes.

Property rights: The Court has ruled that small businesses have the right to challenge government takings of their property, even if the government is acting in the public interest.

These recent Supreme Court decisions are a major victory for small businesses. They demonstrate that the Court is committed to protecting the rights of small business owners and preventing them from being overwhelmed by burdensome regulations.

As you continue to grow your business, it's important to stay informed about the latest legal developments. By understanding your rights and knowing how to protect your business, you can increase your chances of success.

How to Stay Informed About Legal Developments On Your Own

As a small business owner, it's important to stay informed about the latest legal developments so you don’t run afoul of the law, and so you can take advantage of changes in the law that benefit you. If you want to stay on top, here are some tips for staying up-to-date:

Leverage online resources: Government websites are updated often, especially when there’s a recent change in the law, so make sure you have a system for reading them often. You can also check out websites for industry associations, as they will also inform you when a law change affects that particular industry. Additionally, if you are active on social media, follow experts in the industry, as they may keep readers notified of any updates.

Attend conferences: Many industries hold conferences where you can not only network with other business owners but also stay informed about topics affecting that industry.

Follow legal blogs and websites: There are many legal blogs and websites (like this one!) that cover issues relevant to small businesses. Be sure to follow those that publish frequently, as many do not. You don’t want to rely on outdated information.

Finally, know that many types of law affect your small business and the law can change often. If you aren't staying on top of these changes, you may find yourself at a disadvantage in the marketplace, or worse. However, it takes an investment of time and energy to keep abreast of the constant changes in the law, and it’s probably not the highest leveraged activity for you. You should use that time to focus on only the things you can do to push your business forward.

We Keep You Informed About Changes in the Law So You Can Focus on Your Business

As a small business owner, your time is valuable. Trying to keep up with the constantly changing legal landscape is not only time-consuming but can also lead to costly mistakes. Instead of wasting your precious resources on legal research, let me handle it for you. As your LIFTed Business Advisor, I'm committed to informing you about the latest legal developments affecting your business. By staying up-to-date on relevant laws and regulations, I can help you avoid costly legal pitfalls and ensure your business is protected.

Schedule a call with me to learn about my LIFT Business Breakthrough Session, where we’ll take a deep dive into all your business systems, including legal, identify any gaps that could put your business at risk, then create a plan for getting your business on solid footing. With the right plan in place, you can focus on what you do best—growing your business.

Book a call here to get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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Business
Business Planning

Is a Four-Day Workweek the Future of Business?

The concept of a four-day workweek has gained significant traction in recent years, with many companies experimenting with this innovative approach to work-life balance. While the idea of having an extra day off each week may seem like a dream come true, the reality is more complex. Let's delve into the pros and cons of this trend and explore whether installing a four-day workweek would suit your business.

The Appeal of the Four-Day Workweek

The allure of a four-day workweek is undeniable. Imagine having an extra day each week to relax, spend time with loved ones, pursue hobbies, or simply unwind. The potential benefits for both employees and employers are significant.

For employees, a shorter workweek can reduce stress, improve job satisfaction, and improve overall well-being. Studies have shown that a four-day workweek can reduce burnout, increase productivity, and enhance work-life balance. When you have more time for yourself, you're less likely to feel overwhelmed and more likely to be motivated and engaged in your work.

For employers, a four-day workweek can offer several advantages. It can help attract and retain top talent, as many job seekers prioritize work-life balance. Additionally, a shorter workweek can lead to reduced turnover, which can save companies time and money. Furthermore, a four-day workweek can have a positive impact on the environment by reducing commuting and energy consumption.

Speaking of attracting top talent, here’s some food for thought as you plan your company’s future: as Generation Z enters the workforce, they bring a new perspective on work-life balance. Unlike previous generations who may have prioritized high salaries and career advancement, Gen Z is more concerned with finding jobs that align with their values and provide a healthy work-life balance. This shift in priorities is driven by a desire to avoid the burnout and dissatisfaction experienced by older generations. Gen Zers want careers that allow them to pursue their passions, spend time with loved ones, and maintain a fulfilling personal life.

The Challenges of Implementing a Four-Day Workweek

While the benefits of a four-day workweek are clear, there are also challenges to consider. One of the biggest hurdles is scheduling. Coordinating schedules within teams and with clients or customers can be more complex when everyone is working fewer days. Additionally, reduced operating hours may impact customer service availability.

Another potential issue is the increased workload per day. To maintain productivity, employees may need to work longer hours on the days they do work. This could lead to fatigue and burnout if not managed properly. Furthermore, reduced face-to-face interactions could impact teamwork and knowledge sharing.

Now that we’ve considered the pros and cons of a four-day workweek let’s consider whether it would benefit your business. We’ll start by considering the industries best suited for this change.

The Best Industries for a Four-Day Workweek

Certain industries are more suited to a four-day workweek than others. Knowledge-based industries, such as technology, finance, and consulting, often benefit from flexible work arrangements. Creative industries, like design and marketing, can also thrive with a shorter workweek. Service industries, such as customer support and call centers, may also be able to experiment with a four-day workweek, especially if AI (artificial intelligence) can stand in for humans.

However, industries that require continuous operations, such as manufacturing or healthcare, may face unique challenges in implementing a four-day workweek. These industries often involve essential services that cannot be interrupted.

Is the Four-Day Workweek the Future of Business?

A growing number of small businesses are testing the waters - and the results are positive. A recent article in Inc. magazine shows that companies such as Tones of Melanin, POV Agency, and Bird Hill PR, are finding that a four-day workweek not only improves employee satisfaction but also boosts productivity and profitability. These companies have experienced increased employee morale, reduced burnout, and enhanced work-life balance, leading to better employee retention and overall business performance. POV Agency, in particular, found that employees became more focused and efficient during their shorter workdays. 

If you’re considering making the shift to a four-day workweek in your business, know that success depends on careful planning, effective implementation, and a supportive company culture. By addressing the potential challenges and leveraging the benefits, you can create a more sustainable and fulfilling work environment for your employees.

The Advisor You Need, The Guidance You Want

The four-day workweek is a trend that is likely to continue gaining momentum. While there may be challenges to overcome, the potential benefits for you as a business owner may make it a compelling option.

As your trusted LIFTed Business Advisor, I understand the impact significant changes can have on your business - if you don’t have the right foundations in place. That’s why I offer a LIFT Business Breakthrough Session, where we'll analyze your current legal, insurance, financial, and tax systems and identify any gaps that could negatively impact your business. Then, together, we'll ensure that your business is prepared to navigate any changes that set your company and employees up for success.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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Business Planning
Business Planning

Advanced Planning Saved This Business and It Can Save Yours, Too

Imagine you're playing a friendly game of disc golf with your spouse. Suddenly, you lose control of your left hand, and for a terrifying five minutes, you can't speak. Your face droops and your body feels numb. You might think you're too young to be having a stroke—but that's exactly what happened to Jenny Bristow, the 40-year-old founder and CEO of Hedy & Hopp, a healthcare marketing company based in St. Louis.

Jenny’s story is a wake-up call for every business owner. You never know when a personal crisis might strike, and you need to be ready. Planning could make all the difference in keeping your business afloat and thriving, just like Jenny managed to do. So, in this article, we’ll look at what advanced planning is, what strategies you can take to get your business ready for the unexpected, and what you can do now to get your plan in place.

What if You Found Yourself in a Crisis?

Jenny Bristow never expected to suffer a stroke, especially at just 39 years old. While enjoying a vacation with her husband in Arizona, she suddenly lost control of her left side and struggled to speak. Jenny had experienced a major ischemic stroke, one that left her facing a series of health problems in the months that followed. During that time, she endured another mini-stroke, debilitating migraines, and memory issues that left her unable to work for more than an hour a day.

For most business owners, this would spell disaster. You know how vital it is to be involved in every aspect of your company, from overseeing daily operations to planning for future growth. But what if, like Jenny, you found yourself suddenly unable to work? What would happen to your business? Would your business continue or come to a screeching halt?

Luckily, Jenny planned ahead with a thoughtful succession plan, and thanks to her careful planning and preparation, Hedy & Hopp didn’t just survive; it thrived. The company is now on track to nearly double its revenue to $4 million, all because Jenny took steps to prepare for the unexpected well before it happened.

I want to double-click on that last phrase: “well before it happened.” It’s so tempting to brush off any kind of planning for unpleasant things, like incapacity and death, especially if you think the chances are slim that either will happen to you any time soon. But if you don’t plan ahead of time, it could be too late. Your business will already be at risk.

So, what can you do to start planning now while you can? Read on.

How You Can Prepare for the Unexpected

Here are some strategies to get you and your business ready for any crisis:

Build a Strong Team: Your employees are your most valuable asset, especially when you’re not around. Make sure you have trusted employees who understand your vision and can keep the business moving forward in your absence. Train them well, empower them to make decisions, and keep them informed about critical aspects of your business. Create an environment where your team feels comfortable taking the initiative and solving problems. The goal is to create a team that can function independently so your absence doesn’t stop progress.

Document Your Processes: Think about all the daily operations that keep your business running smoothly. Are they written down somewhere? If not, start creating a manual that outlines each step. This could include managing clients, handling finances, or dealing with unexpected situations. When your team has a clear guide, they can keep things moving even if you’re not there to give directions. This documentation can make a world of difference in how smoothly things go when you’re away.

Secure Your Financial Future: Money issues are one of the biggest threats to any business. Make sure you have an emergency fund set aside for your company. This fund can help cover expenses if revenue slows down because of your absence or any unexpected challenges. Also, consider insurance policies that protect you in case of severe illness or disability. Life insurance, disability insurance, and key person insurance can all help ensure that your business has the financial resources to continue, even if you cannot be there yourself. Having a financial safety net in place gives your business the best chance to survive and thrive, no matter what comes your way.

Prepare for Leadership Transitions: Even if you don’t plan on leaving your company anytime soon, having a succession plan is a good idea. Identify who would take over in your absence, and make sure they’re prepared to step into a leadership role if needed. This might mean grooming a second-in-command, developing leadership skills in several key employees, or even considering an outside hire who could step in temporarily. Whatever approach you choose, make sure you have a clear plan in place so that your business isn’t left scrambling in the event of an unexpected change.

Communicate Clearly: Inform your team about your plans and ensure they understand their roles in your absence. Open communication builds trust and ensures everyone is on the same page. Schedule regular check-ins to review processes, discuss any changes, and address any concerns your employees might have. When your team knows what to expect, they’re better equipped to handle any challenges that come their way.

Stay Adaptable: Life is full of surprises, and the best-laid plans sometimes need to change. Stay flexible and be ready to adapt your strategy as needed. If you encounter a challenge you didn’t anticipate, don’t be afraid to pivot. Look for new solutions, ask for help if needed, and keep your focus on the long-term success of your business. The ability to adapt quickly and effectively is one of the most valuable skills any business owner can have.

Your Next Step

So, what steps should you take today to protect your business from the unexpected? Start by assessing your current situation. Do you have the right team in place? Are your processes documented? Do you have an emergency fund and the appropriate insurance? Then, consult with a trusted advisor who can guide you.

As your LIFTed Business Advisor, I know how a personal crisis can disrupt your business in ways you might never expect. That's why I offer a comprehensive LIFT Business Breakthrough Session, where we'll review your current business foundations, including what plan is in place to protect your company in case of unexpected events like a health crisis, and identify areas that need improvement. Together, we'll create a comprehensive plan that ensures your business can thrive no matter what life throws your way. With my guidance, you can build clear processes, and secure your company’s success so you can focus on what you do best—running and growing your business.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.

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