Building Your Business on a Healthy Foundation
As you build your business from the bottom up, it’s important to have a solid foundation in place. Each building block strengthens the structure; if one or more blocks are missing, your business may not collapse, but it will be more vulnerable and less valuable. Hunter Business Law encourages you to build your business on a healthy foundation so you can be rewarded with the maximum return on your investment of time and money.
5 Aspects of a Healthy Business
1. Well Maintained Business Entity.
All new and existing business entities which conduct business within Florida must register with the Florida Department of State and file an annual report between January 1st and May 1st of each year. Company records should be maintained securely and important decisions documented.
2. Protected Intellectual Property.
The value of a business includes its brand and goodwill and is significantly impacted by its intellectual property and protection thereof. IP should be protected by trademark and copyright registration, having confidentiality agreements in place and, when an option, obtaining patents.
3. Good Contracts.
Strong businesses have written contracts for internal and external use, between and among owners, investors, employees and with vendors, customers, and strategic partners. Good contracts clearly identify the expectations of the parties, including what each party will do and by when, for how much compensation.
4. Risk Management.
All businesses face risks but they can be mitigated. Healthy businesses comply with applicable laws, including tax, licensing and employment laws; obtain commercial insurance; and consult with legal counsel to help resolve disputes before lawsuits erupt.
5. Know the Numbers.
It’s not enough to know how much money is in the company’s bank account. Healthy businesses make budgets and track financial data including revenue, expenses, pro ts and losses, and the costs of all goods and services. The ability to run reports on a monthly basis and use this data to make smart decisions is crucial.
Get in touch with our team to get your business on track!