Introduction: What Should You Take Away?
Don’t forget that there are MANY aspects to a business—-marketing, operations, administrative, sales, finances, etc. It’s easy as business owners to get bogged down in one area or another and forget to breathe…step back…and look at the WHOLE business as opposed to one aspect. Some business owners can handle being a business owner and taking care of “the forest” without getting focused on just “the trees”—others are so focused at being good at whatever service or product they offer that its best they find someone who can run their business for them. Otherwise, no matter how GREAT your product or service is…it surely won’t last because it takes several factors to run a business, not just a good product or service.
My Story [based on my Firm or other business owners’ stories]
In law school, there is a saying “Don’t miss the forest because of the trees.” The reason law professionals said this because scared, new law students would concentrate so much on learning this particularly detailed or obscure law that they missed how that law fixed in the entire context of a legal topic or the legal field in general. This makes bad attorneys…and even worse business owners.
For example, you’d be amazed what business owners discover during our Business Legal POWER Sessions:
Here is some examples of what I have heard from Georgia business owners:
1. “My accountant set up my business structure for me. They never told me THAT was a consequence of this particular business structure.” (Solution: We converted a General Partnership to a Multi Member LLC)
2. “I never knew that I needed a buy-sell agreement. That would have been useful now that I am getting a divorce and my husband owns a portion of my business.” (Solution: We referred her to CPA to value the business and other financing options)
3. “I am looking for a way to manage customers, vendors, employees, etc.” (Solution: We taught them about cloud based CRM systems they could implement.)
4. “I really REALLY need to get on social media.” (Solution: We gave general advice about social media and referred them to our social media partner.)
5. “Long Term goals? I’m trying to get past next week’s payroll.” (Solution: We took time to ask them questions about their 5 years plus plan for their business to see what actions to take NOW to work towards those goals.)
A few lessons to be learned: Call to action!
1. Take 1/2 a day to do strategic planning for your business: Reflect on the past week’s events and plan for the upcoming week.
2. Give KLP a call at (678) 739-8109 or visit us HERE to sign up for your FREE 15 minute phone consultation or 1-2 hour Business Legal POWER Session.
3. Hire Help! If you find that your attention is lacking in an area, hire help. We offer free referrals to our business partners so give us a call.
**The “Legal Life Lessons” Series was started by Attorney Kendrick in 2012 as a way to showcase real life legal situations that either she has experienced or those within her networks have experienced. The goal is to move away from boring, white paper style discussions about the law and focus on creating comfortable conversations about real experiences in the life of Georgia business owners.**
DISCLAIMER: Kendrick Law Practice and its attorneys are ONLY authorized to practice law in Georgia and NO OTHER territory, state or country and therefore any and all legal advice is only applicable for businesses and individuals that reside and/or located in the State of Georgia. Additionally, please be advised that this communication does not create an attorney-client relationship unless there is a signed or electronically filed retainer agreement on file with the Firm.
Kendrick Law Practice, LLC – www.kendricklaw.net (practicing business law exclusively)
Keeping Georgia small businesses “IN business and OUT of Court”
P O Box 630, Lithonia, GA 30058 * (678) 739-8109
Mission Statement: To provide Georgia small businesses PASSION for and ACCESS to HIGHLY CUSTOMIZED and PERSONAL business advice AND legal counseling, including document drafting, document reviewing and negotiating services. View an audio presentation at http://www.slideshare.net/kendricklaw/why-klp-kendrick-law-practice.
Blogs at www.kendricklaw.wordpress.com
Slideshare at http://www.slideshare.net/kendricklaw