Years ago, I remember listening to country-western music performed by such artists as Buck Owens, Merle Haggard, and Johnny Cash, to name a few. Since then, the music of the old country-western bands (rock and hillbilly) has changed dramatically and now appeals to a much wider audience.
Buck Owens co-wrote and performed “I’ve Got a Tiger by the Tail” about a romance that became increasingly challenging, requiring more and more time, effort, and arguably, financial commitment. Much like a new romance, the growth and success of your business may in fact exceed your wildest dreams.
Without exception, my clients who run their own businesses, whether as a sole proprietor or as the CEO of a corporation, experience the same growing pains and have expressed to me their frustration and weariness moving from one crisis to the next on a daily basis. To save your sanity and keep your valuable business from veering off track, consider the following:
- If you are a sole proprietor, call your attorney to discuss creating an LLC or corporation so that you can limit your personal liability if something goes wrong
- Always maintain separate bank and credit accounts for personal and business transactions
- Hire a competent bookkeeper to generate monthly records of income and expenses and then review them religiously
- Hire an attorney to create an operating agreement that accurately reflects what you do and then review, modify and amend it as needed
- Create a working client contact list and update it monthly
- Create a trusted vendor list to build relationships with the people who serve you
- Finally, learn to give AND receive assistance from other respected members in your profession and take the time necessary to develop those relationships.
It’s never easy to hire another person to weigh in on what you are doing, or to delegate your work. I understand. If you can’t do all the things on this list (which is the “short” version), try one or two. In no time, you’ll have some basic controls in place to help you manage your growing business even on the most stressful of days.
Interested in learning more? Give me a call at 775-392-4223 or email me at feedback@dterralaw.com.
