Simple & Effective

Protecting your business wealth, income and legacy requires the proper planning and the planning requires structure. Without the right structure your planning probably won’t work as intended. The image above shows the foundational building blocks to getting it right.

Creating a plan is easier when there is a clear image of what it should look like. Let’s dig deeper into the Strategic, Legal and Financial aspects of building a better plan:

  • STRATEGY is the planning driver and it helps all of your key stakeholders to know what to do in case of emergency. Strangely this is the most overlooked component of the planning we see in the real world. What if you are injured and cannot come into work for a few months? Does everyone know the game plan if this happens? Who do you want making the critical decisions for the business when you cannot? All key stakeholders…family, employees, partners, etc… need to know.
  • LEGAL documents are critical to any strategy. They allow others to act on your behalf according to what you want and they help avoid disputes. A best practice is to keep them up to date as your business grows through scheduled periodic reviews. If your documents have been sitting in the desk drawer for more than a year without review it may result in unintended consequences should something happen when you are no longer in control.
  • The FINANCIAL plan completes the structure. It could come in the form of emergency cash, an insurance policy or other contingent financial arrangements. What good is a plan if you have no money to execute it? It is often the bridge to business survival.

The strategic plan is supported by the foundational blocks of the legal documents and the financial plan. Start there and then be sure the other components are kept current and coordinated through periodic review. This isn’t for you…it’s for your family, employees, partners, customers, vendors and community who rely and thrive on the success of the business you’ve built.

If you would like to have a conversation with us about building a better plan for your business or your business owner client please schedule and introduction meeting using the following link.

Leave a Reply

%d bloggers like this: