To-Do Lists Should be Evergreen
Do you have to-do lists that you check off as you complete tasks? I do.
As I was working down my list today, I started thinking: running a business is an ongoing process. Yet, often business owners cross something off their list and it is done forever in their minds. They never even consider revisiting issues like: Is your insurance coverage amount still adequate? Are there new products or services that bring more risk? Are there more competitive sources now? Read here about a new threat to your business — cyberliability.
When you hire your third employee (full or part-time, including yourself as a business owner) you are required by law to carry workers comp. Do you have it?
Are there new owners in the business? Is there an adequate buy-sell agreement to get a partner out of the business if you start to disagree? Does the existing agreement need to be changed to reflect current realities of the business and revenues? Is life or disability insurance funding a buy-out? Are the policy amounts enough to actually complete the buy-out?
Did you hire contractors when you first started to grow? Are they truly contractors? The IRS and Labor Department are cracking down on misclassified workers, both as independent contractors and salaried.
When is the last time your form contract was reviewed by an attorney? Did you draft it yourself? Steal it from a friend or friendly competitor or the internet? There may be some loopholes you have accidentally created that could prevent you from getting paid or enforcing a contract.
The takeaway is savvy business owners don’t ever completely cross things off their list. Running a business is an ongoing process.