- November 07, 2013
- Blog, News & Events
Our law firm represents several hundred companies on a daily basis. Our clients range in size (employee and revenue wise), however, we see some common themes with our financially prosperous and growing clients.
We thought that we would share some of these characteristics so that you could apply to your company. As individuals and business owners, we should never stop striving to get better every day. You only live life once; live it to the best of your ability. Many of us at TEAM POTENTE are former and current athletes. When you turn off the lights at the end of the day, ask yourself the following: “did I leave it all on the field today”?
Here’s POTENTE’S HOT 10 LIST FOR NOVEMBER 2013:
1. Never operate your business in a scared or reactive mode (if you’re easily intimidated or are scared of lack of financial security, DO NOT elect to pursue the self-employed route—being in business takes SERIOUS GUTS);
2. Avoid people and relationships who waste your time; your time is the most precious gift that you can give someone;
3. Fostering a positive work environment and having an open door policy for your employees to voice their concerns; be generous with employees; this doesn’t always have to mean salary, but other goodwill gestures go a long way;
4. Properly handling and managing the emotional peaks and valleys of being in business (i.e. never get too high or too low);
5.Know your key target customer demographic and stick with it;
6.Learn how to effectively manage cash flow through well managed accounts receivable and accounts payable;
7.Don’t try to do your own books (you aren’t a bookkeeper and never will be); hire an experienced bookkeeper that understands how to properly prepare the books (your CPA will be extremely grateful);
8.Hire a skilled CPA who has extensive experience preparing and advising businesses on tax matters;
9.Effectuate a properly drafted shareholder/membership agreement between the owners of the entity; and
10. Consult with your corporate legal counsel and avoid “winging it” through the Internet or “do-it-yourself” websites.