Make sure you have solid foundations.
Have you ever seen a skyscraper being built?
The first thing they do to build it is to dig down.
It’s a little strange to see, but it makes sense if you think about it.
By digging down and making sure all the foundations are in place, and making sure they are rock solid… the building can then reach up towards the sky.
Without the rock solid foundations the building could topple and crash to the ground.
Unfortunately that’s what happens to some businesses.
Some owners neglect, ignore or are ignorant of some of the ‘foundations’ that MUST be in place to allow the business safe and secure business growth.
The things we are covering aren’t as exciting or as ‘glamorous’ as the topics that most business owners want to delve into like marketing, or team training… yet the areas are fundamental to the success of your business.
And they are topics that all multi-million dollar business owners are great at… and follow religiously.
Although they aren’t as glamorous – they are still fundamental to the successful growth and in some cases – the existence of your business.
So please don’t fall into the trap of ignoring these areas like some business owners do – because you can find yourself in serious trouble.
Insurances – Go over the kind of insurances that you need, and your business needs in case of any form of mishap, act of god and/or litigation. There are some critical ones that you need to be aware of. And there’s some that you may not have thought of that are fundamental to your business. So check them out and put them into place.
Contracts – How good are the contracts you have in place? Do you have any? Do you have them with your team and suppliers?
Make sure you’re working with a good contract lawyer to make sure you’re adequately protected in your contracts. Don’t just copy other people contracts; get them done specifically for your business.
Disclaimers – With the increasing rate of litigation make sure you are working with your lawyer to protect yourself from any type of litigation that may occur.
Technology – Find the appropriate levels of technology for your business so you can become more effective and efficient with your current workloads… and make sure you’re continually taking care of your current technology and updating regularly before the need arises.
Technology is only a cost if you don’t use it. When you use it, it’s an investment.
Software – When you start off in business you can get away with rip off versions of software. Yet when you’re aiming to grow – get the real versions.
I recommend it.
As you start to grow and you’re producing data that’s becoming more and more valuable you need to protect it and have constant support and access to it.
If you don’t have the ‘real McCoy’ you can say goodbye to sometimes years of hard work.
Back ups Virus Protections – Make sure you’re following the guidelines of backing up your data and keeping up-to-date virus software as well.
The data on your computer has taken you and your business literally thousands of hours at around $20 per hour. So you’ve probably got $100K or more worth of data on your system. Back it up, and store it off site.
If you’re online – you’ll know how many viruses are around. So get yourself a great system and update it daily.
I use Vet and I update it daily.
Correct Asset Protection – There’s no point making great money and building wealth if – seemingly at the drop of a hat – you lose it all. It happens because of poor asset protection. Make sure your assets are protected.
Get yourself a good asset protection lawyer and accountant.
Statutory Obligations – Be aware of all the statutory obligations that you have of running and owning a business – and comply with them. It’s the law.
Taxation – Make contact and work with the tax office often to understand all the different forms or taxation that you and your business are subject to. Know when payments are due, budget for them and make sure you get everything in on time.
Rateable Remuneration – As your business grows and you employ more and more people make sure you’re updating your rateable remuneration with WorkCover. Otherwise you can be stuck with an unpleasant bill or even be fined.
Time Off – Like the axe man that cuts wood. You’ve got to take time off to sharpen your saw. Otherwise it just becomes blunt and ineffective.
Time off helps charge up your batteries – and it also makes your team step up when you’re away.
Regular time off will have you feeling fresh and ‘on-the-ball’.
There may be many more things that you can do for your business to make sure you have nice strong foundations in place for growing your business.
Go through all the potential areas and topics that are specific for your business – and make sure they are in place. That way you’re geared up for growth.
Copyright © 2006 by Casey Gollan. All Rights Reserved