A Simple Formula to Sustained Business Success
As we head into 2018, business owners all over the world are feeling recharged, refreshed, and looking
for ways new to increase their business results. And while a number of options exist to impact your
business’ bottom line, there’s really only one way to ensure its long term success.
I call it a simple formula for sustained business success, and it looks like this:
Business Growth + Asset Protection = Sustained Business Success
Here’s the thing: As entrepreneurs, most of us are super focused on the “growth” side of the
business…and with good reason. That’s the side that’s exciting, fun and most readily visible in our bank
And just for the record, I have no problem with that.
However, there is another side to that equation that’s called “asset protection”, and as the name
implies, it’s the process by which you protect those hard earned assets.
“But Scott”, you might be thinking. “I’m not a huge, million dollar business. Shouldn’t I grow now, get
some more revenue under my belt, then worry about protecting that stuff later?”
Well that’s definitely one school of thought, but here’s a question for you: When will you have “enough
assets” worth protecting?
$100,000 in profit?
$300,000 in revenue?
As you can see, the waters can get pretty murky. And as a result, most business owners just keep
putting off the “protection” piece until after they get sued…which obviously is way too late!
Instead, we advocate a balanced approach towards building your business success.
In other words, keep marketing, keep speaking, keep publishing content online, or whatever it is you do
to grow and market your business. No problem.
But while you’re doing that, make sure to have some basic elements in place that can help you protect
those assets as they grow. Things like an LLC business entity, copyrights on your intellectual property
and enforceable contracts for all of your client/vendor transactions.
I know that might sound like a big time guzzler, but putting them together doesn’t have to be hard.
As a matter of fact, once you get the proper templates in place, and your business entity set up, it’s
actually very self sufficient.
And while you might be thinking that all of this is going to cost you an arm and a leg, that doesn’t have
to be the case either. What we do with our clients is put them on an affordable, high quality program
where they get access to various legal documents/templates, as well as have a monthly call with a
lawyer from my team.
That way if you just want to make some simple tweaks to the business, just to ensure that you’ve got all
of your legal ducks in a row, that’s no problem.
As a matter of fact, why not shoot us an email (email@example.com) real quick and we can set up a
quick, 15 minute consult – free of charge – to discuss your specific business situation, along with some
thoughts for protecting your long term business success.
But in the meantime, happy new year to you, and good luck in 2018!