Who's Got Your Back

I know what it's like --- going a hundred miles an hour pulling in resources as you go, putting deals together, meeting with vendors, investors, and of course taking care of customers. All of these activities are great AND they all require an agreement of sorts. How many decisions do you make each day that will have a long term impact on you or your business? How many of those decisions do you take the time to check in with your attorney or your team? Probably not enough I would imagine. For many up-and-coming companies, it may seem cost prohibitive to constantly be checking in with legal counsel. But you know you probably should. You may also think that some of your decisions are rather simple but since you're not working with a crystal ball, you really have no idea of the full, long term, impact of those decisions.

So here's my list of "must do's" to protect yourself and those you work with. One simple oversight can be devastating to a business but you can easily minimize risks by putting the following safeguards in place

1. Create a list of safeguards that require you to check in with your team before making certain decisions.
I talk about team all the time--- ideally an Advisory Team, business mentor/coach, Board of Directors or Mastermind Group. At the very least, you want to have 1-2 people around you that you trust and have experience in business. Make an agreement with yourself that you'll check in with your team every time you're faced with an expense that is over a certain dollar amount (you choose), a situation where you might be awarding stock, or a decision that requires a large investment of time. This forces you to slow down and get perspective. I have clients that check in all the time (as part of our working together) because we've established their own safeguards. I walk them through their decision to make sure it's in their best interest and they appreciate the feedback.

2. Have Agreements available and ready to execute for every scenario.
One of the best and most cost effective program investments I've ever made was in Jian's Agreement Builder at http://www.manifestsuccessplanning.com . This program contains over 160+ legal contract templates for every scenario including your Company's Operating Agreement. It has not only saved me thousands of dollars, it has also made me thousands because the templates prompt you to address issues you may not have thought about until it's too late. Scroll to the middle of the website, left side under Business Contracts to order. I use them with team, strategic partners, vendors, etc.

3. Enroll in PrePaid Legal to have ready access to an attorney 24/7.
I've had PrePaid Legal (www.prepaidlegal.com/go/dreamscoutllc ) for many years and pay approximately $25/month to be able to contact an attorney anytime I want. In the past, I may have hesitated seeking legal advice so readily even though I really needed the support but I was thinking of the expense--- but not anymore. For example, I'll complete a contract from Agreement Builder and then fax it over for an attorney review to make sure I've covered all the bases. Or perhaps I have a business question or an issue with someone I've hired. They'll write letters for you too. Nothing like having an attorney send a cease and desist letter on your behalf for peace of mind. It's all included! It's silly not to take advantage of this cost effective support if you're a small business owner. I have attorneys in my family and I still find this a more effective option.

4. Establish a relationship with an attorney and other key resources to have as back up .
Develop relationships with some key people so you'll have ready access to certain resources and not scrambling at the last minute during an emergency. This could include an attorney, a notary, backup technology support in case you need to quickly replace your webmaster, an insurance agent, and banker, etc. Having pre-existing relationships will insure smooth sailing for you in the event of a problem or when you need immediate and personal assistance.

5. Maintain access to all important codes, documents and IP in a central location.
As you expand your operations and outsource some of your activities, you'll have different people managing your technology and various accounts. Make sure that you are given access to every account code, especially as it relates to merchant accounts, customer files and your website hosting account. Also be sure to have control over all your intellectual property such as domain names, trademarks, copyrights, and patents. Have a plan for regular computer backups and maintain your files in a safe place.

Maria Simone is a Conscious Business Development Expert who will show you "NEXT STEPS" for transforming ideas into products, effortlessly attracting investors and sponsors, and manifesting customers with ease. http://www.passion2prosperity.com