Financial Health: Six Steps to Guarantee
Your Business Success

Part 2

4.) Sure Up Support and Understanding

“Getting things accomplished isn't nearly as important as taking time for love.” — Janette Oke

No man is an island therefore your hopes, dreams, ambitions and goals should be shared with your loved ones and they need to give you the support and understanding required for success.

Starting a business is always challenging, it is at times stressful and it can take up a very large part of your life. If you explain what you’re doing and why you’re doing it to your loved ones they will give you the time, love and support you need to succeed.

At the same time it is critical that you do not lose your perspective and fail to take the time necessary to love and care for your family. All too often you hear tired and stressed out businessmen and women complaining of a lack of spousal understanding, whining that they are working so hard directly for the benefit of said spouse — this creates disharmony and acrimony on both sides — what a waste of a great life!

Get everything in perspective and keep everything in perspective at all times, and bring your family and friends on board for guaranteed success.

5.) Protect what’s Important

“Happy is the man who can endure the highest and lowest fortune. He who has endured such vicissitudes with equanimity has deprived misfortune of its power.” — Seneca

To further deprive misfortune of its power you can put in place various insurance policies to protect yourself, your family, your current situation and your business from undue risk. Because there are no two ways about it, starting out on your own is a risky business — focus on the success of your business and follow these six steps and you will achieve all you want to. And in the interim protect what’s important to you — for example, think long and hard before mortgaging your family home to fund your company! Get business and personal indemnity insurance in place, make sure health and life insurance policies are in place protecting you, your family and any key employees.

But — don’t get hung up on this point because worrying unduly about risk will blinker your vision. Deal with this point and move on!

6.) Face the Enemy — Deal Directly with Accountants & Lawyers

“Money is plentiful for those who understand the simple laws which govern its acquisition.” — George Clason

Every single business has to act within the laws of the countries it operates in and deals with and every single business has certain reporting and taxation requirements. These are definite hurdles designed to restrict the visionary, but they are necessary hurdles to protect a company’s consumers, a business’ partners and a country’s economy.

Take the time to establish a good working relationship with your company’s accountant and lawyer. Make sure your company is properly structured from the start and that you fully understand and adhere to taxation and reporting deadlines and rules.

Know what is expected of you, understand why it’s important to follow the rules and structures that have been put in place and have a system to deal with tax returns, pay runs, company disclosure and contract negotiations and remember:

“Taxes are not good things, but if you want services, somebody's got to pay for them so they're a necessary evil.” — Michael Bloomberg

Use these six steps as the guide towards your business success and always strive to keep your vision alive because “vision is perhaps our greatest strength . . . it has kept us alive to the power and continuity of thought through the centuries, it makes us peer into the future and lends shape to the unknown.” — Li Ka Shing

Article by Rhiannon Williamson.