We rely on our business to provide for our families and our employees rely on our business to provide for their families. We owe it to ourselves and our employees to spend some time making sure we have a strong foundation to control the risks in our business and allow it to grow to its full potential.
At Ascend Law we offer a Foundational Audit that considers each of these key areas so that you and your business are protected and set up to operate at it maximum potential. In fact the time and money you invest in this area will likely be paid back many times over over the life of the business. And when you or your business is sued (almost all businesses get sued at some point) having these areas in order will allow you to respond and move on without destroying your sanity or business.
Legal
Many business owners use business entities to protect their personal assets from liabilities of their business. You may have worked with an attorney, accountant or online form service to file the initial documents and then put them in a drawer assuming that you were protected. Did you know that you may need to file an annual report or other documents each year to maintain your protection? Have you made changes in your business during the year in the structure of your business? These and other changes should be reviewed on an annual basis to make sure your entity will protect you from liability. And if you never considered a limited liability entity you need to discuss with an attorney and get you and your business protected.
Of course there are many other legal areas in your business that require legal advice including employment issues, leases, contracts and intellectual property. In our Foundational Audit, we take the time to explain how you can approach contracts in an easy and straight forward way so you don't have to spend a lot of money with your attorney to review every document.
Insurance
Business owners may consider insurance issues when they start up or when they have a claim. Most small businesses don't have the right insurance or the right coverage. No wonder since there are so many products that make this a confusing area. While you insurance professional can offer good advice in this area, they often don't have the full view of your business. Working with a Trusted Personal Attorney who knows you and your business can help in determining the right protection and get you going with the right agent. During our Foundational Audit, Ascend law will review your current insurance policies and discuss areas where you may be over protected or under protected and get you set up to truly feel secure with your insurance. We help you understand what protection you have so you are not left guessing.
Financial
If your business does not have a strong set of financial documents and monitoring system, you are not running a business but flying by the seat of your pants. This area is critical in allowing you to manage your business and take corrective action before things get out of hand. We review your financial documents and discuss the processes you have in place to manage your finances. We help you identify missing areas and get you on the right track with a financial professional to establish or improve this essential tool.
Tax
Last, we help you consider taxes and how the other areas discussed above can impact your taxes. Most small businesses do not take advantage of simple tax strategies that can save them thousands of dollars. That is money paid to Uncle Sam instead of in your profits. During your Financial Audit we review these strategies with you and make sure you are taking advantage of these simple strategies.
Most importantly, your Foundational Audit is only the start of protecting and building your business. We offer membership plans that make it easy for you to stay on top of these foundational areas so you can focus on growing and operating your business.