Reality of Our Business Numbers

Yesterday as I sat in a beautiful soft purple room at a light oak table with three other business professionals I was reminded of the seriousness of being in business. Our conversation shifted from introductions on why we became entrepreneurs to the truth of what being an entrepreneur means including the green we make and the black and white documents needed to start and grow our companies.

The ethereal background was a perfect setting for a conversation with a financial advisor, attorney and accountant on the necessary components, documents and decisions women entrepreneurs need to make regularly to start, grow, protect and eventually sell or retire from their entities. I know taking time to update legal and financial documents isn’t always top of mind for me. I prefer to work at the business of helping my customers and marketing them and my company.

Every time we produce a financial or legal program during a regular regional event, attendance is low compared to subjects on marketing, sales and social media. Yet the backbone of a stable business is its financial status and its legal protection. Yesterday’s conversation reminded me why I always place a financial roundtable as a highlight of our annual retreat. It’s because the education is essential for small businesses to sustain themselves and expand.

If you aren’t planning on taking time out of your schedule for some “Financial or Legal 101” this year, decide to come to our annual Retreat to gain knowledge needed to start, grow or leave your business. Although we want to live in a purplish dream like state with our hopes and visions of a beautiful happy entity, we must dedicate time to also live in the black and white bottom line.

Today’s blog post is to ask you on a scale of one to ten how important your financial and legal duties are to your business and how regularly you pay attention to them? Has this summer been a slower one for you? If so, have you thought about working on your business plan or setting time to talk to your attorney, financial planner, insurance agent or CPA? Should today be the day you commit to focus on these strategic areas more?

I was very inspired after yesterday’s meeting to get some paperwork updated especially my business plan and legal documents. I hope you are motivated after leaving our annual event and listening to these sound advisors. Business is more than the soft hues of success; it is also the stark reality of numbers.