As a small business owner or manager, you know the importance of having a detailed business plan. A well drafted business plan serves as your guide regarding the growth and success of your business.
But, too often, your carefully crafted business plan gets tossed in a file cabinet, never to be seen again. My advice today is to dust off your old business plan and give it a fresh look. Consider the following important tips on how and when to review your business plan. Specifically, think about the key business fundamentals that you should review throughout the lifecycle of your business.
Annual Business Structure Review
A recent Small Business Administration study found that within the first four years of a small business’s lifecycle, roughly one in ten reorganized its business structure. Most small businesses moved to more complex forms of organization as a result of growth and expansion. If, after four years, your company is still operating under the same structure, then you are overdue for a thorough look at your structure.
However, if you don’t know if your current business setup is right for you, you should consult with a business lawyer to review which legal form of organization is right for your small business as your company grows and expands. At The Law Office of Brandon Woodward, P.A., we can guide you through the benefits (and detriments) of a dozen different business setups to maximize your profitability, identify the best legal organization for tax purposes, or one that would shield you from personal liability risks and reduce costs related to the new Patient Protection & Affordable Care Act (ACA).
Business Tax Structure
You should always set designated periods within your business plan to review your tax structure with your business attorney or corporate tax advisor. As your revenue increases, so will your tax bill, so you need to identify the best legal structure to reduce your federal and state business taxes. Here at The Law Office of Brandon Woodward, P.A. we understand these rules and regulations, and can help you make informed decisions about your tax matters.
Business Liability Risk
Every year, new federal and state regulations are passed that impact the legal side of operating your business. For instance, under the new Patient Protection & Affordable Care Act, businesses that fail to meet the required federal healthcare standards will be penalized. As a savvy business owner or manager, you should consult with a business lawyer when you review your business plan to make sure you are running your business in accordance with federal and state laws and regulations.
The Law Office of Brandon Woodward P.A. is eternally grateful that you have visited our web site or read our blog. The materials and information contained here are provided for informational purposes only and are not to be considered as legal advice. For questions about business plans, business structures, and their affect on your business, or any other legal issues facing your business, please a message us at firstname.lastname@example.org and we’ll give you a totally FREE consultation.