If you are going to operate any type of business, you need
to understand the (4) pillars of business because not having just one of them can
be the difference between SUCCESS and FAILURE! This is the reason why over 90% of businesses fail
within their first 5-years. You can remember them easily if you use the acronym “LIMP”:
1. Lawyers (Legal), 2. Investment (Money),
3. Marketing (Advertising), and 4. Product (Sales)
As a business owner, you will need legal services to have
contracts and documents reviewed, find out what your rights are about certain
situations, or need to ask questions about your business set up. You may want
to know how to leave your company to a loved one through a Last Will and
Testament, find out how to take advantages of tax situations, or maybe you want
to protect your employees and their families with legal benefits.
The investment area is very important because you need to
have seed money to grow and support your business. Marketing is another part of
your business that needs attention because without it, no one will ever know
what you are trying to share with others or who you are. Finally, you have to
have a product or service. Without it, you really don’t have a business. Now is
the time to educate yourself before you are found not in compliance with state
and federal regulations. The government and the IRS could care less if you’re
not familiar with the many laws and tax codes for small businesses. What they
care about is that you are following the laws to their specifications or they
will penalize and fine you. Do your homework and rethink your strategies to
make sure that your business is covered in these critical situations.
G. L.
Giddings, Executive Director
GLG and
Associates, LLP
The POWER
Group Organization Team
Office: (502) 209-TEAM {8326}
Please
“LIKE” our Facebook Biz Page at http://facebook.com/glgandassociatesllp!
