by Lina Martinez

If you have set up a business, you might be putting in the hours, do it all, but have you thought about contingency plans? Of course, we are not going to use the example of what happens when a bus hits you, but seriously, would your company function without you if you were otherwise occupied or had to deal with other things? If not, you will need to start thinking about legal protection and contingency. Below you will find a few tips on how to get started.

Screen Shot 2019-02-04 at 5.24.21 PM.png

Image via Brooke Lark@brookelark

Your Life Insurance

First of all, you will have to make sure that people you can trust have access to your funds and accounts, so your business can survive, If you don’t have an heir or a legally appointed representative, the government might appoint one. This is why getting a life insurance that is tied to your will is important.  You can find the best life insurance deals searching online, or have a financial advisor tailor the insurance to your business needs.

Your Power of Attorney

It is crucial that you have a power of attorney and a lasting power of attorney for your business. After all, it is essential that someone can act on your behalf if you become hospitalized or temporarily incapacitated. You are not working day and night just to let the government or your competitor put their hands on your assets while you cannot fight back.

Training Your Staff

There might be a time in your life when you have to take a step back and deal with personal, health, or legal matters. If you are not there, who is going to make sure that your business processes are followed and your business can run without you? If you are not training your staff and delegate tasks, they will have no idea where to start when you have to take the back seat in your business.

Staying In Control

You need to ensure that your business cannot be taken away from you. If you have partnered with another company or person, you will need to talk to a business solicitor to ensure you cannot be pushed out or sidelined. This happens every day in the business world, and many owners wish they checked the incorporation documents before they signed the dotted line.

Keeping Your Business Finances In Order

Screen Shot 2019-02-04 at 5.26.11 PM.png

Image via Helloquence@helloquence

When you start a business, you obviously have a financial plan for the next few years. As things start going not according to the plan, you will eventually lose control. If you have more debt than outstanding demand, you will have to shape up your business finances, while you can. If you allow things to escalate, you will find it harder to fix the problem.

There are plenty of things you have to consider when you are starting and running a business. If you are not prepared for the unexpected, you will be disappointed when things spiral out of control and you don’t have the legal standing to fix them or let other people intervene on your behalf.