How Complainant Is Your Business?
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Happy March 2024 JVB Consults Readers!
As we all March into the third month of the year, I wanted to write about how businesses must ensure they're on track for success. I had a meeting with my Business Manager and he mentioned how the United States now requires all Business Owners to file a: Beneficial Ownership Information Report. Following the meeting, I knew immediately what this month’s entry would be about.
Launching/Maintaining a successful business involves more than just ambition; it requires careful planning, compliance with your State Regulations, and very precise prioritizing (just to name a few).
Since the start of 2024, JVB Consults has seen an increase of clients asking for help on various areas of their business. One topic we are hearing often is the hefty state fine(s) due to businesses forming incorrectly and/or avoiding compliance throughout the year. It’s key to remember proactive measures are essential to avoid costly mistakes and legal issues before they occurred. Compliance with regulations is non-negotiable (Remember That). From tax requirements to industry-specific regulations, staying compliant ensures the longevity and reputation of your business.
If you are a business that’s just starting, we suggest crafting a comprehensive five-year plan; not only does it serve as a roadmap for achieving business goals, but it also provides valuable insight for potential investors. One of many mistakes we have encountered while listening to clients is the thinking that you can only start a business if you have the money in your bank account. Exploring resources like SBA.com or Angel Investors can help secure the funding for your business venture(s). However, that is only if you streamline your process and you effectively communicate your business plans.
In addition to proactive compliance, it’s important to not lose sight of your employees well-being. Oftentimes in the midst of staying on top of all things business, we (not intentionally) forget those who are running our day-to-day operations while we are focused on the foundation of the business. This month, I encourage you to shift your focus to team building activities, employee recognition initiatives, and celebratory events. These elements are crucial for fostering a positive work culture. Business owners often find themselves consumed by the daily demands of running their operations, leaving little time for relaxation and enjoyment amongst their staff due to burn-out. However, neglecting the importance of "Fun Time" can have detrimental effects on employee well-being and overall productivity. By incorporating fun and celebration into the workplace, business owners not only alleviate stress and prevent burnout among their team members but, also create a more vibrant and engaging work environment for all.
Redefine the future of YOUR business, one bold idea at a time.
Remember, greatness is not achieved alone. Be one step ahead, and if you do it right, all the success awaits.
Until Next Time,
Be Kind With Yourself. Be Patient With Yourself.
All My Best,
- JVB
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