There are four steps that you can take that will ultimately lead to a more successful business. The best part about this is that some of them don’t have to do with money! Here is what we recommend:
- Be fair and just in your dealings. What does this mean?
- With family – Keep your family in the loop! Being honest with your spouse and kids will prevent so much potential conflict and regret
- With employees – Don’t hold your company with a closed fist. God has placed these people in your life to disciple!
- With clients – Be loving and use every client interaction as a ministry opportunity. Don’t make profit your top priority, make it people.
- With vendors – Treating vendors with kindness, respect, grace, and mercy will show them the gospel in a practical way.
- Have a good CPA
- Business owners are much more likely to be audited if they do their own taxes
- Work with your CPA to find the best filing strategy. You can save a lot in taxes just by making the right choice!
- Keep things organized! Document things and don’t guess. If you are audited, you want to be able to show your work!
- Use profit first accounting – Budget in profit! This was a gamechanger for the Stewardship team
- Have a good Financial Planner
- The right retirement plan can make a huge difference. This can save you thousands in taxes and give you a successful retirement.
- Diversify your holdings – Don’t keep all your money in the business. You have the illusion of control in your business. Don’t make a mistake and bet it all on its success.
- A planner will be there to give objective advice and can tell you when you are going to hurt yourself.
- Don’t be afraid to pay to limit your risk and provide a legacy
- Insurance is key! You work hard to create your net worth in the business. Don’t risk losing it because you don’t want the monthly expense of a premium.
- Have a succession plan – No succession plan means that your family and business partners could suffer additional consequences if you should pass.
Grant has created an amazing course specifically for business owners to intentionally develop a strong company culture. Check out Culture Course here. Message Grant that you heard about it through this podcast for an additional discount!