IS YOUR BUSINESS ON TRACK?

Have you achieved what you set out to do with your business? Has your business grown according to your plan? Did you even have a plan when you started?   It is not unusual to see many business owners start up without a plan for the where and how they want their business to go.  Most people simply believe that with hard work and determination alone, their business will succeed.

The ugly truth (as evidenced by the many "out of business" signs) is that this is rarely the case.  You work from sun up to sun down, and still don't see a profit or maybe have a "profit" on paper but have yet to start paying yourself a salary.  After time, you could end up resenting the business of your dreams and question if this is where you really want to be.  You want your business to work for you, not vice versa.

There are four important steps to help make lasting changes in the way you operate your business:

 1) Have S.M.A.R.T. goals. Most peoples' "goals" are so vaguely defined that they're really just dreams. S.M.A.R.T. goals are:

        Specific: your goals should be specific

        Measureable: your goals should be measurable

        Achieveable: your goals should be realistically achievable

        Relevant: your goals should be relevant to helping your business succeed

        Tell someone: verbalize your goals to someone else, the more the better.

Examples:

"I want to be the top shoe seller in the county" is vague and hard to measure, whereas "I want my business to earn $375,000.00 in gross revenue within nine months" is both specific and measurable"

"I want everyone to come to my store!" is a great and positive attitude but obviously unrealistic and really not that relevant if what you sell if high fashion shoes for women.  A more achievable and relevant goal would be "I want to earn the exclusive business of 5 top stylists in San Francisco."

2) Have a system for regularly measuring your progress against those measurable goals.  This way you can keep on track and readjust accordingly.

3)  Find an accountability partner. This is where the "Tell" portion of your "SMART" goals comes in.  When you verbalize your goals to an employee, a colleague, a business coach or even a friend or family member, this person can help follow up with you, see if you are on track. Furthermore, no one like to say they are going to do something, and then never follow through.  If you know someone is keeping tabs on you, you are more likely to work harder to meet what it is you said you would do.  This is one of the most important steps in goal setting.  It's like the scale at a weight loss group meeting.  Find someone you can trust and who will hold you accountable

4)  Make a business and marketing plan. Once you have your S.M.A.R.T. goals, how are you going to get there?  What do you need to do and how are you going to do it?  Before you even spend the first dollar to start your business (or this weekend if you are already in business),  sit down and develop a business plan.  This should reflect your goals, establish how your will measure your progress and most importantly, all the steps you will need to make to reach those goals. 

By following these steps you will be able to put your business in perspective, understand where it is you want to go, how your are going to get there.  By doing this at least once a year, you will be able to track your journey, see what has worked, what hasn't worked, revise and readjust both your goals and your plan to achieve them. 

Hey, That’s My Stuff!

My client wants to hire an expert consultant to make part of a product that my client is manufacturing. Both parties are very talented with respect to their particular areas of expertise, but they need each other in order to have a successful product. My client wants to make sure that he has all the rights to the finished product, and that the consultant can’t re-sell his part of the technology to someone else. The consultant feels that his contribution will revolutionize the industry that they are in, and wants money at the back end of the transaction based on the success of the product. For this, he is willing to charge a lower hourly fee up front.


How does this all get sorted out? First, I am grateful that my client came to me before having the Consultant start working. I can work through the details with my client, and document whose bringing what to the table. Another client didn’t, and now no one knows who owns what, with both parties claiming that they have full rights to the product. One issue that comes up most often is that the “concept” originator believes that there would be no product without his creativity. But there is a big difference between saying, “I have a concept for a restaurant where people can eat in their car” and actually creating a McDonalds® franchise. While everyone is friends, there are usually no issues, but when the money starts rolling in, if these matters are not sorted out in advance, disputes arise often leading to litigation.

There are several types of agreements associated with the process of creating “Intellectual Property.” There’s a Confidentiality or Non-Disclosure Agreement, a Work for Hire Agreement for high-level project managers/engineers, an Independent Contractors’ Agreement for the more common activities associated with work to be done, a Certificate of Originality, a Co-development agreement, a cross-licensing agreement a joint venture agreement and more. All of these agreements cover different aspects of the creation process, and have different remedies for a breach.

Call me for a consultation at 925-516-1617 to come see me if you are creating something that will have lasting value, whether it’s an invention, software technology, video games, artwork, music, or just an idea whose time will come. We’ll sort it out together.  http://www.alvisfrantzlaw.com/

The information above is not a substitute for seeking legal advice. Barbara Frantz, local resident for 17 years, has 34 years of legal experience, offering proven solutions for business owners to increase revenues and achieve their long range goals. Barbara is a lawyer with Alvis Frantz and Associates, your law firm providing confidence and security, because your business and your family are your highest priority in life. All Rights Reserved

WHEN DO ENTREPRENEURS NEED A LAWYER?

by Barbara A. Frantz, Attorney at Law

Some entrepreneurs wait until they have a legal problem before consulting an attorney. Others make an attorney part of their business team, just like their accountant, banker and marketing and sales force. Analyzing the legal costs over a five year period for companies who use attorneys preventively, shows a dramatic savings. The faster your business grows, the more likely you will need legal counsel to protect the wealth that you are building through your business.

Here are some guidelines for when you should hire an attorney:

• A regulatory agency (such as the Health Department) contacts you.

• You are going to sign your first big contract.

• You buy or lease your first office space.

• Someone wants to invest in your company.

• You're not sure about your insurance needs.

• You want to standardize your contracts.

• You are sued or are thinking of suing someone.

• You want to patent, trademark or copyright something.

• You're designing your employee policies and procedures manual.

• You plan to export products or set up offices outside your home state.

• New legislation is adopted that you think might have an effect on your business.

Look for an attorney that you feel comfortable with who emphasizes "business transactional law" or who calls him or herself a business and corporate lawyer. Some attorneys who call themselves corporate lawyers only specialize in "securities" (stock investments in corporations). For the most part, you will be paying an unnecessary premium for their expertise on your simple business matters. Do not be afraid to have several attorneys for different needs.

Whether you make an attorney part of your team or wait until you have a specific legal problem, you must set aside money for legal fees from every item you sell, or service you provide. That money may ultimately be used for your company's expansion, or to pay a small claims court judgment instead of lawyers' fees, but it should be budgeted. The type of business that you have and where you are located (Large city attorneys charge more than in suburban or rural areas) determines how much you set aside. A good rule of thumb is 1-1.5% of the retail price or hourly rate that you charge.

Finally, if you develop a relationship with an attorney before you need one, you will have the opportunity to share your business goals, your philosophy, and some company information that will allow them to do a better job for you.

So, when you are faced with a situation that fits the need for an attorney call  Barbara A. Frantz of Alvis Frantz and Associates PLC

(925) 516-1617 email: info@alvisfrantzlaw.com or for more information visit:  http://www.alvisfrantzlaw.com/

Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.