At Least Keep the Important Balls Up in The Air!
Entrepreneurs are infamous for multitasking; and, that usually means stretching themselves thin. They find themselves juggling a million balls, never realizing that doing “too much” inevitably leads to an organizational meltdown. Ironically, the most important things usually become lost in that awful abyss called “Things to Do”.
Somewhere out there, floating along, are missed deadlines to renew or obtain appropriate state licenses or to file annual reports (that come attached with hefty reinstatement fees and penalties). Depending on the location and the nature of the offense, these penalties will range anywhere from $200 to $10,000; in addition, the possibility of having the business shut down by the state or the corporation dissolved is a likelihood and not an exception.
The best way to avoid this situation is to learn how to prioritize: Keeping abreast of your tax and legal matters should be at the top of your list of “Things to Do”. Always file or renew the pertinent state licenses by the deadline date; pay your taxes in a timely manner; and sit down with your attorney to review city ordinances (e.g., changes in zoning laws) or state/federal legislation (e.g., statutes that are passed to regulate labels/packaging) that may impact your business operations. I realize that this is only a small list of best practice legal habits; however, I recommend that you make a lengthier list that is custom tailored to your individual business needs.
Remember that when you’re cognizant of how important these matters really are, you’re less likely to end up facing stiff penalties and fines in the future. After all, you need to focus on the thing you love most – running your business. So, if you do decide to juggle a million balls, at least make sure to keep the important ones up in the air.
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