As an entrepreneur, you’ve poured blood, sweat, tears, and massive chunks of time into your business. With careful attention, your venture has grown into a thing of beauty. It’s a job well done, but will you be the one to reap the rewards? Use the points below to help you determine the answer.
4 Signs That Someone Else Controls Your Business:
- The business passwords aren’t secure.
- Problem: The business passwords have been shared with persons who lack ownership in the venture. These people might include virtual assistants, employees, and friends/family who help with the business.
- Solution: Change your business passwords, and then use a password manager to grant guest access to the required accounts. In the case of email, settings can sometimes be adjusted to provide limited access to your account to specific individuals.
- There’s a middle man between you and the business money.
- Problem: A third party is managing the money for your business, and you lack direct access to the financial accounts.
- Solution: Secure your access to the business’ funds by documenting your status as the business owner and changing the account passwords. Then work with your financial institutions to provide secondary access to bookkeepers and financial consultants as indicated.
- You don’t control the online presence of your business.
- Problem: Your business only communicates with customers using social media platforms. If cancel culture were ever to strike, the internet footprint of your business could disappear.
- Solution: In addition to using social media profiles, use an old-fashioned email list to stay in touch with your audience. Also, establish a website for your business. If you’re working with a limited budget, you can consider starting with a free website hosting plan. Use password managers to secure your account while granting access to website designers.
- Business deals aren’t documented in writing.
- Problem: The collaboration parameters of your business are not clearly stated in writing. This leaves room for disagreement over a) who owns the business and b) which parties are entitled to the income generated.
- Solution: Use written contracts to clearly identify the responsibilities and compensation schedules for individuals assisting your business. The documents should be signed and dated by all parties involved. This process documents agreement on a) the ownership status of all parties involved, b) the work required to achieve payment, and c) exactly what form the compensation will take.
If you take steps to protect your business in these areas, you’ll be much more likely to enjoy the fruit of your labor upon completion of the work.
“The wisdom of the prudent is to give thought to their ways,… the prudent give thought to their steps.”
– Proverbs 14:8, 15 [NIV]
D’Loreyn Walker, MD is a Bible-based business and finance coach, the author of The Proverbs 31 Millionaire, the founder of Momma’s Money Tree, a retired General and Child-Adolescent Psychiatrist, and a health educator.
Momma’s Money Tree
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