Are You Comfortable with Your Business Practices?
When it comes to the legal side of your business, are you willing to bend the rules? Are you an entrepreneur that plays every single move by the book? Or do you calculate your risk and make certain business decisions that may be considered crossing the line?
Right, Wrong or Somewhere in Between?
In business, the decisions we make and the processes we employ are not always cut and dry. Maybe we fudge a few of our corporate expenses so we pay a little less tax at the end of the year. Or perhaps we engage in aggressive billing exercises within our medical practice. Or maybe we accept the occasional cash deal that never goes on the books.
Whatever it might be, these decisions are yours to make.
Just make sure you’re aware of the risks and consequences associated with each of them.
Evaluating Your Comfort Zone
The worst thing you can do is take advice from a fellow business owner or be convinced of making certain “questionable” decisions just because everyone else seems to be doing it. This is not a good enough reason to engage in a practice that makes you uncomfortable. The best way – the only way – to decide what’s best for you and your business is to do your due diligence upfront:
- Understand the practice you’re engaging in from a legal perspective.
- Research the possible repercussions of your actions.
- Measure the risk against the reward.
- Ask yourself, “Is it worth it and am I comfortable with what I’m doing?”
Get Professional Advice
You don’t have to make difficult legal and business decisions on your own. Sometimes the guidance and recommendations that come from an outside, impartial party can help you analyze your decisions more closely and adopt a different perspective. A seasoned legal advisor can offer invaluable insight on the likely risks, rewards and consequences of your actions, and may even be able to tie your situation into past experiences to give you an idea of what you can expect if things don’t go your way.
And then, ultimately, the decision will be yours to make.