For most small businesses, it was a rough year. Many owners learned that they now need to build a business with a longevity plan in place and not just think about how to generate revenue this month.
On the Small Business Radio Show this week, Seth Kaplowitz, an attorney who brings his practical and legal experience directly to entrepreneurs, discusses a plan that focuses on growth and exit opportunities.
Interview with Seth Kaplowitz
Seth believes that small business owners don’t focus on the long term because they are looking at generating short term revenue. He says that while this is important, they also need to be aware how “what I do today” is going to affect the business 5 to 10 years from now. It is critical to “create business assets that are monetizable and not only what generates business now.” In any longevity plan, Seth suggests looking now at what your goals are and over what period of time you want to achieve it.
One of the roadblocks for a longevity plan this year for small businesses has been to navigate all the existing and new local, state and federal regulations. With COVID, Seth notes that the volume of regulations has increased and they have been drafted quickly to deal with the urgent situation. He suggests staying connected to your state and local government and understand what their requirements are since not following them could later be very costly.