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Four Reasons Why You Need to Conduct an Annual Financial Health Check


You need to examine the financial health of your business to ensure that you're taking all the steps necessary to reach the financial success you're striving for. If you're on the fence about implementing an annual financial health check, here are four reasons why it is so important for the long-term viability of your business. 

Reason 1: You'll Learn Where Your Money is Going

Just like checking the cash flow for your personal budget, evaluating the cash flow for your business can give you a better idea of where you're spending-and what you can do to keep that spending in check. A health check for businesses will include an evaluation of where your money is actually going. As a result, you will get a better idea of where you can cut spending in order to help you make more responsible financial decisions.

Reason 2: Better Understanding of Your Assets

When was the last time you evaluated your assets in order to understand exactly what your business has going for it? Not only does an asset check let you know how much you've built into your business over the years, it will also provide a more accurate account to your insurance company, which will keep you protected in the event of a disaster. An asset check will also help you prepare for items that are going to need to be replaced in the coming years, from hardware that's nearing the end of its lifespan to machinery or other items that are starting to wear out.

Reason 3: Better Understanding of Your Taxes

Are you sure that your taxes are absolutely in line and that you're paying exactly what you need to pay each year? While you don't want to pay more than you have to, you don't want to wind up paying less and experiencing serious fines as a result, either. An annual health check for your business will ensure that you have fresh eyes on your tax statements and that your claims line up with the rest of your financial information for the year.

Reason 4: Better Insight Into Predicting Future Budget Needs

When you conduct your business's annual financial health check, you'll get a look at more than just the current state of your finances. You'll also get a look at your future financial needs. Your checkup will allow you to predict upcoming expenses and examine future profits. This gives a clearer idea of how you'll need to handle key financial tasks for your business in the coming year.

Ready to get a financial health checkup for your business? Contact InSight Law today.

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Office Lease for Your Business - Important Info You Need to Know

Most businesses require leased space. And as your business grows, you may need to add additional space for more people or operations. A lease agreement will generally constitute a significant financial commitment for a business and its principals. Yet many people blindly sign leases that bind their business and their families for many years without trying to negotiate the lease terms.

When you find the perfect space for your business, the landlord typically hands you a pre-printed agreement that looks official.  The landlord gives you a couple of days to review it, sign it and return it with your first month's rent and the security deposit. The landlord will likely tell you that this is the "standard lease," that there isn't any reason for you to have it reviewed as several other tenants are on the same lease and that there's not much room for negotiation.

PAY ATTENTION HERE.

The form you have just been handed is undoubtedly one-sided in favor of the landlord and has been drafted by the landlord's attorney. No "standard lease" form exists for all situations. Like every estate plan, every business lease has its own nuances and specific requirements. And regardless of whether the form looks standard or preprinted, don't be afraid to carefully review and negotiate the lease.

Your ability to negotiate changes to a commercial lease depends on how much leverage you have.
  • Are other companies competing for the space?
  • How long has the space been vacant?
  • How old is it?
  • What other comparable spaces are available in the same general market?
  • What are you willing to pay for rent?
  • What is your credit like?
  • What type of business do you have?
Let's face it: the better-qualified tenant will always have a leg up for the same space. Similarly, the longer the lease term, the more attractive the tenant. If you want a one year lease, chances are you will be outbid by the tenant that is willing to sign a three-year lease. Also, if you are a brand-new business, you will likely be required to sign a personal guarantee for the lease.

Here are some key issues to negotiating leases:
  • The amount of the rent, including any free rent incentives
  • The permitted use of the premises
  • Operating costs charged to the tenant
  • Tenant improvements paid by the landlord
  • Responsibility for repairs and maintenance
  • Rights to assignment and subletting by the tenant
  • Right to renew, cancel or terminate the lease early
  • Insurance requirements
  • Whether any personal guarantees or security deposit is required
  • Option for additional space if needed by the tenant
  • Default provisions including lien rights on tenant's personal property
You should also buy a few hours of an experienced real estate attorney's time to get an opinion on options, deal points and negotiation strategies. A few hundred bucks now may save several thousand later if there is a dispute over some of the terms.

If you would like to learn more about how an affordable business maintenance service can protect your business, contact the InSight Law team today.

 

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Attend an InSight Event

Truth About Estate Planning (Evening Session)
Date: September 12, 2018
Time: 7:00 pm - 9:00 pm
Location: InSightLaw's Ashburn Office
Event Description: Most people don't know what to expect from an estate planning attorney, let alone know the right questions to ask. In our experience, most families who have completed their estate plans don't fully understand their legal documents and the serious impact it can have on their loved ones. The Truth About Estate Planning™ Program will prepare you to deal with your planning concerns and examine your goals without the time pressure of making decisions.

Truth About Estate Planning (Afternoon Session)
Date: September 21 2018
Time: 12:00 pm - 2:00 pm
Location: InSightLaw's McLean Office
 InSight Law, PLLC | 703-654-6019 | nna@insightlaw.net | www.insightlaw.net
Offices in Ashburn and McLean, VA and Denver, CO
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