Small businesses form the backbone and beating heart of the U.S. economy. However, statistics show that the vast majority of small business start-ups do not survive (four out of five small businesses will close within their first five years of operations). These statistics show the need for good advice early in any business owner’s life cycle.
Business and Brewskies is a small business and entrepreneur focused monthly meeting where the Boone EDC presents information relevant to small business owners. The Boone EDC’s July meeting took a closer look at some of the tools available to small business owners to help them protect, defend, and secure their business.
- What tools do small business owners need to protect their business, family, and themselves?
- How do I read/understand the tools that I have (policies, etc.)?
- Who is on your advisory team?
Rudy recommended business owners consider policies and plans like buy-sell agreements, key man insurance, and retirement plans to prepare their business for the expected and unexpected events that occur in life. Rudy encouraged business owners to review all of their policies with a core group of trusted business advisors (business coach, attorney, financial planner, accountant, insurance agent, etc.) at least once a year to make sure that the needs of the business and business owner are taken care of. If a business owner does not have these elements in place, they should immediately look to establish this core team of advisors and then dig into any existing policies they have to make sure the needs of the business and business owner are covered.
Ben Worrell is the Deputy Director and small business contact for the Boone EDC. For more information on Business and Brewskies events, small business resources, or other events happening in Boone County, please connect with the Boone EDC via Facebook, Twitter or Instagram or visit our website.
The next Business and Brewskies will be on Thursday, August 9 from 6-8 p.m. at zWORKS on Pine in Zionsville. Register here.