Legal and Travel: Necessary Evils?
For the first 10 years of my career, I enjoyed traveling for business. New places, expense accounts etc., it was a lot of fun. Of course, this was before 9/11, before I became a father and before I was a business owner. I think it is safe to say that most readers now feel that traveling is one of the least enjoyable things about running a business.
While costs haven’t changed much lately, air travel delays are routine and can really make a negative impact on your personal and business lives. The only upside I see in travel is a few hours in an airplane where the phone doesn’t work and e-mail stops (although that will be changing soon). Regardless, traveling is the necessity that helps you meet with the big client or attend that conference that gives you the next million dollar idea.
I have many friends who are attorneys, including ones that provide counsel and legal services to my company. But dealing with legal issues never seems like the fun part of running a business. Despite this, I think it is safe to say that some business owners don’t spend enough time and money on legal issues. Here are some examples: protecting yourself from employee related lawsuits, solidifying your intellectual property and having buy-sell agreements in place. I have seen many businesses get crushed by legal issues that were avoidable by getting the right agreements or documents from the right attorneys.
So, if you are like me, and travel and legal are not your favorite parts of running a business, make sure you know which parts of running a business are your favorites. Create a personal balance sheet which will help you focus on what gives you the energy you need to grow your business.
Let’s make work fun again.