Captain America and Iron Man are frequently at odds with each other, both in their values and their plans. In fact, the first Avengers movie proves this when they are faced with their first villain:
Iron Man: “Attack.”
Captain America: “Wait, we need a plan.”
Iron Man: “I have a plan. Attack.”
Tony Stark is known for his witty one-liners and fearless attitude. He is also a brilliant inventor, engineer, and strategist. However, sometimes his “save the world” mentality takes over in the form of overconfidence. As a business owner, you may feel this overconfidence every once in a while. It is important to remember that jumping to action without a plan may not be the best strategy when it comes to legal issues. Leave the bold moves and quick response time to the superheroes and make a plan to protect your business.
Make a Plan
Legal matters can be quite daunting, maybe not as daunting as protecting the world from destruction, but still daunting. Whether you are facing a legal issue for the first time or you have prior experience, it is always important to map out a plan for your business so that you are prepared in the worst-case scenario. Having a plan in place can help you anticipate potential legal problems. It gives you a clear course of action if you need to address them. For example, if you are planning to start your business, it is essential to have a legal plan in place that includes:
- formation and maintenance of a legal entity,
- the registration of trademarks and copyrights,
- the creation of plain language contracts to protect your intellectual property rights and
- if hiring employees is part of your plan then knowing your “employer” obligations will minimize potential complications.
Another important reason to make a plan is to ensure that you are complying with the law. Laws and regulations are constantly changing, and it can be challenging to keep up with them. A legal plan can help remind you to stay up-to-date with the latest requirements and ensure that your actions are legal and compliant.
Update the Plan
Making a plan in a split second like a superhero may not be wise, but updating plans when issues arise is a concept that business owners and superheroes alike must be able to accomplish. Shuri, the technological genius from Black Panther has a better grasp on this than some of the other heroes in the movies. She is clear when she says that “Just because something works, doesn’t mean it can’t be improved.” This highlights the importance of constantly reviewing and improving, even if they seem to be working well.
You may have created a great business plan at the start of your company, and it may still be pretty good, but there are probably updates that can be made. Your plan may not take into account changes in employment or new legal regulations. Although it may seem like overkill to update a system that works, it should be worth your time to ensure that it is working as efficiently as possible. When it comes to legal needs, having these steps in place is crucial. It’s equally important to regularly review and update those plans to ensure they are still effective. By doing so, we can protect ourselves and our assets and avoid potential legal disputes.
Enjoy the Process
You may be a superhero in the lives of your clients, family, and friends; but it is sometimes wonderful to remember that the fate of the world does not rest on your shoulders. With a good business plan in place, and the right business maintenance figured out, you can breathe easier and enjoy your business. Life can be busy and chaotic. It is extremely important to find balance and ensure that you have the freedom to focus on your business and your personal life. You created this business for a reason. Even with the ups and downs of business ownership, try to find joy in what you do!
What is Your Plan of Attack?
Tony Stark may have had success with his plan in the Marvel Cinematic Universe, but it’s not always a wise strategy. Take the time to create a legal plan so that you can protect your interests, avoid legal troubles, and be prepared for unexpected events. It’s important to work with a small business attorney who can help you navigate the complexities of your business compliance obligations. Attorneys, CPAs, and other business professionals can provide valuable guidance on the best strategies for protecting your interests and ensuring your plans fit your needs. So, if someone says “We need a plan.”, be sure to have some solid steps in place with a few more details than Iron Man’s plan of attack.
