December 20, 2023
FinCEN's BOI Reporting requirements start January 1, 2024. Is your company ready? If not, non-compliance can be costly with a per day penalty.
What is the tripod?
The tripod is the company’s attorney, accountant, and banker. These three individuals work with the business owner(s) to lay an initial structural foundation. There is a 4th very important component that is the top piece connecting the 3 legs of the tripod — the insurance broker. Many companies wait to connect with an insurance broker; however, this creates potential risk exposure. It’s essential to get the correct insurance policies in place before the company begins providing products and services to their customers.
The company then builds their revenue and growth on this foundational tripod.
The challenge of business operations
The challenge is most business owners and executives find business operations tedious, and it takes a backseat to activities that directly generate revenue. They often don’t have a solid understanding of business operations because it includes a lot of specific and nuanced areas that they may not have been exposed to before starting their business. Then after the business opens, many business owners focus on what they know — the services and products they sell. And most are really good at selling because they know their industry and ideal customer.
The issue is that without a strong foundation, the business may not survive over the long haul or when faced with challenges that have legal and monetary ramifications. Why? Because a company cannot sustain itself only through revenue.
So, why don’t entrepreneurs invest time and money in their business operations? Partly because they may not realize how important it is for long-term business success.
Diana also believes this is due to industry and entrepreneurial programs not offering outside services and training in business operations topics, particularly to small businesses.
Do a search for consulting services and you’ll find a lot of listings for sales, marketing, opportunity identification, recruiting, etc. But you won’t find many for business operations coaching and consulting. The reasons are two-fold. First, the other industries are associated with increased revenue and are a lot more fun to teach and provide. Second, because many of those consultants don’t realize the importance of business operations so they don’t incorporate it into their own business model.
Our mission
Our mission is to help organizations with their planning for the “what if”™.
- What if we grow?
- What if we want/need to hire people?
- What if we need to expand to other states?
- What if we want to sell the business?
- What if we are sued?
- What if we…
We help you plan for the “what ifs” you may know about and identify ones that you thought wouldn’t affect your business.