GET THE SUPPORT YOU NEED TO BRING YOUR BUSINESS INTO THE FUTURE

Businesses today are faced with a lot more complexity, and numerous issues all at once, than they have ever had to deal with in the past. Many of these issues were not even on their minds five years ago. As a result, the people that presently work in these businesses do not yet have the capabilities to protect and grow the company that may be necessary in this increasingly changing world. It may also be the case that businesses don't have the resources to cover the expenses associated with adding team members to cover the missing areas.

Some of these areas that require expertise, additional insights, and help doing the work, may not require a full-time employee, and for some, it may only require seasonal help with the right skills. Retaining and contracting with outside vendors and consultants to help you fill in the gaps is a smart business move. Eventually, you may be able to restructure the job and train current employees to be responsible for various areas. However, you need that help now.?

There are resources available that save businesses time and money by preventing issues and preparing for possible problems that impede a company's growth and success. Business owners and leaders often hesitate at the expense of hiring an outside contractor to do work for them, but this is an investment in the future of the business. You aren't paying the extra costs of hiring an employee, and you are getting expert advice, help, and a roadmap for what you need to do now and into the future. Sometimes this help is temporary, other times it makes sense to invest in a long-term partner.

Here are some examples of areas where you might need help now to keep your business going in the right direction:

1. The?Human Resources (HR)?department has a lot more responsibility as companies modernize the need for overall employee health and well-being, as well as the realities of a new workforce, more employee rights, contracts, and a new way of finding the right fit employees. Needs such as mental health policies, updating anti-discrimination policies to be more inclusive, keeping employees safe from potential disgruntled ex-team members, remote work, hybrid work, four-day work weeks, and a plethora of benefits to attract top staff, are all important and require attention.?

Another issue revolves around the new reality of living in a world with active and ongoing Covid. How does a company accommodate employees who themselves have, or have family members with, compromised immune systems, long-haul Covid problems, or other potential long-term disabilities? What is required by law, and what is provided based on the company's vision, culture, and heart? Is your HR department able to handle all these issues successfully? If you do not have team members to handle this, consider hiring an outside expert who has experience in this area. They will be able to set processes and put policies in place to cover these items, as well as train your team going forward.

2. There are numerous?Cyber Issues?companies must deal with, such as phishing and ransomware attacks, as well as having adequate insurance to cover any such attacks. Who will do the training to prevent any such attacks? Who knows of the latest cyber attacks that are being run? Are your current measures adequate protection for cyber-attacks? Who will lead the effort to cover a company shut down as a result of ransomware? This is really a two-pronged approach. You need an IT specialist company who can check your current systems and procedures. The IT specialist will be in the know about what attacks have happened with other client companies and how to thwart such attack. You also need a great insurance partner who can make sure that your coverages will protect you from financial problems in the event the worst happens.

3. How does your company cover?Risk Assessments?internally? Apart from keeping records of issues when they occur, what is being done to prevent the issues? Is the team trained in identifying problems? How are potential problems discovered? For instance, recently, Amazon was sued for lack of planning and protecting employees' safety after a tornado ripped apart one of their warehouses and killed team members. What planning could Amazon have done to protects its employees better? Risk assessments are important for everyday type of risks but hiring that specialist can bring both clarity on existing risks and real-life experience from other companies that the specialist has handled. This is invaluable insight and can help avoid lawsuits, while presenting the company in a better light for their care in providing a safe environment for staff.

4. Most of the time,?Strategic Planning?is done in house, but hiring a person who is outside of the company and works with other companies provides different ideas for planning and can yield great results. A strategic plan should be updated regularly as well and requires insights from various stakeholders to ensure success. There are consultants and legal professionals who specialize in this undertaking and can help steer leadership in the right direction.

5. Overall?Legal Issues?can bring a company down quickly. They also are a top concern for any business owner because there are so many areas that require legal oversight. So many small and mid-size businesses try to take this on themselves because they either can't afford a full-time legal counsel on staff, or they don't have enough work to justify a full-time person. The lack of proper legal oversight can result in large losses in time and money and has brought down many a good company. It is essential for any businesses success to be proactive rather than reactive. It usually isn't until there is a fire that an attorney is contacted and then it is someone who doesn't really know the company and may only specialize in certain areas. A better way to operate is to hire an outsourced general counsel with a strong business background who works with the company via a customized and flat monthly fee. From contracts to regulatory and compliance issues, and from succession planning to strategic consulting – an outsourced general counsel works as an extension of the team and learns the business so they can provide the most insightful help across the board. They work on preventing legal issues from happening, providing guidance on ongoing and new struggles that may occur, as well as recommending consultants that cover other areas.

These items illicit risks that could happen to a company at its peril. Having the right resources in place will help to identify the risks inherent in business today and allow leadership to focus on core business knowing these areas are covered. Putting proper policies and procedures in place will lessen the likelihood of financial and legal issues to the company that can occur because of a failure to plan and defend against the risks. It really is all about preventative care – and that is an investment worth making.

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Denice Gierach

Gierach Law Firm

Denice Gierach is an attorney, CPA, Northwestern University business master's graduate, and has owned several businesses from real estate to manufacturing. She is the lead attorney at Gierach Law Firm in the Chicago area. With more than 30 years of experience, she has been a respected and sought-after resource for businesses looking to grow, sell, solve problems, and succeed long term. Her insights across business areas gives a fuller lens to business issues and solutions, and helps businesses grow and succeed with less time spent on legal issues and other time-consuming problems.