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The Magic Cafe Forum Index » » Not very magical, still... » » The Miracles of Planning And Organization (0 Likes) Printer Friendly Version

General_Magician
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Man, one thing I would like to share is how handy an Executive Summary (basically a plan for your business) and being very well organized has been. I went ahead and spent a day organizing all the legal paperwork and also buying a day planner where I put my executive summary and daily to do list plus any new invoices that I will be turning in to my restaurant customers and meeting minute notices as well as other aspects of the business. That has been some of the best money I have ever spent. I had a corporate briefcase when I first organized the LLC, but I had to keep contracts organized as well, so eventually I had to invest in a file folder for corporate contracts.

But the day planner that is a nice leather covering with various sub-dividers and places to put business cards as well as reward upgrades from those my company does business with has made life so much easier. Part of the reason why I decided to spend the money organizing a bit more was because I was reading a book on how to grow a business plus my wife was harping on me about it. Turns out both the book and my wife were right. It has made life so much more easier AND my company much more productive. I would not have guessed that staying very well organized also increases productivity. Not to mention and Executive Summary has proven surprisingly useful as well.
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown

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w_s_anderson
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Nice job GM.....if you are a smart phone user look up the "any.do" app. It is a great place to record your daily "to do's."
General_Magician
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United States
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Quote:
On Apr 11, 2014, w_s_anderson wrote:
Nice job GM.....if you are a smart phone user look up the "any.do" app. It is a great place to record your daily "to do's."


Thanks Anderson! You seem like you are a really awesome guy. I respect the hell out of you for what you have been doing. I would love to watch your show and pay money to watch it. What's the old mantra? Fail to plan, plan to fail?
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown

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NYCTwister
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Quote:
On Apr 11, 2014, General_Magician wrote:
Quote:
On Apr 11, 2014, w_s_anderson wrote:
Nice job GM.....if you are a smart phone user look up the "any.do" app. It is a great place to record your daily "to do's."


Thanks Anderson! You seem like you are a really awesome guy. I respect the hell out of you for what you have been doing. I would love to watch your show and pay money to watch it. What's the old mantra? Fail to plan, plan to fail?


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General_Magician
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You know, even though I rip on lawyers, another thing that has turned out to be valuable has been a lawyer. Contracts are good business and their have been a few times where there was confusion or he said she said about the agreement we came to, but then, you bring out the written contract and it's no longer he said she said when the signature of the client and business is there. I take the time to explain in full the agreement, but sometimes, in my experience, the person who signs the contract on behalf of the organization doesn't communicate what was agreed to and so, the contract comes out to show the boss of who hired me what was communicated and talked about insofar as what was agreed to.

So contracts in business are invaluable and it's not necessarily all about the money when it comes to lawyers though it seems that way sometimes, but it's just that people will insist on one thing even though what they insist is not true and the contract covers your behind in such cases and so, I think my attorney, as expensive as they are, turned out to be invaluable. Not only that, contracts also help to prevent litigation because everybody can see clearly what was agreed to and nobody wants to go to court over a breach of contract either, so it gives both parties an incentive to uphold their end of the bargain. Contracts seem to minimize misunderstands, disputes and give all parties involved an incentive to uphold their end of the bargain. That's why keeping contracts organized is also important in business so that they can be readily retrieved in the event of disagreements.
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown

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MobilityBundle
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A lot of attorneys -- especially attorneys who work in areas relating to business -- have a "pay me now or pay me later" attitude. (As in, "pay me now [to draw up agreements that limit litigation or liability] or pay me later [in litigation].")

It's usually less expensive to pay them earlier.

(Although, by way of full disclosure, I'm a patent lawyer. Although my practice doesn't exactly benefit from the "pay me now or pay me later" attitude, I guess my work generally relates to business.)
mastermindreader
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Yes, some lawyers are excellent at drawing up contracts. And others are just as good at finding ways to break them. All depends on which side does the hiring.

I recall when there was a big shift to using plain language in contracts, to make them easier for laypeople to understand. Strangely enough, though, the amount of contract litigation actually increased because of the inherent ambiguities that plain language often contains.
General_Magician
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Quote:
A lot of attorneys -- especially attorneys who work in areas relating to business -- have a "pay me now or pay me later" attitude. (As in, "pay me now [to draw up agreements that limit litigation or liability] or pay me later [in litigation].")

It's usually less expensive to pay them earlier.

(Although, by way of full disclosure, I'm a patent lawyer. Although my practice doesn't exactly benefit from the "pay me now or pay me later" attitude, I guess my work generally relates to business.)


I had my lawyer draw up a contract that is strictly between my LLC and the client. Having an LLC along with a good corresponding contract for use with that LLC is a good idea too. But you also have to make sure you have an ironclad Operating Agreement and keep up with taking meeting minutes as well otherwise a good attorney might argue your LLC is nothing but an "alter ego" and you can be held personally liable. So you have to keep up with those meeting minutes. The legal side of the business is important and should not be under-estimated. You also don't want to have a breach of contract but have no LLC in place for use with that contract. I had a few attorneys hire my services and said my attorney did an excellent job with my contract, but they might be able to find a hole somewhere (they said the language she used was very good). So, as my attorney told me, their is always an argument to be made in court, even if you have an iron clad contract. Liability insurance is important, but the insurance company can also weasel their way out of paying too. They have exclusions a mile long in some of their policies. Which is all the more reason to have a good small business attorney set up an LLC for you as another line of defense against the costs of the courtroom (and it should be done by an attorney and not some kind of organization like Legal Zoom or MyLLC.com, they are not a substitute for an attorney).
"Never fear shadows. They simply mean there is a light shining somewhere nearby." -unknown

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