Uncertainty is looming in the air as we enter into the new year.
CEOs of wedding businesses need to prioritize legal strategies and knowledge while they attempt to grow their business. The Wedding Pro CEO podcast, is here today with Kunbi Odubogun from Legally Set on how CEOs of wedding businesses can protect their businesses during uncertain times.
Kunbi shares tips on how to protect yourself through establishing a business account, having a business continuity plan, and having business interruption insurance. She also dives into the importance of understanding your contracts and pricing.
Follow Kunbi Odubogun on Instagram! Click HERE!
Kunbi Odubogun is a business attorney and the founder of Legally Set, a company that specializes in contract templates and business legal strategy. She is passionate about helping small business owners protect their businesses in times of uncertainty, and she has dedicated her career to helping entrepreneurs create strong contracts, establish business accounts, and secure business interruption insurance.
As an experienced business attorney, Kunbi understands the importance of protecting businesses through proactive measures, and she is an advocate for understanding your contract terms, having a business continuity plan, and reviewing your pricing.
It is critical for CEOs of wedding businesses to protect their businesses to survive uncertain times.
The wedding industry is highly competitive and unpredictable, and any changes in the market can have a big impact on their bottom line. To ensure the stability of their businesses, CEOs need to be proactive in their risk mitigation strategies and take steps to protect their businesses from potential threats.
For example, CEOs should create contingency plans that include strategies for responding to unforeseen events such as pandemics or natural disasters.
They should also consider taking out insurance policies to protect their businesses against unexpected losses.
Additionally, CEOs should look for ways to diversify their revenue streams and explore alternative business models and markets. By taking proactive steps to protect their businesses during uncertain times, CEOs can ensure the long-term success of their wedding businesses.
Here are the steps you need to follow:
1. Establishing a business account and strong contracts
2. Creating a business continuity plan
3. Reviewing pricing and understanding cash flow.
Having a clear and comprehensive business account and contracts in place can help protect your business and your clients in a challenging environment.
Setting up a business account will ensure that there is no mingling of personal and business funds and make it easier to track your expenses.
It is important to make sure your business is compliant with all applicable laws, regulations, and licensing requirements in order to protect yourself and your business.
It is also important to have a strong contract in place that covers the full scope of services that you provide and any potential emergencies that could arise. This should include a clause for a suitable emergency substitute in the event that you are unable to provide the services, as well as a clause that covers any potential harassment issues.
Additionally, you should review your contracts and business accounts regularly to ensure they are up to date and in compliance with the relevant laws. It is also important to review your contracts and business accounts to ensure that they are tailored to meet the needs of your clients and your business.
Finally, it is always a good idea to consult with a qualified attorney or accountant to ensure that all of your requirements are met. By taking the time to review and update your business accounts and contracts, you can ensure that you are well-prepared for any potential legal issues or financial losses.
Creating a business continuity plan also involves assessing your own risk tolerance. This will help you to determine the level of risk you are willing to take and what kind of plan you will need to create.
You should also consider the resources available to you to help you implement the plan. For example, you should have access to a financial advisor, attorney, and any other professionals that can help you create a plan that is tailored to your unique needs.
Next, you should create a communication plan to ensure that everyone is kept informed of any changes to the plan.
Regularly review and update your business continuity plan. This will help ensure that it remains current with the changing needs of your business. You should also consider the implementation of new technologies, as well as any changes in the marketplace.
By staying on top of these changes, you can ensure that your business is prepared for any unforeseen circumstances. By taking the time to create a comprehensive business continuity plan, you can ensure that your business is prepared for any unexpected events.
Step 3 is reviewing your pricing and understanding your cash flow. This is a critical step in preparing for uncertain times, as it can help to protect businesses and ensure that they are able to stay afloat.
When reviewing pricing, it is important to look into the prevailing wage in the area and consider the experience of the business. This will help to determine how much should be charged for services.
It is also important to be aware of cash flow, as this will ensure that the business has funds to rely on during the day to day and month to month income and expenses as well as saving for an emergency fund.
Having a solid understanding of cash flow and planning for any potential issues can help to protect the business from any surprises.
Finally, it is important to talk to an accountant or financial advisor to ensure that the business is taking all of the necessary steps to prepare for uncertain times. An accountant can help to ensure that all financial records and procedures are up-to-date and in line with best practices. They can also help to identify potential issues and provide advice on how best to manage cash flow and pricing. Having a trusted advisor can be invaluable in preparing for uncertain times and helping to ensure that the business is well-protected.
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Protecting your wedding business during uncertain times is essential for business growth and stability. Kunbi Odubogun from Legally Set outlined the steps that CEOs of wedding businesses should take in order to protect their businesses from potential threats. This includes establishing a business account and strong contracts, creating a business continuity plan, having business interruption insurance, and understanding cash flow and pricing. By taking proactive steps to protect their businesses, CEOs of wedding businesses can ensure their long-term success. Take action today and remind yourself that you have the power to protect your business and achieve financial security.
Learn more about Kumbi’s Legally Set Contracts and Education HERE!
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I help creative business owners sustainably scale their business so they can create a thriving career and work-life balance.
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I have experience speaking at both live and virtual events, educating creative and wedding entrepreneurs how to step into their role as CEO. If you're looking for speakers for your next conference, workshop, event, or the next guest for your podcast, I'd love to see how we can collaborate!
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