If you're a small business owner you should be having regular board meetings
I don't care how small you are whether you're an LLC an S corporation or even a sole proprietorship
The board meeting could be one of the most efficient uses of your time
It could save you more in taxes give you better asset protection and even build your business play like a big boys
You should be having a board meeting on a regular basis and I'll take your business to whole new levels now
I want to tell you how why and the best way to hold the most efficient small business board meeting
Now first just a few basics number one
You should have as many board meetings as you want to hear at least annually
Maybe quarterly or even monthly number two don't think because you have an LLC you can get out of it
Good luck in court without one sheet of paper in the drawer
I'm telling you
Nationwide LLC's are being pierced when people don't have a separate bank account a corporate book or corporate records even for their LLC
Go through the process even if you're a corporation or just that good old limited liability company number three
I want you to have this to save
Taxes have a board meeting with the people you love to hang out with it could be a nice dinner or even a little travel
Involved to have that board meeting where you're away from all the distractions and number four
like I said
this is asset protection you want to show that you're a distinct entity and
You're holding these regular meetings to protect the corporate veil now
Even if you're a sole proprietorship and you haven't even set up an LLC or corporation yet
You should be having this meeting to get into good habits and build your business so you can get to that entity level now
Let's talk about the how number one it is easy to hold the meeting itself
it's simply pulling out a piece of paper and
Keeping minutes or notes of the meeting and you're gonna call it to order and vote in who's on your board?
You can do it yourself
our law firm has a company maintenance program where we give you 25 questions and at least bug you annually to do it even with
Your LLC's or corporation?
But have a meeting just start with some notes and start taking those notes and that's what's gonna go into your corporate records
You can do it without even filing those with the state. They're private and they go in your record book next
Let's talk about the people on your board. You may have a formal meeting with a
Group of people that are your business partners or in the office working with you
it might be a little more structured around the conference room table and you're gonna talk about where your business is headed on even a
monthly weekly quarterly or annual basis and talk about the business make it a very productive meeting of action items and
Having different people with responsibilities and talking about the future of the business in a collaborative format. The other meeting is with your family
I want to have your family on your board of directors. These could be your parents adult children even teenagers best friends
Whoever you're gonna get your family together the support you and don't tear you down and you're gonna break bread together
You're gonna get together as a family and you're gonna talk about the family business
This was a great opportunity for a tax write-off
Typeof dinner or even a travel experience and the bigger your business the more frequent
The medians can be and the better the write offs. Now number three. We want to talk about the structure of the meeting
This is not going to turn into a brawl where?
Everybody's fighting for an opportunity to speak and you know how these family meetings could get or even in your office, you know?
if it's gonna turn into a fight stay away, I want you to have a meeting that is very productive and
Organized and an agenda set aside where you're gonna talk about future items things of how the business is done as well
Talk about the reports and there's status and health of your business
Bring this all up in a collaborative meeting where you can have a structure that's productive and not a disaster
Next make your board meeting or training experience. You could sit down and watch some videos of myself
Dave Ramsey other good financial training videos that are just
Generic in sense that help pass on the the training that your family members might need or even your office
To talk about the business and where it's headed
It's okay to have a training section to your board meeting and give back to your board members
Share something with them that they can take away with them
Personally as you also share the future of your business now most importantly, I want you to share your strategic plan
I've got other videos and articles on this down below look in the notes section
This is where my blog and my youtube channel comes alive
There's so many things you could be talking about regarding your strategic plan your marketing plan get in front of the group shown what this?
Vision is you need to be held accountable?
That's one of the main reasons you're having this board meeting because it can get lonely as an entrepreneur
I want you to share what your plans are so that you have a support system a network behind you to give you good ideas
And to ask you how it's going so that you actually have to report to someone and be held accountable
That's an important part of being an entrepreneur
Finally don't feel like you have to make it a big deal
we don't all have to fly to Vegas or to some all-inclusive resort in Mexico or go down to Miami or
meet in some expensive hotel in New York
It can be something even on the web get everybody on a FaceTime or on a Skype or some sort of medium
That works for you and have everybody channel in talk to everybody
Tell them what you're doing and even though it may not be a big tax write-off Apple trip
The purpose of the meeting is what matters most
Get everybody's thoughts and feelings and then walk away with an action item list. What are you gonna do?
Maybe you're going to rely on some of the board members
But most importantly as an opportunity for you to tell them what your plans are and what you're going to do
So that you can report back in summary
The board meeting is an important tool in your box of resources to help you succeed take advantage of it
It's actually built there for you right in the structure of your LLC or corporation
It's built into the IRS tax code for you to have a meeting on a regular basis take advantage of it some people rank
Oh, yeah, the corporation is too much formality and it's a pain
What are you kidding me take advantage of it exploit it use it to your advantage
Guys small business is an amazing opportunity. I love it
It's it's it's woven into the American Dream and with the opportunities we have in this amazing country
But it can also be lonely. It can be frustrating and it's a process. It's a it's a marathon. It's not a sprint
It's gonna take time to succeed at this and that's okay. The board meeting can be there behind you
The Board of Advisors are people that you love and will encourage you and love you back
And and they want to hear about your plans and hear
reports back on how it's going and get them involved take good notes and
Rely on our office or law firm to help you long way if you need it
But bare minimum you can do it even on your own take advantage of it