R. Shawn McBride recently spoke about the importance of dotting the i‘s and crossing the t’s.
Shawn here with you. Talking about dotting the i’s, crossing the t’s. Now this is not fun stuff, right? This is not the kind of thing that you’re going to go to a cocktail party and talk about, “I love to dot my i’s and cross my t’s.” But it’s so critical in business. And we find a lot of people fall down here. They enter into an agreement with somebody, they have a business partnership, and they don’t stop and write down what that business partnership is. They either just don’t memorialize it at all, or they do a very quick job. They grab something off the internet. It’s very generic. They don’t customize it, and then later there’s a dispute. Where else do we see it? We see it in contracts.
Contracts are often put together very quickly. People maybe agree to something off on the side verbally but never write it down, and then there’s an enforcement issue. So, one of the key things in business is dotting the I’s and crossing the T’s.
And here’s an issue. A lot of entrepreneurs don’t like to dot I’s and cross T’s. They want to be building something, growing, creating new value for the world and the economy, and doing fun things, and it’s wonderful that that’s the goal.
Here’s the problem. The I’s got to be crossed the T’s got to be dotted, or vice versa. You got to cross those t’s and dot those i’s because if there’s ever a problem, we have to go back to it. If your company’s ever up for an acquisition, we’re going to be going back to the file, and looking at these records. If there’s a partnership dispute, a death, maybe a family remember stepping in to take the place of one of your business partners, they’re going to be looking at the written record not necessarily what you agreed. So, really, really, really important that we stop and do that.
You need somebody on your team that’s a detail person. If you’re a true entrepreneur, you’re building a business, you doing great things, you’re growing the economy, growing the business, creating opportunities for everyone, you want to make sure that you’re doing the things you need to do to make sure you’re protecting yourself, and your company and your loved ones should something happen to you. So, go back. Dot those i’s, cross those t’s. Really important stuff.
If this is resonating with you, check out other stuff like R. Shawn McBride fans and audiences, lots of videos there for you. Great value stuff that’s going to help you run your business better. Same with McBride for Business YouTube. We’d love to help you. Come on over to McBride for Business. Get the business evaluation checklist. Check out our blog and other resources. Everything we do is to help you. Really want to get to know you, help your business, help you step it up to the next level. And of course, at some point in the future, I love to work with you. Either come to a conference and events, speak for you or an audience. Or come out and work with you one-on-one. Let me know how I can help you. I’m Shawn McBride, I’m signing off, but I will be talking with you again very soon
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Robert Owen-Wahl.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.