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You Know the What, but how about the Why!

Last week, we talked about the mission statement or the “what you do, how you do it” statement.  This week, we will discuss the “who you are you and why you do it” statement (aka, the vision statement).  A vision statement describes an organization’s meaning and purpose for the future.  Below are some key components:

  • Purpose and Content– A vision statement describes the reasons for a company’s mission. It explains why customers and employees should stay with you for the long term.  It should be clear, concise, realistic, and inspiring. 
  • Importance – A vision statement is a critical component of every business plan and strategy discussion. It attracts investors, customers, and partners, and builds trust and credibility. 
  • Revisions – A vision statement should be regularly updated to ensure it mirrors the organization’s current purpose. 

 Below are some good articles that might provide more context:

Other items of interest:


As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.   

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.   

What Do You Do and How Do You Do It?

What do you do and how do you do it?  I know there you are a lot of “Do’s” in that question and I am sure somewhere an English teacher is cringing.  However, the question is important.  Do you know what your organization is about or why it exists?  If you don’t know the answer, then you probably have an organization that does not have a well thought out mission statement. 

What exactly is a mission statement?  Essentially, a mission statement defines what line of business a company is in, why it exists and what purposes it serves.  So, how do you define this for your company?  There are lots of different ways to land on this important concept.  Below are some helpful articles and videos, which you might find insightful:

The bottom line is that if you can’t define why your business exists, it is tough for your customers or employees to know it.  Next week, we will discuss the importance of a vision statement, which is not the same as the mission statement. 
 
 
Here are a few other items of interest:



As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.   

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.   

Those Refs Cost Us Another One!

As a Father of three boys who have all been involved in sports, I have heard the following phrase in one form or another over the years:  “Those Refs Cost Us The Game!”  As you might imagine, I don’t have a lot of patience for that type of blame.  However, it is a great teaching opportunity about accountability.  

Accountability became readily apparent to me when I first entered the world of business ownership.  The one thing I noticed quickly was that I was fully responsible for everything (including taking out the trash).  That does not mean that I did not hold my staff accountable.  However, if there was ever an issue and it came to my attention, I knew that ultimately it was up to me to get it resolved. 

A lot of business owners don’t always grasp that concept.  Even worse, many will default to blaming someone else.  I can tell you pretty much across the board that when you do that, you lose a lot of credibility.  All the key players in your business are looking to you for leadership.  As President Truman made famous, the “Buck Stops Here”.  

Below are some interesting articles that talk about accountability and responsibility as a business owner.

 
Lastly, I want to congratulate all those who passed the PA Bar Exam.  I especially want to congratulate two of our newest Associates – Tom Wymard and Will Schroeder!
 
Here are a few other items of interest:



As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.   

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.   

Does It Really Matter?

We are weeks away from the next election.  Both candidates are putting forth their plans for the economy.  Of course, there are plenty of opinions on how it will impact (if implemented) everyone’s life.  I am more focused on the specific items that could impact businesses with this post (see below):

Trump – Vance

  • Keep the TCJA in place
  • Lowering the corporate income tax rate from 21% to 20%, or 15% for businesses making their products in the U.S.
  • Imposing a base tariff on U.S. imports
  • Imposing a 60% tariff on U.S. imports from China

Harris – Walz

  • Increasing the corporate income tax rate from 21% to 28%
  • Increasing tax rates for the top 1% of earners
  • 28% tax on long-term capital gains for any household with an annual income of $1 million or more
  • A $50,000 tax deduction for small business startup expenses
  • 25% minimum tax on total income, including unrealized gains, or asset growth, exceeding $100 million
  • Taxpayers with wealth above the $100 million have to report unrealized gains annually

While the above are not everything that have been talked about by the candidates, they give a good overview of the key items that will have an impact on business owners. 

So, what do you do?  First and foremost, try to get an understanding of where your situation fits in each.  Also, keep in mind that these are their talking points.  Both will need cooperation from Congress to make any moves.  The bottom line is that businesses are nimble and can adjust to these proposals a lot faster than the government can implement them.  Regardless of who wins, does it really matter? 
 
Here are some other items of interest:
 


As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.   

Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.