The 4 Hidden Risks in Your Business (And How to Fix Them Before They Cost You Everything)

When you started your business, you probably focused on growth, clients, and revenue. And that makes sense—those things pay the bills. But if you’ve overlooked the foundation of your business, you may be building on shaky ground.

Here’s the truth: most entrepreneurs focus on sales and marketing while ignoring legal, insurance, financial, and tax systems. These four areas—what I call the LIFT foundation—determine whether your business is stable enough to weather challenges and strong enough to support long-term growth. Without them, you risk losing everything you’ve worked so hard to build.

In this article, you’ll learn:

• The four pillars that make up your business foundation.
• The 20-point confidence assessment that reveals your strengths and weaknesses.
• Why patching the cracks now is the greatest form of self-care you can give your business.

Let’s start with a discussion of what your LIFT systems are and why they mean everything to your business.

The Four Pillars of a Strong Business Foundation

Think of your business like a building. Sales and marketing might be the shiny exterior, but the LIFT systems—Legal, Insurance, Financial, and Tax—are the structural beams that keep everything standing. Without them, cracks will form, and your entire business could collapse when challenges arise. These four pillars address hidden risks you may not be aware of. Let’s look at each one separately:

L = Legal 

Legal systems protect your business from unnecessary risk and conflict. A solid legal foundation ensures your company structure is compliant, your agreements are enforceable, and your intellectual property is safeguarded. It also means you’ve put systems in place to guide what happens to your business if you’re ever incapacitated or die, so your loved ones aren’t left scrambling.

Key elements of strong legal systems include:

• Proper incorporation and ongoing maintenance of your business entity.
• Written agreements that reduce disputes with clients, vendors, and partners.
• Intellectual property protections that secure your brand, content, and innovations.
• Contingency systems that keep your business running smoothly if you’re not there.

I = Insurance 

Insurance systems act as your safety net when the unexpected happens. It’s not just about meeting requirements—it’s about making sure one accident or disaster doesn’t wipe out everything you’ve worked for. Effective insurance systems ensure you have the right mix of coverage for both your personal life and your business operations.

Key elements of strong insurance systems include:

• Adequate home, auto, and health coverage.
• Business liability insurance to protect against lawsuits and claims.
• Life insurance to support your loved ones if something happens to you.
• Community and network support that ensures resilience during crises.

F = Financial 

Your financial systems reveal the truth about your business. Without them, you’re essentially guessing when it comes to growth and sustainability. Effective systems for tracking, modeling, and reviewing your numbers give you clarity to make smart decisions about investments, hiring, and expansion.

Key elements of strong financial systems include:

• Reliable tracking of past expenses and revenue.
• Forward-looking models that anticipate opportunities and risks.
• Regular reviews of reports—weekly, monthly, and quarterly.
• Clarity when it comes to your numbers: what you need to survive, thrive, and live the life you want. I have a proprietary tool to help you gain absolute clarity. It’s called the Money Map, and you’ll have access only when you work with me.

T = Tax 

Taxes are one of the largest expenses for any business, yet many entrepreneurs treat them as an afterthought. Strong tax systems are proactive, not reactive—they keep you compliant, eliminate surprises, and help you minimize liabilities so you can reinvest in your business with confidence.

Key elements of strong tax systems include:

• Staying current on filings and payments at all levels.
• Clarity around exactly what you owe and when.
• Savings systems to ensure cash flow is never disrupted by tax obligations.
• Strategic planning to legally minimize taxes and maximize profitability.

Each of these systems works together to form the backbone of your business. But knowing whether your systems are strong—or dangerously weak—can be tricky without a clear way to measure them. 

The 20-Point Business Confidence Assessment

Once you understand the four LIFT systems, the natural question is: how do you know whether your systems are truly strong—or if there are cracks you can’t see?

That’s where my exclusive 20-Point Business Confidence Assessment comes in. This is not a tool you can download online, and it’s not something most lawyers or advisors even know exists. It’s a proprietary assessment I use as a LIFTed Business Advisor to help entrepreneurs quickly see where their business foundation is strong and where hidden risks may be lurking.

The value of this assessment is in giving you clarity. Most business owners operate with blind spots, feeling confident in certain areas while unknowingly leaving dangerous gaps in others. My 20-Point Assessment shines a light on those blind spots so you can make informed decisions about where to focus your energy and resources.

This tool is part of what makes working with me different. While other lawyers or advisors may only draft documents or handle one-off issues that don’t consider how they fit into the overall strategy of your business, I use the 20-Point Business Confidence Assessment to take a holistic look at your legal, insurance, financial, and tax systems. Together, we’ll identify the areas that need attention and create a plan that strengthens your foundation—so you can move forward with confidence, knowing your business is built to last.

Why Fixing the Gaps Is the Greatest Form of Self-Care

Entrepreneurs often think of self-care as exercise, sleep, or taking time off. Those things matter, but here’s a radical truth: the greatest form of self-care for your business is building a foundation that supports you.

When your LIFT systems are strong, you gain:

• Peace of mind – knowing your business can weather storms.
• Confidence – making decisions without second-guessing.
• Credibility – being taken seriously by clients, investors, and partners.
• Freedom – focusing on growth instead of putting out fires.

Think about it: without these systems, you’re constantly vulnerable to surprises. A contract dispute, a tax audit, a car accident, or a health crisis could derail your entire operation. With them, you can focus on building the business you love instead of fearing the ground will collapse beneath you.

Taking the Next Step

You don’t have to figure this out alone. My role as a Personal Family Lawyer® and LIFTed Business Advisor is to help you identify the gaps in your LIFT foundation and create a plan to close them.

My process starts with a LIFT Business Breakthrough™ Session, where we’ll review your 20-Point Assessment and develop a step-by-step strategy for strengthening your legal, insurance, financial, and tax systems. By the end, you’ll have clarity on where your business stands and a clear action plan to support sustainable growth.

Don’t wait until a crisis exposes the cracks in your foundation. Take the time now to shore up your systems so your business can thrive for years to come.

Click here to schedule a complimentary 15-minute consultation to learn more and get started today:

BOOK NOW!

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