Your startup began as “four smart people with laptops and a vision.” Fast-forward a few years and it’s a bona fide business with investors, employees, and a snappy logo. Stay on this path, and signs are good that you’ll continue to grow.
It’s easy and convenient to keep doing what you’ve been doing as you scale. But as your startup matures, you’ll need to increase its level of professionalism. There are two vital reasons to do this: First, you’ll neatly sidestep business-busting distractions like IRS audits, employee unrest, and tax-time nightmares. And second, you’ll lay the critical groundwork for your company’s culture.
You’ve undoubtedly heard horror stories about startup and corporate culture going wildly wrong. Too many businesses have tolerated and even encouraged environments that were toxic for some employees, who flee and file harassment or discrimination lawsuits. Other businesses have confronted financial irregularities that trigger regulators’ scrutiny and even criminal charges. Read the full story here.