For small business owners, it seems like there is always work to be done -- from managing finances, employees, marketing initiatives and more. But taking the time to strategize your 2017 business plan and communicate your goals and vision with your team will help start the new year off on the right foot and give you more time to focus on building your business.
Cash flow keeps businesses on their feet, so at the start of each year, analyze your statements and reconcile any accounts receivable that may have been finalized in 2016. You’ll want to go into the new year more financially confident and better organized.
The beginning of each year may be the right time to examine your staffing needs. Have things been busy enough that it’s time to hire more employees? And, consider your current employees. Are they happy and being fairly compensated? Have you budgeted for any raises or bonuses that may be expected in the coming year? It’s important to keep your team strong and your business growing.
Whether things were seemingly calm for your company in 2016 or if you had to reevaluate aspects of your business plan, it’s a good idea to review your business contracts and legal agreements, as well as your business insurance needs in the beginning of 2017.
Regardless if your business has had a spectacular 2016 or if you’ve endured some challenges, it’s important to meet with your business attorney to ensure all legal matters tended to are on track for the new year. Contact Trevett Cristo’s business law team today.