The end of the year is often a time of reflection. As a business owner, you look back over what you have accomplished and perhaps think of things you would like to have done differently. New Year’s Eve is also a time to look forward to the promise of the coming year. However, you probably will not wait until December 31, 2020, to start preparing your business for 2021. This article will look at some of the preparations you will want to consider if you have not already.
Finishing Up Last Year’s Agenda
Is there anything you wanted to accomplish in 2020 but did not? The COVID-19 situation may have contributed to any failures. Now is the time to think of moving the goalposts into 2021. Unless a task has to be completed in 2020, you could consider adding it to next year’s agenda.
Put Together Next Year’s Plans
Budgeting is a primary concern. Business owners often use this time to consider:
- researching trends and current conditions in the market
- developing new products and services
- changing your marketing strategies
- adapting your business to current conditions
- instituting new policies and protocols
- changing employee assignments to meet business needs
You probably will discuss financial concerns with your chief financial officer, CPA, or other financial advisors. However, consulting with your attorney or corporate counsel is a great idea also.
Review Your Company’s Legal Documents
Even small and mid-size businesses rely on contracts, leases, and other agreements to get things done. But laws and regulations may have changed since the last time you used some of your standard legal documents. Your business lawyer or corporate counsel can review these to make sure that they comply with current laws.
Also, consider reviewing the following:
- Bylaws
- Operating Agreements
- Buy-Sell Agreements
- Internal Rules and Regulations
- Employee Handbooks
Preparing for the end of 2020 may give you a sense of relief. Making sure your business is set up for the future may feel even better.
Enlist Corporate Counsel to Help with Preparing Your Business for the Future
Your business lawyer or corporate counsel can review legal issues with you to make sure you start the new year outright.
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with business and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.