As the year draws to a close, what are you doing to ensure that your business is positioned for continued success? Just like our bodies, our businesses need check ups too.
Throughout the year, you probably check in with yourself every now and then (some of us more diligently than others) — How am I feeling? Am I eating well and exercising? Am I happy and healthy? We seek help when our self-evaluations reveal that we’re sick, but once a year we visit the doctor for a wellness appointment just to take a deeper look and ensure that our bodies are on the right track to remain healthy.
Businesses are quite similar. Throughout the year, business owners must check on their progress. Are we meeting our mission? On track to meet goals? Are our employees and customers satisfied? Throughout the year we troubleshoot problems as they arise and consistently bring our best efforts and ideas to the table. But just like our bodies, our businesses need more in-depth checkups every now and then.
At Loganzo & Mantell PLLC, we believe that the end of the year is the perfect time for your comprehensive business checkup. We recommend all our business clients do the following:
1. Hold an end-of-year meeting.
It is important for all employees to be aware of long- and short-term goals and informed if those goals are being met. Whether it’s just you and your small team of employees or an interdepartmental affair, an end-of-year meeting with all decision makers present is a great way to review benchmarks, revisit your company’s mission, and get motivated and organized for the new year.
2. Make sure your company and all employees are in good standing with your state.
Was this the year you needed to file your corporate biennial or triennial statement in NY? Are all individual or special licenses, permits, and registrations up-to-date? The end of the year is the perfect time to double-check that no required filing has lapsed or been overlooked.
3. Review and update ownership and internal governing documents.
Have all current members, shareholders, or business owners signed your company’s operating agreement, partnership agreement, by-laws or buy-sell agreements? Do these documents and past resolutions of your company reflect a majority of the business owners’ current wishes? Have things changed from the date these business documents were signed? The Year’s end is the perfect time to review and update your governing documents.
4. Review contracts and relationships with third parties.
Which contracts and agreements make sense to continue and which should you consider terminating? Which meet with your business goals for the coming year and which no longer serve your business well? What do your contracts and agreements provide for renewal and termination? Do you need to send notice of renewal or nonrenewal on your contracts? Now is the time for a global contract review and make adjustments for your continued success.
5. Review personnel transactions and employment policies.
Do your policies adequately cover all of your personnel and areas of business? Is your business compliant with current law? With best practices? Does anything need to be updated or expanded?
6. Review insurance policies.
Reassess your needs and make sure the coverage you have is still appropriate. This can help you avoid significant trouble in the future.
Having an experienced business attorney by your side as you conduct your end-of-year review is essential. For knowledgeable guidance in reviewing contracts, licensure, or insurance policies, contact the attorneys at Loganzo & Mantell PLLC. We are eager to partner with you and your business. Call us today!
Loganzo & Mantell PLLC
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