Blog written by Michelle Bomberger, Equinox Business Law Group
Is it really November already? Just knowing that the holidays and year-end are around the corner makes us begin to psychologically wrap up the year. However, now is not the time to succumb to holiday distractions. Despite what retailers want you to believe about the nearness of the holidays, there’s lots of time to get those final to-dos done to make 2013 a great year for your business:
- Planning. Don’t wait for the new year – now is the time to plan for 2014. Pull out last year’s plan and budget and determine what worked and what didn’t. Take a ½ day retreat to consider what next year’s focus will be and how you will achieve it. The critical success factors are: i) to write it down and ii) measure it!
- Financials. Begin focusing on outstanding receivables so that you can collect what you can in 2013. If you don’t have a strong accounts receivable process, think about what you can do to improve your collections and cash flow.
- Protecting assets – contracts. Be sure you have key contracts in place that protect your assets and the assets of your business including Buy-Sell Agreements and Estate Planning documents. These tools are necessary anytime but are particularly important for business owners and families with assets.
- Protecting Assets – insurance. Another tool to protect the company’s assets is insurance. Verify that you have general liability, employment practices, professional liability, and life insurance coverage that adequately covers your business in the case of a disaster.
- Employment Policy Changes. Take a look at your employment documents to ensure they reflect your actual policies and procedures. If you are planning any changes in benefits or compensation, be sure those are documented and communicated to employees.
- Tax Considerations. Talk with your tax professional about future tax planning including specific tax saving opportunities you have in 2013 or 2014.
I know, you’re never going to get to all of these in the next few weeks before the holidays really kick in – but pick one or two and get them done! It will help you as 2014 kicks off with a bang!