Depending on what type of small business you have, December can be a busy time or a slow time. Either way, do not forget to review the past year and look for ways to improve in the new year. Here is a checklist of things to review before the upcoming year.
Small Business Checklist | Lawyer in Raleigh NC
Starting a new year with any changes in policy or procedure will be easier to manage and will give you an easy start date to measure how well they are faring later on. Need help? Contact our lawyer in Raleigh NC.
- Review contracts.
You may have agreements with vendors or freelancers, leases for office space or equipment, or other types of business contracts on file. Even if the contract dates may not be up soon, you can review them and make note of when they expire so that the date will not sneak up on you in the new year. You can also make note of any changes you may want to make in the agreement, or decide if you do not want to renew it. Some may require a notice before the actual end date, so that leaves you with plenty time of to notify them. You can work with our lawyer in Raleigh NC on this to ensure all aspects are valid.
- Review policies.
Check all of your insurance policies in your business, employees and even family to ensure they are accurate and up-to-date. If major changes have occurred within the business, such as adding or removing a business partner, then your policies need to reflect those. If you have added more employees or downsized, your premiums may change so be sure to update the information with your insurance agent. If your revenue has increased or decreased significantly, it can also change your policies, so check to make they reflect your current financial state.
- Review procedures.
Now is the time to review your business policies to ensure they are meeting the needs of your business, customers and employees. If there have been significant changes in your business over the past year, some procedures may need to be modified. There are also federal guidelines that all small businesses must adhere to, so make sure you are following their policies correctly. If you are unsure, you can contact the U.S. Department of Labor for a consultation.
- Review employees and have them review you.
You may already have employee evaluations scheduled on their work anniversaries, but you can also conduct reviews on overall performance at the beginning of the year. This will allow you to recognize any achievements over the course of the previous year for individuals or for teams.
You can also ask for feedback from them on company procedures and policies. This gives you a chance to remove any outdated information and update anything that has changed over the past year.
As a small business owner, you probably have a lot on your plate and may forget to touch base with employees for feedback. Making it an annual event can help keep you on track.
- Review the year ahead.
This is the perfect time to plan what you want to happen in the new year. Use the information you have gathered from reviewing items 1-4 to outline your plan. Make it manageable by giving yourself goals for each month. At the end of the year, you will have a detailed outline of what you wanted to accomplish to compare to what you did accomplish.
To learn more, contact our lawyer in Raleigh NC. We can help you with everything listed here. Take the beginning of this New Year as an opportunity to make updates and changes to better your business's success!