With the holidays growing faint in the rear view mirror, it’s that time when people reflect, renew intentions and set goals for the upcoming year. To get onboard, we’re providing you the top 5 resolutions for your business in 2019. It’s our hope that your business has the best and the most prosperous year ahead!
1. Review Your Business Structure. Review your business entity and tax elections to determine whether changes could render significant tax benefits to your business (or personally). Getting a grasp on the pros and cons of different types of business entities (LLCs, Partnerships, Corporations, S-Corps etc.) can be tremendously advantageous so that you can get the most from both a tax and liability perspective. Also, know that the type of business that was good for you three (or five, or ten) years ago, may not be the best fit for you now. So, make an appointment with your legal advisor who can work with your accountant and counsel you on the best business entity for your business. Need to change business forms? Your lawyer can convert your business entity if needed too.
2. Get a Handle on Your Intellectual Property. It’s likely that your company has intellectual property, which may provide you a competitive advantage as a business asset possessing commercial value. You should evaluate your IP, and if you’re not already proactive, start developing and protecting your company’s intellectual property. Whether or not you have been proactive in the past, it’s always a good idea to assess and identify what IP you do have, review any license agreements, file appropriate trademark, copyright, or patent registrations, and check-in on maintenance requirements. Build a strong foundation today, so that you may capitalize on it tomorrow.
3. Read and Reread Your Contracts. Make sure you read your contracts in the first place, and review them every so often. It’s all too easy after a contract is negotiated and signed to put it in the filing cabinet, and let it collect dust. For agreements still in effect, take some time to review and refresh your memory on essential terms. A quick scan will jog your memory on essential or materials terms, that you may have forgotten about since signing, or help you identify other problems that would otherwise go unnoticed until a larger issue or dispute arises.
4. Find a Mentor. Whether it’s through a formal program at an organization or someone you know through your own personal network, recruit a mentor. Having a hard time finding one? Keep looking, and don’t stop until you do. Great mentors can have an enormous impact on your business and personal growth.
5. Give Yourself a Break and Find Balance. There’s no doubt about it – running a business is hard work. Don’t forget to give yourself a break. Take some time to hit the slopes, take the dog on a walk, go to yoga or read your favorite book. Whatever it is you enjoy, take time and clear your head. You’ll be your best self, and best positioned to build a successful business.