Ask yourself the hard questions and answer them honestly. It could make all the difference in 2021.
Resolution #1 Manage to the numbers you have today- not what you hope they will be six months from now. Analyze your business’s current financial reports. (If you do not have current financials, make that your number one priority) Are you operating in the red or the black? Do you have a forecast as to what 2021 numbers will look like if you continue with the same revenue? Can your business hurdle another year of unexpected shut downs and interruptions operating the way you currently are? If not, be honest with yourself. Make the changes you need today so that you are operating in green as soon as possible. There is still so much we do not know about how 2021 will play out. If 2020 taught us anything, it was to expect the unexpected. Stick to your 2021 budgets as though the life of your business depended on it- because it does!
Resolution #2 Get organized! What would happen if you were suddenly named in a lawsuit, or you needed to apply for a loan? What if you or your business were the subject of an audit? How difficult would it be to produce files, paperwork, bank statements, entity documents or your business’s operating agreement? Is your business currently in “Good Standing” with the state you are operating in? How about your employee files? Are they complete? Make 2021 the year you spend some time getting your paperwork and act together. Remember the longer you wait, the more difficult it becomes to fix later.
Resolution #3 New Year, same problems? The time between Christmas and New Year’s Eve is an excellent opportunity to reflect on the previous twelve months. While it is important to to be grateful for blessings, it is also just as important to consider the things that did not go well. Ask yourself, “Do I still have the same problems today I had in January?” Are you still dealing with the with the same toxic employee? Are you still carrying the same balance on the company credit cards? Have you still not fixed that plumbing issue in the back work room of your store? Problems happen, that is just life. However, it is how business owners deal with inevitable problems that separates a successful business from a failing one. When pondering what is not working, immediately come up with a solution and then execute on it.
Toxic employee? Time to work them out. Interest rate too high on those corporate cards? Time to refinance. Sink still broken? Call the plumber. Anyone can point at a problem and suffer its existence. Be the person who actually does something about it.
Granted, not all problems can be easily solved. Not every “fix” is a matter of simply calling a repair person. We can not always change other’s behaviors or predict circumstance. However, we can change ourselves and how we react to situations. The first step to this is simply by asking for help. If you can not figure out how to solve or approach a problem, seek out those who have expertise or can assist.
Law 4 Small Business is here to assist owners with every aspect of running a business. Cooperate paperwork, disputes, lawsuits, issues with collections, employee problems, taxes and much, much more. Check out our vast menu of services here .
Give us a call today at 1-888-992-4952 or Contact Us online and let us help you start the year off right.
Law 4 Small Business, P.C. (L4SB). A little law now can save a lot later. A Slingshot company.