What You Need To Know About Business In 2021.
Ross Perkal, Special Counsel at L4SB has spent the majority of 2020 working in self quarantine. He has some specific thoughts on how the challenges of 2020 can make for a better 2021.
As 2020 ends and 2021 looms on the horizon, most of us are sharing some level of apprehension. 2020 taught us to expect the unexpected and unfortunately, many businesses simply were not prepared for it. I find myself advising clients to consider a few points. Some of them may seem basic or maybe even trivial but I should emphasize they are very important and have a serious impact on you and how you do business in the future.
First, what location may you and your employees be working at next year? Still planning on hunkering down at home for at least the first portion of 2021? Maybe its time to reevaluate that office lease? Is the lease on your current space ending? Might want to give some thought to whether you need the same type of space? If you have been wanting or needing to go bigger, this might be a great year to do it. The savings either way could be significant. See L4SB’s flat rate contract reviews
Second, will professionals be meeting in person regularly with their clients again anytime soon? It does not look promising; at least for the next 6 months. Now that working from home and on personal devices is the norm, are you confident that all your employees’ devices and locations are safe? Is everyone’s anti- hacking and virus software up to date? If you did not invest in IT in 2020, and you can do it now, what are you waiting for? Even post pandemic it seems clear things will never go back to exactly how they were before. Be ready to keep moving in the virtual direction or be ready to be left behind. See our blog on phishing and email attacks
Third, do your employee handbooks and policy manuals need to be revaluated and updated? Especially when you consider the drastic change in work environments? Much of the work force is working from home now. How can you hold employees accountable and successfully manage them if there is not clear indication of what everyone should be doing and when? See L4SB’s policy and procedure review
Fourth, You still need to keep your business entity up to date and compliant for 2021. Does a consent in lieu of meeting of shareholders and directors for 2021 need to be drafted to indicate new or same managing members or officers of a company? Have you filed all of your annual reports? You still have to keep your house in order so to speak, even if state offices are closed to the public. See L4SB’s corporate paperwork package and L4SB’s annual state filings service
Fifth, have you gone through the cooperate financials and minimized any unnecessary expenses? Remember, down times can be a catalyst for significant and beneficial change. If you needed an excuse to change your ways when it comes to spending- here it is. Instead of blaming the pandemic for financial difficulty, use it as the excuse to unleash meaningful and substantial change that will keep you in business long after the pandemic has passed.
Lastly, now is the time to get all your personal affairs up to date. Have you executed a will? Medical directive? A business succession plan? Really, there is no excuse not to have these very important documents in order- especially considering current events.
Consider the downtime, the slow business, and the public health closures as an opportunity to re-evaluate your business and your personal affairs. Address these items that were in the past so easy to push off to the side. This way when 2021 begins, you can proceed with some degree of confidence. Have your business prepared, in the best standing possible, in order to recover from the plague riddled constraints of 2020. Be ready to transition successfully- into the New Year.
Help with any of the points Ross described is just a click away.