Every year as the holidays approach, many of us find ourselves thinking back on the past year’s successes and items to improve on. We consider the highs and the lows, and we start looking toward the coming year. The classic “New Year’s Resolution” is often looked at as a chance to kick a bad habit or start a good one: working out more, cutting out fast food, paying more attention to personal savings, etc. This is a great vehicle for personal self-improvement, but what about your business?
For many small businesses, the calendar year happens to be the business/fiscal year, so the anticipation of New Year’s Day is also the turning over into a new fiscal year for the business. In the same way that you take time to reflect on your personal achievements and areas needing improvement, the holiday season is also a good time review the successes and (hopefully minimal) failures of your business. A “New Year’s Business Resolution” is a great way to start the new business year on a high note, by either cleaning up neglected obligations from the past year or beginning new initiatives for your business processes moving forward.
One of the most common business shortcomings we see in small business owners is failing to maintain adequate corporate records. Whether you’re a single-member LLC or a mid-sized corporation, it is important, and sometimes legally required, to maintain a corporate book documenting the actions of the business. You may think that because your business has a small operation, or is just between family members, that you do not have to hold meetings or pass resolutions, but if there is ever an opportunity to sell the business, or perhaps you need to take out a major loan, both a prospective buyer and a lender will often demand to see your corporate records to ensure that all actions taken by the business were duly authorized and approved.
As the new year approaches, and amidst the hustle and bustle of the season, set aside some time to review your business needs. If there’s something you can improve on, such as corporate record keeping, now is a great time to do it. The Strong Firm P.C. understands the value in constant self-improvement, and we can help you understand how to improve your business.
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