Are These Collecting Dust In Your Business?
I took a nice week off for a staycation earlier this month and it really got me thinking.
As I was deep cleaning parts of my house, I was reminded that when we are so busy with our daily lives, often things get overlooked. I was thankful to have the time to do some of the projects around my house I’ve been wanting to do for a while and it felt really great when they were completed.
This can definitely happen in your busy business life, too, so I thought I would offer a reminder on some of the business clean up you might want to get in place this summer.
These can include a variety of things including contracts with clients or independent contractors; shareholder agreements; operating agreements; entity formation paperwork, etc.
While these should be in place before any working relationships begin, it doesn’t always happen. It’s never too late to get these documents created, especially before any potential issues arise. You also need these documents when you go to sell your existing business, which is also something we can assist with at Sugarman Law.
Speaking of buying and selling your business…
Do you know what you want to do with your business when you retire or are ready to sell? Are there family members you see joining, will a business partner take over, will you close it down? There is a lot to think about and even if this seems far off in your future, a plan is vital to keep business operations running smoothly due to any unexpected situations.
Do you need to look at your finances and determine the next best course of action? It could be applying for grants or loans; tax planning; real estate purchases for expanding your locations, etc. While invoicing and budgeting are probably part of your weekly work, the long-term finance planning needs an eye, too.
Have you updated your office policies or are they sitting stagnant from when you first wrote them? When is the last time you reviewed your sexual harassment policy; onboarding information; insurance policies? Are there any brand new policies, like for remote work, that you need to create? Are you compliant with recent NYS regulations?
I suggest getting a good list together of anything in your business that might be collecting dust.
We work with small, medium or large size businesses and we are here for you with 1:1 attention. We can answer your initial and ongoing questions as your business grows and changes. And we are happy to refer you to other local sources in our network if you need an accountant, vendor, event planner, you name it!
At Sugarman Law, we offer virtual and in-person appointments. If Covid did anything, it surely made us a lot more flexible.