Four Ways to Prepare Your Small Business for the New Year

The end-of-the-year holiday season is a great time to review, reflect and renew your business plans and goals. Below are four things you can do to set your business up for success in the New Year and beyond.

1. Review new regulatory laws that may affect your business

Every year, various regulatory agencies make decisions about updating or implementing new laws. It is important to take time to ensure you remain in compliance or risk facing civil and criminal penalties. In 2023, SBA will be rolling out a comprehensive website for business owners to review all pertinent laws and regulations, but in the meantime, check out our end-of-year wrap-up, where we update you on upcoming legal changes that may affect your company. 

2. Reflect on business achievements and losses

Now is a good time to analyze your business and assess whether you met revenue targets, improved employee relations, and other objectives. It is also a good time to review your practices and ensure the business is operating at its optimal level. 

3. Consider new possibilities for business growth 

After reviewing your compliance with external regulations and updating internal management, it’s important to set new business objectives for the new year. Strategizing ways to meet sales goals, increase client satisfaction, employee retention, and other opportunities will give you and your employees specific targets to move towards throughout the year.

4. Schedule a meeting with your attorney, insurance agent, and tax professional

Checking in with the professionals supporting your business ¬– and having them meet with one another – helps ensure your financial planning is up to date. It is important to review tax documents in preparation for the upcoming tax season, certify that business assets are adequately insured and protected, and confirm that all risks are accounted for. Completing these tasks before the end of the year will place you and your business in a great position for the New Year.

The SJS Law Firm can help today. For a complimentary consultation, please contact us at (202) 505-5309.