End of the Year Tips from a Naperville Business Attorney

end of the year, business planning, Naperville business law attorneyAs 2015 draws to a close, you have probably begun the process of looking ahead toward next year. If you are like many business owners, the end of the year can be a stressful time, but with a little planning and organization, it does not need to be. As a business law attorney, I enjoy helping my clients reduce their stress and work toward increasing the success of their business projects. With the 2016 just around the corner, here are a few things you can do to prepare yourself and your company.

Take Stock of Your End of the Year Progress

Before you launch headlong into the new year, it is important to gain a full understanding of where you are today compared to the same time last year. A year-end review should obviously include quantifiable metrics such as sales, inventory, and expenditures to give an overall idea of the financial health of your business. It is equally important to also understand the various intangible factors, including employee morale and customer satisfaction. If there are any causes for concern, make those your top priorities in 2016.

Show Appreciation

Spending large amounts of money during the holiday season may not be necessary, but your staff, customers, vendors, and other associates deserve to know how much you appreciate them. A handwritten note, or a small but thoughtful gift can go a long way toward cementing the relationship into the future. Your employees and clients, especially, should feel like a valued part of your organization, and there are countless ways to make that happen.

Set New Goals

Based upon the results of your year-end review, you will be ready to create new objectives for the upcoming year. It is also advisable to take a fresh look at your five-year plan, and to make adjustments as necessary. Your new goals may be revenue-oriented, such as ways to increase sales and productivity. Alternatively, they may be less measurable, including better employee-appreciation efforts or training programs. You may also decide to set capital improvement goals, such as technology upgrades or expansion projects.

Let Us Help

Looking back on the year that was and ahead toward the one to come can be difficult, especially as you try to keep your business running at the same time. To be sure that you have covered all of the important details, contact an experienced Naperville business law attorney for assistance today. We are prepared to offer our professional guidance and advice to business owners of all types, assisting them in achieving their full potential.

 

Sources:

Business.com

Birmingham Business Journal