Naperville Business Attorney Reminds Owners to Schedule a Tune-Up

tune-up, small business, Naperville Business AttorneyAnyone who owns a car or truck realizes the importance of regularly-scheduled maintenance. In order to keep your vehicle running properly, you need to get the oil changed, the brakes inspected, and the spark plugs replaced, among other things, every so often. Even those that do not bring their car in for regular maintenance usually understand the risks associated with letting things go unattended for too long. Ignore your car’s maintenance needs and you could find yourself stranded on the side of the road facing thousands of dollars in repairs that could have been prevented with proactive care. Your business is no different, except maybe in scale, which makes regular maintenance all the more critical. An experienced business attorney can help you develop a tune-up schedule and plan to ensure your company’s long-term health and ongoing success.

Timing is Important

Depending upon the industry in which you operate, your business cycle may or may not coincide with the calendar year. The first step, therefore, in the tune-up process is to identify the most advantageous time to objectively review your company’s performance and needs. If the calendar year is a reasonable option, schedule your maintenance for the fourth quarter, allowing you to hit the ground running into the new year. If your busy season is the summer, set aside time during the winter or spring to review processes and to develop new ideas.

It is important to align your tune-up schedule with your specific needs so you can most appropriately address any issues that may arise. You do not want to be implementing new concepts while your operations tempo is at its highest. Utilize your slower periods to allow your team the time and space necessary to adjust before getting busy again.

What Should Be Reviewed?

In short, you should examine everything. Work with your business attorney to ensure you are getting the most out of your current business structure. Take a fresh look at your industry as a whole and evaluate your standing within it. Are your price points reasonable? Do you consistently exceed customer expectations? Who is your closest competitor and what are they doing to catch you? Your annual tune-up is also an ideal time for technology updates. Work with a consultant to find ways to maximize your efficiency and visibility.

Your Team and You

No matter what type of work you do, if you have employees, they deserve to know where they stand. It can be very frustrating for staff members to continue working without a clear understanding of your expectations for them and how they currently measure up. Incorporate annual reviews into your tune-up and, if possible, develop an objective scale to complement subjective discussion. Quantifiable measures allow your employees to see where they are compared to where they want to be, and you can help them get there.

Throughout the review process, do not forget to evaluate yourself. Consider your own performance and what you need to do differently to improve in the coming year. Acknowledge your strengths, but make a plan for addressing your shortcomings. It may also help to hold yourself accountable by sharing your personal goals with your team or with your attorney. If you find yourself ready to move on to other interests, it is better to recognize it quickly and develop a succession strategy than to slowly burn out as the company fails around you.

Tune-Up Appointments Available

One of the most important aspect of your annual tune-up is your ability to balance your passion for your business with objectivity. Positivity is a key element to your success, but you cannot allow it to blind you to potential pitfalls. An experienced Naperville business attorney can help keep you focused. Contact the Gierach Law Firm today and let us assist you in developing a comprehensive maintenance strategy for your business.

 

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Sources:

Small Biz Daily

NewsPress.com