Naperville Business Attorney Discusses Your End-of-the-Year Business Review

review, Naperville business law attorneyAs a business owner, you must constantly be looking for ways to improve and grow your business. One way to stay organized and focused on your goals is to take time every year to do a review of your business and the areas that may need development.

Through my experience as a business law attorney and small business owner, I have found that the end of the calendar year is the best time for this review. Several government-related deadlines occur at the end of the year and it is imperative for business owners to be prepared. Of course, depending on your chosen industry and the associated business cycles, another time of year may work better for you and your company. Whenever you choose to do your review, consistency is key so that you can compare numbers from one year to the next.

Inspect Your Finances

The first step of your annual business review should be to evaluate the economic health of your company. A discussion with your business partners or investors regarding the general direction the business is headed in is a good place to start. Review your profit and loss report for the year and compare it to earlier years. Assess your staffing needs and expenses and consider whether or not you plan to hire new staff in the upcoming year. Look at the year as a whole: What were your biggest accomplishments? Where do you see room for improvement? Allow these insights to apprise your business decisions in the approaching new year.

Arrange Your Payroll and Contractor Documents

Waiting until the first of the year to ensure that your business’s payroll and 1099 systems are working correctly is a risky move. The IRS has very strict rules regarding when these documents must be provided to taxpayers, and business owners should make every effort to ensure these documents’ accuracy. You will need to have detailed information for each employee, vendor, and contractor who worked for you this year.

Furthermore, the end of the year may be a good time to meet with your management team and staff to develop goals and strategies for the upcoming year. Including your employees in this process not only shows them that you value their input, it also gives you a fresh perspective on your business as a whole.

Consult with an Experienced Oak Brook Business Attorney

For sound legal advice regarding business tax planning, business litigation, buying or selling a business, starting your own small business, drafting and due diligence review of contacts, and more, contact the experienced Naperville business law attorneys at The Gierach Law Firm. Call 630-756-1160 to schedule a consultation today.

 

Sources:

Monster. com

Center for Productivity

Business Insider