In the last dwindling days of December, it’s not just Santa who should be making a list and checking it twice.
The end of the calendar year is also an excellent time to review your business goals and get ready for the new year. Take a moment to create your own year-end small business checklist.
- Intellectual property: In a knowledge economy, your ideas and creations are often your most valuable business assets. Are they protected to the full extent possible in every country in which you operate or are intending to operate? Consult with an attorney to evaluate your trademark, patent, and copyright portfolio to protect your business.
- Growth strategy: Consider whether there are any avenues for future growth — new markets and new products may prove good strategies.
- Operations: Are there any processes or systems that are outdated or not running as smoothly as you would like?
- Reports: Where do you stand financially compared to previous years? Generate a complete financial report — profit and loss statement, balance loss statement, balance sheet, and cash flow statement. Meet with your accountant to fully understand the nuances.
- Agreements and contracts: Consult with an attorney to review and update your contracts to ensure the clauses are in line with current law and policy and that they will continue to help protect your business.
- Finances: Review your revenue sources if you plan expansion. Additionally, with tax season on the horizon, take time to organize all your financial paperwork.
- Payroll and Benefits: Review the files to ensure there are no issues or corrections that need to be made before year end. Be certain that benefits such as health and life insurance or educational reimbursement are accounted for.
Cheers to a successful 2017!
HEATHER A. SAPP, is the Senior Trademark Attorney at LegalForce RAPC. Prior to joining LegalForce, Heather was a Trademark Examining Attorney at the U.S. Patent & Trademark Office for more than a decade, and had previously served as a Legal Fellow for the House Subcommittee on Courts, the Internet and Intellectual Property. She is also serving as Editor in Chief for the “Law Made Easy” guides.
BREAKING NEWS! LegalForce Trademarkia will be entering into the world of publishing in early 2017, launching the “Law Made Easy” guides. The first book in the series will be “Startups Made Easy” by Kevin Hopkins, which should be added to every small business owner’s reading list. Follow this blog for updates.