It's almost the end of 2018! Did you hit your business goals for this year? Where is your revenue? How much will you owe in taxes next year? As we rapidly approach December 31, it's time to take stock of 2018 and use what worked well and what didn't work so well to get ahead for a super successful 2019.
What should you be reviewing at year end?
1) Financials: if you haven't updated your books in months, or have no idea when you last looked at a P&L, you need to get on that, stat. Regularly reviewing your financials should be a daily habit in your business. If it isn't, make sure it's a top priority for 2019.
2) Contracts. If you're a service provider, are you using contracts at all? If you aren't, that's problem number one. You should be using written agreements with clients. If you have a contract, when was the last time you had it reviewed, if ever?
Here are some red flags your contract isn't working for you: not getting paid on time, not getting paid at all, clients not providing you with information timely, doing extra work and not getting paid for it.
3) Employees and Contractors. What kinds of agreements are you using with those that work for you? Do your contractors have proper written agreements in place? Are you using Non Disclosure Agreements (NDAs)? What will prevent an employee from stealing your clients?
4) Intellectual Property (IP). How are you protecting your business name, slogans, logos and work product? Do you have any registered copyrights or trademarks? Do you occasionally search to see if anyone else is using your business name?
5) Make a plan for 2019. Break out 2019 by quarter and write out your goals for revenue, hiring and marketing. This way, your brain can start now trying to formulate ways to reach your 2019 goals.
Need help getting a strategic plan in place for 2019? Want a contract reviewed? Book a year end planning session now and $50 of your fee will be donated to Toys for Tots.
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Sarah E. Holmes is a Philadelphia business attorney and strategist that helps start ups and established businesses looking to expand, protect their assets and increase their profits in an approachable, down-to-earth way. When you're looking for a business lawyer near you, we offer several convenient locations.