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Now's the Time for Plan for 2017

10/27/2016

If you haven’t already, it’s time to start wrapping up 2016 and planning for 2017. I know plenty of people that don’t start planning until early January, but that’s a huge mistake. Here are a number of thing you should do in the next two months to be ready to have a profitable 2017:

1. Get your books in order. I am always astonished at how many business owners don’t bother doing their books until after January 1. That’s pure madness! It sets you up for unpleasant surprises at tax time and makes it difficult to set goals for 2017. If you do not have an accountant or bookkeeper, I urge you to get one or both before year end. It is well worth paying a professional to do this work properly and well in advance.
Review your marketing ROI for 2016. Where did you market? How much did you spend? Where did new business come from? Knowing the answers to these questions makes it easy to plan where to put more money and efforts in 2017. Also, if something didn’t work, it’s not too late to cut it loose or try something else even before the end of the year.
Did you accomplish your business goals for 2016? Didn’t set any goals? That’s a huge problem you should remedy in 2017. Come close or surpass your goals? Take a minute to congratulate yourself and celebrate your accomplishments. Now think about what you’d like to accomplish in 2017 and write it down. Some inspiring methods to reach the new goals might strike you before the end of the year.
How’s your personal life working with your business? Are you spending as much time with your family as you’d like? Didn’t make it to enough little league games? It’s a mistake to view your business as isolated from your personal life. The two should work together, but it takes tremendous effort to make it work. Every business has a period that requires practically working around the clock, but at some point, you have to get some balance. If your personal life suffered at the hands of your business in 2016, that might be an area to focus on in 2017.

Year end business reviews and planning session for 2017 are now open with limited slots in November and December. Contact my office to book a session now: 215-482-0285.

Starting A Business With a Partner? Watch This First.

10/25/2016

Starting a business with a partner? What would go wrong? Everything.

Many people start a business with one or more partners. In the rush of excitement to start the business and get the business off the ground, people don't take into consideration important factors that could make or break the business.

Especially if you formed an LLC using an online company, chances are you don't have a meaningful Operating Agreement with your partner for the business. You might have been given 40 pages of legal mumbo jumbo and have no idea what any of it means. If you have a business partner, the Operating Agreement is critical and it's even more critical that the partners actually understand what it means.

Join me on my webinar on November 1st at 7pm Eastern. From the comfort of your home or office, we'll spend nearly an hour going over important considerations when embarking on a business partnership. Register here and don't miss out on this critical information!

Now's the Time for Plan for 2017

Starting A Business With a Partner? Watch This First.

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Holmes Business Law, P.C.