Ready Your Small Business for Success in 2018
Whether you are ready or not, year-end is here! Incline Law Group LLP has compiled a list of small business resolutions that we feel can help position your business for a successful year ahead in 2018.
- Tax Planning: Year-end is a good time to meet with your account and/or CPA to assess the year behind and plan for the year ahead. This is a good time to review profit & loss statements and cash flow in order to best budget and plan for your business in the coming year. Don’t forget to review year-end retirement account contributions.
- Charitable Giving: Charitable giving is both tax deductible and a way to spread the spirit of the season and support organizations that you believe in. Did you know that most non-profits receive up to 30% of their annual fundraising income during the month of December?
- Business Registrations: All types of business entities, whether a corporation, LLC, LLP or other type have annual or bi-annual renewal filing requirements. Likewise, state and local business licenses may also need to be renewed. Do you know when your registration and license renewals are due? If not, you should take the time to find our and calendar them. If Incline Law Group serves as your Registered Agency, we will track and handle these renewals for you.
- Trademark Renewals: Trademark registrations have expiration dates. Is yours coming up? Is it calendared for on time renewal?
- Health Insurance: The Affordable Care Act (“Obamacare”) open enrollment period has been shortened for 2018 coverage and ends on December 15, 2017. Your current employee health care plan is also likely to have year-end renewal dates regardless of when you used to renew. Make sure you know your enrollment periods and have coverage in place before your current coverage expires.
- Employment Policies: When was the last time your business updated your employee handbook? If you are in a state with Medical Marijuana, have you created a policy? Social media becomes more prevalent each year – do you have a policy in place? Year-end is a good time to review, revise and/or add new policies that can be effective as of January 1.
- Leases: New leases or commercial lease renewals can take more time than anticipated. If yours lease expires in 2018, you should begin negotiations and planning now.
Bonus tip #8 (because, you know… it’s 2018)
Review your client list, and make sure all contact information is up-to-date: This is not just to achieve a clean holiday card list but can also help grow and engage your client base if you use digital communication channels such as an enewsletter. You might consider segmenting your contacts during this review based on the type of relationship, product or service they have or purchase with you to better segment your marketing and growth opportunities.