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Should small business owners have a New Year’s Resolution?

New Year’s resolutions are not just for your personal life. Business owners can benefit from resolutions, too--even after the new year has started. What goals do you have for your business in 2019? What changes can you make to how you run your business to help you achieve those goals? Answering these questions may help you find a resolution you can stick to and achieve in the new year.

As a business owner, you should consider creating a specific plan of action to help you achieve your goals this year, whether you have one or several goals in place. An effective and enforceable plan is necessary to help your business run smoothly. Here are some things to consider when creating your plan this year to protect your business and your goals:

  • Is your business structure set up properly? Consider the tax and legal issues when setting up your business or when determining to make any changes.
  • Is your business compliant with regulations? Do not forget to check state and federal regulations and make any necessary changes to stay compliant.
  • Is your business following new wage and hour laws? Check and comply with any new labor laws to protect your business from employment disputes. In addition to reviewing new laws, review your employment contracts to ensure your business is properly protected.
  • Are your business ideas protected? Review all intellectual property issues to protect your business from issues down the road. This may include protecting any inventions or new products to your company’s branding logo or images.

Work with an attorney to review your business goals

Your business requires a thorough review and analysis by you as well as by your attorney. This will make sure any issues from the previous year are addressed in 2019 with proper planning. It will also help you better understand what goals to set this year.

Our business attorneys at Rich Michaelson Magaliff, LLP, in Manhattan, have helped many businesses review and update their business plans and goals. We provide proactive and knowledgeable legal counsel to our clients in a variety of business matters. We welcome you to explore our website to learn more about our firm.

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