Business owners: Now is the time to start planning for 2023

If you own a business, you’re probably gearing up for everything that the end of the year brings from the holiday rush to holiday vacation schedules for your employees.

It’s a lot of work. Nobody is denying that. However, if you want to have a successful operation in 2023, you have to find the time to do a little business “housekeeping” before the year is over.

What things should every small business owner do before Dec. 31?

Just like individuals take stock of their personal lives right now and start thinking about their New Year’s resolutions, small business owners need to start thinking about what they want to change, where they want to expand and what they want to continue in the coming year.

For the vast majority of business owners, this means:

• Establish your business goals for 2023: Do you want to expand your product or service line? Are you looking to scale up your start-up? Is it time to take your sole proprietorship or partnership to an LLC? Do you want to license your products or expand your market overseas? Putting your goals in writing and working backward can help you figure out the best path.
• Review your annual filings and meeting requirements: The IRS is adding 87,000 new agents, and they intend to up their audits. Make sure that you’re in compliance with the meeting requirements for your business structure, your minutes are in order, your books are up-to-date and that all your tax and employment filings have been handled properly or are ready to go.
• Review your operating policies: Eventually, a crisis is going to happen. Maybe your company will become the target of online trolls for some reason. Maybe a disgruntled ex-employee will sue you for alleged discrimination. Maybe you’ll have to sue a disgruntled ex-employee for intellectual property theft. Thinking ahead about the potential problems growing businesses face can help you both guard against problems and plan your response to the inevitable.

Finally, it’s always best to have good legal guidance with your business as it grows. We help businesses thrive. Call now to schedule a consultation.