Business Owners – Are You Setting Yourself Up for Success or Failure? – Part 2

The end of the year is an optimal time to consider setting goals. In our last installment, we discussed how goals should be achievable, simple, include an action plan for achievement and should be shared with your staff and/or employees.

Here, we will explore the specific areas within your business you can examine to create targeted and meaningful goals.

• Review your intellectual property and business incorporation documents –Confirm your filing documents reflect your current business status. Confirm that any patented or trademarked product or service information is still in place and up-to-date. File an Article of Dissolution for any subsidiary ventures started but discontinued, along with related licenses and permits. Possible goals include creation of new products or services and renewed pursuit of an inactive subsidiary/online business venture.
• Review your vendor and real estate contracts – Assure that the terms and conditions under which signed contracts currently in forced will serve your needs in 2013. Do you need to renegotiate pricing, product or service measures? Is the location of your business still ideal? Will you be subletting part of your space to a tenant? Possible goals include reduction of spending, increased production or business relocation.
• Employment law review –Review Indiana employment law with a trusted legal partner to assure compliance with State labor laws. Topics of discussion may include EEOC/discrimination, any unusual employment arrangements, drug testing, leave and benefits, and if applicable, merger and acquisition issues as it affects employees. Possible goals include reduction in workplace accidents, training and certification programs and streamlining benefit packages.
• Business succession planning – What will happen to your business and its employees when you pass away or if you step down? Seek professional advice from an attorney who is familiar with Indiana law and will execute documents to make your succession plan legal and binding. Possible goals include creating the plan, share review and board of director meeting scheduling.

Whether your once-consistent goal setting has gone off course or you’re doing it for the first time, specific, targeted goals can save you time and money. You will know where your business is going to be today and tomorrow.

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