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By Sanjeev Kumar
Founding Attorney

While it may have felt like 2021 would never arrive, here it is! The new year is upon us and it is the perfect time to really reflect on your business. Take the time and make a concerted effort to think about where you want your business to go and how you are going to get there. When you have a small business, it can feel like there is never enough time to accomplish day-to-day tasks let alone plan for the future of your business, but this is also an integral part of helping to ensure the continued success of your business. To help you see success this year and into the future, we will discuss some ways to help you start the new year right for your business.

How to Start the New Year Right for Your Business

It can be easy to fall into the excitement that comes with the arrival of a new year. Everyone is setting resolutions, gyms have never been fuller and people seem more committed than ever to developing and maintaining healthier habits. This enthusiasm, however, can quickly dwindle. The same can be said for business owners that start off the new year with high hopes, but all too quickly fade into the same old daily routine.

Do not fall into this slump! Ride the wave of enthusiasm. To help do this, consider first clearing off your desk. Those file folders, various calendars and appointment books, piles of papers, and more need to be removed or, at the vary list, organized. You will be amazed at the feeling that can come with a de-cluttered workspace. It can be as if the decluttering of your workspace worked to declutter your mind. So, clear your desk, clear your mind, and be prepared to start fresh.

With your cleared desk, set aside time to specifically write out your goals for your business. Be as detailed as possible. Note how you will measure the success of reaching your goals. Set time limits to accomplish these goals. Be clear as to how you plan to accomplish these goals. Put your goals and dates on your calendar to keep you accountable for taking the time to work towards accomplishing them.

Reflect on what your business needs to be successful in the new year and in accomplishing your goals. This may involve planning for new hires. Do you have adequate staffing to turn your goals into a reality? If you will need to hire, plan ahead. What hires do you need to make and what order of priority do you need to make these hires? Even if you do not see yourself needing to hire someone for several months, start the hiring process soon to allow for enough time to find the right person.

It is also a good time to get your contracts and agreements in order. Are you bringing new employees onboard? Review your employment contracts to see if anything needs to be changed. Is your lease up for renewal or do you need to find a bigger space for your business? Make sure your lease agreements are protecting your business and your best interests. Are you going to need to bring in partners or investors into your business to accomplish your goals for the new year? There are important legal implications of doing this. Retain trusted legal counsel as soon as possible.

Business Law Attorney

The Kumar Law Firm is here to help your business succeed in the new year and beyond. Contact us today.

About the Author
Sanjeev Kumar is the founder and principal at the Kumar Law Firm, which provides a wide range of legal services to entrepreneurs and business owners in the area of business & corporate law and intellectual property along with related areas of interest to clients such as business succession planning, wealth preservation through estate planning, and alternate dispute resolution.