Heading into the final quarter of the year is a good time to evaluate for next year and make sure you’re caught up on paperwork, fully compliant, and in good legal standing. It’s also a good time to think about changes that will help your business grow and succeed. Here are some things to review:
Consider your legal structure: Many businesses begin with a simple legal structure, but as they grow and become more complex, they find that a different structure is more appropriate. For example, small businesses often begin as sole proprietorships, but eventually opt to form an LLC or incorporate for purposes of liability protection, tax flexibility, and potential funding opportunities.
Reassess your physical or operational footprint: Maybe it’s time to expand, relocate, or enter a new market. It may be an opportune time to add a new line of business or enhance your product line. A bit of market research can reveal if conditions are right. The Bureau of Labor Statistics, the Economics and Statistics Administration, and local commerce websites are good places to start.
Take a look at staffing: Evaluate your team and identify where professional development and/or additional staff or contractors may be needed going forward.
Review regulation concerns: If you have changed the company name, business address, board membership, or operating structure, you may be required to report these changes. Also, licenses and permits may need to be renewed. And, of course, it’s critical to address your tax liability and file or pay what is owed. When considering these matters, it’s always a good idea to consult an attorney and an accountant for guidance to ensure you’re doing everything necessary to keep your company legal, compliant, and on a path to success.