New Year’s resolutions for your business

If you’re an entrepreneur, you could consider New Year’s resolutions for your business. Here are a few suggestions to think about.

Are you trading under the most appropriate entity?  

Can you avoid exposing yourself to personal liability by becoming a limited company? 

If you’re a partnership, consider getting a partnership agreement. If you’re a shareholder in a company, have you got a shareholder’s agreement?

Getting a written agreement that addresses the consequences of divorce, death, disagreements and changes in priorities or focus of the business can give you peace of mind that things will be dealt with in an agreed, orderly manner.  

Review your business plan

Review, evaluate and update your business plan for 2019 to make sure it remains relevant and consistent with your business goals for the year and for the longer term.

Do you have intellectual property?

If you have intellectual property, have you protected trademarks, trade names, copyrights, patentable ideas, trade secrets and other intellectual property?

Conduct a security audit

Does your business take appropriate steps to avoid a security breach and to implement plans for addressing a security breach, should one occur?

Make sure you understand important contracts

Business owners shouldn’t enter into a contract if they don’t understand and agree with every provision. Don’t agree to be bound by material provisions you don’t understand, or find unacceptable.

Pay taxes

Pay your taxes on time. Failing to pay income, sales and payroll taxes will result in fines and penalties, and can attract the attention of HMRC.

Are you worried that HMRC might open an enquiry into your tax affairs?

Make sure you disclose all sources of income, even small amounts of interest. Also, consider taking out tax enquiry insurance. It can be a very cost effective investment if HMRC open an enquiry.

Hire the best professional advisors

Well, that goes without saying. Is your accountant making sure that you’re not paying too much tax? An accountant with specific experience in your industry can make sure you get all the allowances and reliefs to which you’re entitled.

Long-term plans

Are you planning for the long term? Are you contributing sufficiently to a pension, so that you can continue to maintain your lifestyle in retirement? Consider also critical illness insurance; how would you manage if you weren’t able to work?

Exit planning

Can you operate your business to create value for a new owner? Maybe not if the business relies on you, but if possible, have a succession plan in place.

Starting off the New Year with even a couple of these New Year’s resolutions will help to make sure that this year is a healthy, happy and prosperous one for your business. Accomplishing these New Year’s resolutions for your business, whilst also achieving some personal New year’s resolutions, should make this an enjoyable and successful year. 

Need help?

If you have any queries or would like more information, you can contact me on 01473 833411 or peter.glading@larking-gowen.co.uk