As we enter a new year, many of us are making personal new year resolutions, but this is also a good time to evaluate the state of your company. While the new year is full of potential for your company, now is a key moment to conduct a wellness check of your company’s health. Maintaining the future of your business requires more than building a reputation of honesty and integrity, or offering quality services and products, it also requires maintaining “back-office” health as well. Taking a broad-view look at the following key areas can ensure you are protecting your business, and set up for the duration.
Risk Management Evaluation
It seems that insurance policy changes occur more frequently these days, and it is important to make sure that your company has adequate coverage as your company expands. Conversely, it is crucial to make sure that your own company employee, safety, and security policies and procedures comply with your insurance requirements. Sometimes this involves adding new policy language, and sometimes it involves a simple review of your insurance to verify your company’s compliance.
Corporate Governance Compliance
The new year is an excellent time to track any registration deadlines, or corporate document filing dates that will be due the coming year. Whether you use a paper binder to store your corporate documents, or store your documents digitally, it is important to ensure you have updated, or have set deadlines to update business registrations, record annual meeting minutes, and file annual reports. This is an excellent time to review your financial records to gain a clear perspective on your financial standing, and set goals and forecasts for this coming year.
As you look to the new year, it may be wise to assess your employee work environment. Establishing a healthy work environment starts with your employee policies, and manuals or handbooks. Make sure your handbooks reflect recent state and federal laws regarding employee sick and family leave, and review them with your employees. Evaluating your current company environment can be helpful as you determine changes that need to be made to support the company culture you are striving for.
Taking the time to look over your business as a whole can lead you to a healthy assessment of your company risks, corporate governance compliance, and employee support; all of which will set your business on the track for a year of growth and renewed purpose.