Running Your Own Business: New Year's Resolutions

As the owner of your new business, you are mostly responsible for your company's success. Your daily habits and business practices will directly impact the success of your company. As we enter into a new year, it is the perfect time to evaluate your current procedures and identify where to make improvements. As your trusted business attorneys at the Lake of the Ozarks, the attorneys at the Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C. are here to help you brainstorm some ideas for the coming year.

New Year's Resolution #1:

Only Keep Top-Performing Employees

Your employees' behavior (like your own) directly impacts the success of your company. As we enter into the New Year, evaluate your employees' performance carefully. If you have one or two employees who consistently fail to meet deadlines and/or expectations, it may be time to consider letting them go. Removing under-performing employees from your workforce will make room for more top-performing team members to come on board.

New Year's Resolution #2:

Meet With Clients Face-To-Face

In today's increasingly busy and digital world, meeting with clients over the phone, video chat, or email is more and more tempting. For all its advances, however, modern technology can never fully compare to the power of face-to-face interaction. If you want to grow your business, make time to visit with your clients in person. You might be surprised what a difference it makes.

New Year's Resolution #3:
Critically Evaluate All Business Contracts
Business contracts are your way to ensure your company's success. Depending on its purpose, a good business contract can:

• Protect your company's confidential information from being shared inappropriately.
• Prohibit employees from establishing competing businesses.
• Ensure that your customers will pay you the money owed to you.

Regardless of their specific purpose, it's important that you evaluate your contracts to make sure they are legally sound. If/when you need to enforce a contract, you want to be sure it doesn't contain any loopholes or errors that could complicate the issue. 

New Year's Resolution #4:

Learn The Ins & Outs Of Your Business Finances

Your company's cash flow is its lifeblood. If you have not done so already, make learning the ins and outs of your company's cash flow and financial statements a top priority. The profit and loss statement, cash flow statements, and balance sheet are all tools that should be used on a monthly, weekly, and sometimes even daily basis to track your company's financial progress. If you don't fully understand it yet, make 2016 the time to do so.

New Year's Resolution #5:

Handle All Customer Disputes Immediately

If you are faced with a particular issue or dispute with a customer, it is critical that you address it immediately. If too much time is allowed to pass, your customer will likely become even more frustrated and the issue may begin to compound itself. Some disputes take a long time to resolve regardless, so it's important to get the process started as quickly as possible.

Happy New Year from PMCW Law!
If you put your mind to it, we firmly believe that you will be able to make 2016 your business' most successful and most lucrative year to date. If you ever find yourself in need of a business attorney in Camdenton MO, please don't hesitate to reach out to us. We would be honored to assist in any way we can!

Law Offices of Phillips, McElyea, Carpenter, & Welch, P.C.

The choice of a lawyer is an important decision and should not be based solely on advertising. When you need a knowledgeable attorney, we invite you to contact us to set up a consultation. Evening and weekend appointments are available. We have access to interpreters.

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Phillips, McElyea, Carpenter & Welch, P.C.

85 Court Circle N.W., P.O. Box 559

Camdenton, MO 65020   GET A MAP

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