The new year is upon us and your small business is brimming with potential. But with many legal issues on your mind -- like employment law questions and vendor contract concerns -- you may not know where to begin.
Rest assured, we've got five areas of improvement for businesses that could help you chart a fearless foray into 2014.
Here are five legal new year's resolutions for business owners:
- Update your business plan. In order for a business to thrive and move forward, every owner needs a solid business plan. If you already have a long-term plan in place, identify three to five specific areas of improvement for this year. Then methodically list -- and most importantly, execute -- each step you must take to meet those needs.
- Perform a security audit. By now, companies recognize the connection between cybersecurity and an organization's financial well-being. Target's recent data breach made that message loud and clear. This year, brutally vet your security prowess: get educated on cybersecurity, train employees about security threats, look for a security firm, and prepare for the worst with a damage-control plan.
- Calculate your social media ROI. If your social media activities grew your sales pipeline or translated to other meaningful success, you should be able to increase the budget in the following quarters based upon solid knowledge that your social media spending has a strong return on investment (ROI). By contrast, if your social media ROI is less than stellar, it may be time to revamp your social media strategy.
- Improve efficiency. Many companies struggle with efficiency, especially because they're bogged down by administrative tasks. In the new year, consider delegating such tasks to contractors, virtual assistants or full-time employees. Also, look into switching suppliers, going paperless, embracing new technology, and outsourcing certain business functions.
- Pay it forward. To gain customer support for small business, you need to practice what you preach and support other small businesses too. Take a look at your current list of vendors and suppliers. If you find any opportunities to support a small business, whether virtual or brick and mortar, aim to switch at least one vendor or service provider.
For extra help on how to craft new strategies or explore ways to fuel growth, consider kicking off 2014 with a consultation with an experienced business attorney in your area.
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