From marketing to updating inventory, responding to customer queries and managing your employees, a lot goes into running a business. As the year comes to an end, it is only natural to look back at your accomplishments and setbacks, take lessons and prepare for the year ahead.
The end of the year is also a good time to make sure that you’re in compliance with all the rules and regulations you need to follow and on track for the coming year. Here are three more things you need to do before 2023 gets here:
1. Review your contracts, policies, procedures and handbooks
Contracts and policies are the building blocks of pretty much every business. From lease contracts (if you are renting) to employee, supplier and partnership contracts, businesses sign all manner of contracts. Laws change all the time, and so do business goals and strategies. Reviewing your contracts, policies, procedures and handbooks before the end of the year can help keep you in compliance.
2. Check to see which contracts auto-renew and which are set to expire
Do you have subscription services that require auto-renewal contracts? Are certain contract clauses set to change at the turn of the year? Is your lease agreement expiring? These are some of the provisions you need to look into while reviewing your contracts to make sure those you want to continue won’t experience interruptions.
3. Review all your contracts to see if the terms still work for your business
Business strategies and goals change from time to time. When they do, it is important that you review and update your contracts to align with these changes. Before you head into the new year, make sure that your agreements with your partners, vendors, suppliers and contract employees reflect the direction you want your business to go in the coming year.
Good contracts and policies are how businesses mitigate their legal risks over time and keep their operations running smoothly. We help businesses better position themselves for success. Contact us today for a consultation.