*I’m making a list. Checking it twice. Gonna find out whose naughty or nice…*
Cut off the holiday jingles + put down the eggnog cocktail.
Just for a second.
Okay, I lied…. you need to be cocktail-free for a few hours.
It’s time for a end-of-the-year business audit. I’m not discussing tax season preparation because that’s the obvious thing to do. Instead let’s discuss the less obvious ish.
The good news is that this post will get you started in three quick action steps.
Make a list of all contracts and leases for the business. Are any of them approaching renewal in Q1? If so, figure out your “ask” for renewal now. What terms were you unhappy with? What will give you more leverage? What will just make your situation better? It is important to have a clear picture of what you want in advance.
Make that list. Check it twice.
Review the governing documents for your company with a fine tooth comb (corporate or non-profit by-laws, LLC operating agreement). Do you need to amend anything? If so, make a list of the amendments that make sense. Then, schedule the meeting with your business partners so that you can begin taking action. These documents must grow with your business because they dictate what’s what. Don’t wait until you need to make a time-sensitive decision to learn that your governing docs need to be amended.
Make a list of your company’s intellectual property. This would include logos, brand names, artistic creations, music, writings, etc. An attorney can provide a complete IP audit, but you can do preliminary work. Then, calendar a date to take care of the “brand protection strategies” for each one. In other words, when will you have a trademark search done and register your logos and trademarks? When will you register your written work with the U.S. Copyright Office? Calendaring your plan will help you prepare financially, while developing an action plan.
Protect your ish.
That’s my quick list peeps. What are you doing for your end-of-year wrap up?