As we step into the New Year (2025), it’s the perfect time to revisit your business plan and legal structure to ensure they align with your goals for the year ahead. Entrepeneur.com says that “A staggering 90% of organizations fail to execute their strategies successfully. Let that sink in — nine out of ten businesses struggle to turn their big plans into tangible results.” Whether you’re a seasoned business owner or just starting out, taking these steps now can set your company up for success in the months to come.
1. Reevaluate Your Business Plan
Your business plan is your roadmap to success. But as your business grows and the market changes, that roadmap may need adjustments. Ask yourself:
- Are your goals for revenue, growth, and innovation still relevant?
- Have you accounted for market trends or challenges?
- Do you need to adjust your marketing or operational strategies?
A refreshed plan not only keeps you on track but also helps you identify opportunities for growth and areas for improvement.
2. Assess Your Legal Structure
The legal structure of your business—whether it’s a sole proprietorship, partnership, LLC, or corporation—should evolve with your company. Consider:
- Has your business grown, and would a different structure better suit your needs?
- Are there tax advantages or liability protections you could benefit from with a change?
- Have you expanded into new states or markets that require compliance with different laws?
Making sure your legal structure matches your business’s needs can save you money and reduce risks.
3. Review Contracts and Agreements
Start the year off strong by reviewing contracts with vendors, partners, and clients to ensure they’re still aligned with your business goals. Look for:
- Expiration dates or renewal opportunities.
- Outdated terms that need revision.
- New agreements to support upcoming projects.
This proactive step helps avoid misunderstandings and keeps all your relationships professional and productive.
4. Ensure Regulatory Compliance
With each new year, laws and regulations can change. Take time to ensure your business complies with any new rules, including:
- Tax law updates.
- Industry-specific regulations.
- Local, state, or federal requirements for your type of business.
5. Seek Expert Guidance
The legal and operational aspects of running a business can be complex, especially when paired with growth and expansion. At Tressler & Associates, we specialize in helping business owners like you navigate these transitions smoothly. From legal advice to reviewing your structure and contracts, we’re here to help.
Start 2025 Strong
Don’t let outdated plans or structures hold you back this year. Reach out to our team today to schedule your business review and ensure you’re set up for success.
Ready to get started? Contact us here now to learn more about how we can help your business thrive in 2025!
