8 Year-End Questions Every Business Owner Should Consider
Is Your Business Ready for the New Year?
The end of the year is the perfect time to reflect, reset, and make sure your business is protected and positioned for growth. Small issues—like outdated contracts, missing filings, or partnership disagreements—can snowball into bigger problems if left unchecked. Asking yourself the right questions now will give you peace of mind and a clean slate heading into the new year.
Here are 8 key areas every business owner should review before the calendar turns to January:
1. Are Your Contracts Up to Date and Protecting You?
Why It’s Important:
Outdated or unclear contracts can leave your business vulnerable to disputes, missed payments, or unexpected liabilities. If your agreements with vendors, employees, or clients haven’t been reviewed recently, they may not reflect your current business needs or provide the protections you deserve. Now is the time to ensure your contracts are clear, enforceable, and aligned with your goals.
Questions to Consider:
- Do your client agreements clearly outline payment terms, responsibilities, and expectations?
- Are there contracts with vendors, employees, or partners that need renewing or revising?
- If a vendor doesn’t deliver or a client doesn’t pay, do you know what happens next?
2. Is Your Website Legally Compliant and Protected?
Why It’s Important:
Your website is often the first point of contact for customers and partners, but failing to meet legal requirements can lead to fines, disputes, or lost trust. Many businesses overlook essentials like Terms of Service, Privacy Policies, and ADA compliance. If you host original content, tools, or branding, you also need to ensure your site is protected against unauthorized use.
Questions to Consider:
- Does your website have up-to-date Terms of Service and a clear Privacy Policy?
- Have you reviewed your website for ADA compliance to ensure accessibility?
- Are you using contracts, like licensing agreements, to protect content or tools on your site?
3. Do You Have the Right Business Entity—Or Any Entity at All?
Why It’s Important:
Running your business without a formal entity, like an LLC or corporation, can expose your personal assets to risk. Even if you already have an entity, it’s worth revisiting whether it still supports your growth and tax goals. A well-structured business entity provides liability protection, tax advantages, and clarity around ownership.
Questions to Consider:
- Are you running your business as a sole proprietorship and exposing yourself to personal liability?
- Would forming an LLC, corporation, or partnership provide better legal and tax protections?
- If you already have an entity, is it structured to support your future growth?
4. Could a Partnership Dispute Be Brewing?
Why It’s Important:
Business partnerships can be key to growth, but without clear agreements and open communication, disagreements can arise and create significant problems. Whether it’s about roles, ownership, or exiting the business, unresolved issues can hurt relationships and your bottom line. Addressing potential disputes now helps avoid bigger conflicts later.
Questions to Consider:
- Do you and your partners have a clear agreement about roles, responsibilities, and ownership?
- Is there a plan in place for handling disagreements or someone’s exit from the business?
- Are there unresolved disputes with partners that need to be addressed?
5. Are Your Financial and Legal Records in Order?
Why It’s Important:
Neglecting financial or legal filings can cause unnecessary stress, penalties, or delays in the new year. Whether it’s state filings, licenses, or corporate records like meeting minutes, keeping everything up to date gives you a clean foundation to operate and grow your business smoothly.
Questions to Consider:
- Are your state filings, licenses, and permits up to date?
- Have you cleaned up overdue legal or financial tasks that could cause problems next year?
- Are your corporate records, like ownership documents or meeting minutes, current?
6. Is Your Brand Trademarked and Protected?
Why It’s Important:
Your brand—whether it’s your name, logo, or products—represents the hard work you’ve put into building your business. Without a trademark or proper protections, someone else could copy or misuse your branding, leaving you without legal options. Protecting your intellectual property now will safeguard your business reputation and value.
Questions to Consider:
- Have you trademarked your business name, logo, or any unique product names?
- Could someone else copy your branding or ideas—and would you have legal grounds to stop them?
- Are you using tools like NDAs or licensing agreements to protect your intellectual property?
7. Do You Have Loose Ends to Tie Up Before the New Year?
Why It’s Important:
Lingering conflicts or unresolved tasks can slow down your business’s growth and create unnecessary stress. Whether it’s unpaid invoices, broken agreements, or policy gaps, tying up loose ends now ensures you can start the new year with a clean slate and clear focus.
Questions to Consider:
- Are there unpaid invoices or broken agreements that need resolving?
- Do you have lingering disputes with vendors, clients, or employees?
- Are there contracts or policies that need updating to prevent similar issues next year?
8. What’s Your Plan for the Unexpected?
Why It’s Important:
While no one likes to think about stepping away from their business, the unexpected can happen. A clear plan—whether for succession, a partner’s exit, or a future sale—ensures your business can continue operating smoothly, protects your family, and preserves the value of what you’ve built.
Questions to Consider:
- If you had to step away from the business tomorrow, would your team know what to do?
- Do you have a succession plan or buy-sell agreement in place for partners?
- Is your estate plan aligned with your business operations and goals?
Closing Thought:
The end of the year is the perfect time to ask yourself whether your business is protected, positioned for growth, and ready to face new challenges. Taking the time to address these questions now will give you peace of mind—and set you up for success in the new year. If you’re unsure where to start, don’t hesitate to ask for help.
Ready to get started? Let’s talk today.