The beginning of a new year brings excitement and anticipation about all the things you want to accomplish over the next 12 months. New Year’s resolutions are one way to document your goals for yourself — whether it’s saving more, or spending more time with family, or losing those last 10 pounds before summer — and make a plan to achieve them. Do you have any New Year’s resolutions for your business? Consider some of these ideas to help get your business off on the right foot in 2019.
- Take Steps to Help Retain Your Most Valuable Employees. As we start 2019, the unemployment rate is at a record low. Finding (and keeping) employees is becoming more and more difficult. How does your business plan to keep workers from being lured away by a competitor? Consider what incentives you have or could consider offering. A tax-qualified retirement plan, like a SEP or SIMPLE-IRA, or a Private Bonus plan, under which the company provides periodic bonuses to select employees, could motivate them to stay with your business.
- Protect Against the Loss of a Key Employee. Have you considered what might happen to your business operations if one of your most valuable, key employees passed away unexpectedly? The death of a key employee could be catastrophic to a business. The loss of expertise, as well as the cost to hire and train a replacement, could be significant. Life insurance coverage on a key employee can help by providing funds to help cover unforeseen costs and keep the business running.
- Evaluate Succession Plans. Do you have a business succession plan in place? If so, are the documents up to date? Review buy-sell agreements and funding periodically to make sure they still reflect the wishes of the owners. If you don’t have a succession plan yet, make it a resolution to get that done this year. Your family and co-owners will thank you for it!
Let this year’s resolutions have a positive impact on the success of your business and your family.
Published Date:January 14, 2019
Categories: It's Your Life