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Take the Time to Tune Up Your Business

Posted on in Business Law

Arlington Heights business law attorneysAs anyone who owns a car, truck, boat, camper, or any other type of vehicle will tell you, regular maintenance is crucial in keeping the vehicle running properly. You need to change the oil, inspect the brakes, replace fuel filters, and complete a variety of other checks every so often. This idea is so well-known that those who do not get maintenance work done understand that there are risks involved with skipping maintenance for too long. In many ways, the same is true for your business. Regular reviews and tune-ups are not only important, they are vital to your company’s long-term success.

Figure Out the Timing

Depending on your chosen industry, your company’s business cycle might be linked to the calendar year and it might not be. Therefore, your first step in the review process is to determine the best time to examine your performance and future needs. If the beginning of the calendar year makes the most sense, schedule your tune-up for the first quarter so that you can be as productive as possible in the months that follow. If your busiest season coincides with the winter holidays, however, spring or summer may be a better option for your review.

Choosing the right time for a tune-up is important so that you are in a position to handle issues as they arise. It is not a good idea to be starting new projects or trying out new ideas when your company is at its busiest. Use slower times of the year to give your staff the ability to adjust to changes before they get busy again.

Topics to Consider

You may be asking yourself, “What should I review during the tune-up?” The answer is simple: everything. With the help of your business lawyer, you should take a look at your current business structure to ensure that you getting the most benefit. You should also examine the entire industry and re-evaluate where you stand in it. Are your prices competitive? Are your customers consistently satisfied? What are your competitors doing to stand out?

Your annual review is also a good time to update equipment and technology as needed. If your computers are struggling to keep up, replace them—or at least as many as you need to keep moving forward. A trusted tech consultant can help you prioritize your needs and meet those that are the most pressing.

The People

During your tune-up, you should take the time to let your employees know what is happening and where they fit in your company. Employees who do not have a full understanding of what is expected of them or where they currently stand are easily frustrated and may start looking elsewhere for employment. Develop a system for keeping your employees up to date and use quantifiable measures whenever possible. This will help your team know where they are, where they want to be, and how to get there.

Call an Illinois Business Lawyer for Guidance

If you would like to learn more about how to conduct an annual review or tune-up of your business, contact an Arlington Heights business law attorney. Call 847-749-4182 for a confidential consultation at A. Traub & Associates today.

 

Sources:

https://www.entrepreneur.com/article/176124

https://www.inc.com/marla-tabaka/heres-your-guide-to-a-smart-year-end-businessreview.html

Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
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