A new year and the start of vaccine distribution – 2021 has everyone excited, or at least grateful. But don’t let your business planning slide in all the hubbub!
We’re looking forward to the gradual ease of social distancing restrictions over the course of this year. And in all the talk about what a post-Covid economy and office life will look like – fewer conversations with your cat? – it’s important to have your ducks in a row so that you can stay flexible and ahead of the game as the world reopens.
Revisit Your Succession Plan
You’ve put vast amounts of time, effort, thought, and emotional energy into getting your business dialed. And should you be faced with a sudden change – which 2020 has shown us is always possible – you want to be prepared with a plan for who should step into which roles. Up-to-date succession plans help strengthen your business now.
By knowing what comes next for your team, you can give support and training in a consistent and ordered manner. And by bringing up leaders from within, you can maintain the culture that makes your business unique.
This level of forethought creates clearer communication, reinsures investors, and helps build the foundation for business goals down the line – and like any business plan, it needs to be reassessed from time to time.
Succession plans also give you a chance to ensure your business and legacy continue to thrive once you’re no longer at the helm. So it’s important to keep them current.
Review Your Vendor Contracts
Markets have changed a lot in the past year. And while we’re all excited to go back to hugs and casual visits with friends, those changes will happen slowly.
Knowing this, it’s important to make sure that your current vendor contracts still fit your needs. Always review a contract before renewing, but especially right now.
Consult a Tax-Planning Attorney
The incoming Biden administration ran on a promise to change tax laws.
With the Georgia Senate run-off races both gone blue, Democrats will be able to use Vice President Kamala Harris to break the 50-50 partisan tie in the Senate. This means they will only have a majority vote in the event of a tie, but they will be able to determine which legislation is brought to the Senate floor.
We’ll have to wait and see what the reality of promised tax changes brings – negotiations across the aisle will be important for both parties – but even during times without as many transitions, it’s always wise to consult a tax attorney as you embark on a new fiscal year.
And if laws do change, starting a conversation now will put you in a position to adjust quickly.
Reevaluate Commercial Real Estate Needs and Lease Provisions
As we approach the one-year mark on social distancing measures, it’s fair to say that the resulting behavioral shifts have changed real estate markets across the country.
We’re all anticipating the re-opening of communities – and many different scenarios are being tossed around in the news – but for right now, we’re concentrating those hopes and plans on the latter half of 2021.
Between these facts and a ten-month forced experiment in remote working, many business plans have changed. We certainly advise looking over any contract before renewal. But this year especially we recommend taking the time to assess how your commercial real estate needs – and subsequent business plans – may have changed.
As we move into the new year and markets reshape yet again, get your business ready for what’s ahead through updated succession plans, vendor contracts, commercial leases, and tax consultations. Welcome to 2021!
If you have questions about business or estate planning, contact us to schedule a consultation. Our experienced Texas attorneys can guide you through the process.