It seems like we were just discussing the end-of-year review for 2016 and suddenly the end of the first quarter of 2017 is coming up. Now is an important time for small business owners to reflect on their first quarter achievements and struggles and adjust their plans, if needed, for greater success over the rest of the year.
Did you meet the goals you set for your business for the first quarter? If you did not meet certain goals, it is critical to examine the potential reasons why. Are there operational defects? Is your business understaffed? Are there inadequate resources? It is important to identify the underlying reason behind shortcomings so that you can implement a plan to avoid a repeat next quarter.
Were your first quarter financials consistent with the annual projections you made at the beginning of the year? One mistake many small business owners make is to assume they can make up for a disappointing quarter throughout the rest of the year instead of adjusting their budgets and projections accordingly.
Review how your contracts are performing. Are you customers paying you as promised? Do you have vendors who have not followed through on an agreement? If you do, it is better to discuss your options with a business attorney to resolve this dispute before it escalates into a legal claim. If you have any upcoming contracts pending, you should have them reviewed by an attorney before you proceed.
Do you need to hire additional staff to meet the needs of your customers based on your first quarter achievements? Did you over-staff based on inflated projections? Are you in compliance with all state and federal employment laws? Furthermore, examine the morale and motivation of your employees and identify areas to help improve performance.
Find Out how a Houston Business Lawyer Can Help Achieve Your Goals
At The Weisblatt Law Firm LLC, we assist small business owners in Houston review their goals and achievements and help them address any legal matters that may arise. We focus on your company’s legal needs so that you can focus on the operations of your company. Call our Houston business attorney at 713-666-1981 for more information today.