Resolutions for the New Year

The beginning of a new year brings excitement about new resolutions to accomplish over the next twelve months. But do you have any New Year’s resolutions for your business? Consider some of these ideas to help start things off on the right foot in 2023:

Take Steps to Help Retain Your Most Valuable Employees
What does your business have in place to help keep your workers from being lured away by a competitor? 

Consider what employee retention incentives you could offer to provide motivation to stay with your business long-term. Items to consider can include a tax-qualified retirement plan, like a SEP or SIMPLE-IRA, or a Triple Protection Plan, under which the company provides periodic bonuses to select employees.

Protect Against the Loss of a Key Employee
Have you considered what might happen to your business operations if one of your valuable key employees left the company or passed away unexpectedly? 

Life insurance coverage is a cost-effective solution to help provide financial support for your company. It can help to keep the business running and growing, provide funds to attract, recruit, and train a replacement, and replace lost profits. It can also provide time and flexibility for survivors to make necessary business continuation decisions if the key person is you or another owner.

Evaluate Succession Plans
Do you have a business succession plan in place? If so, are the documents up to date? Buy-sell agreements and funding should be reviewed periodically to make sure they still reflect the wishes of the owners.

If you don’t have a succession plan in place yet, make it a resolution to get that done this year. It’s important to think about your options now, when you have time to identify your successor and plan for a smooth transition — 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. Contact your local marketing representative to help with these resolutions.

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