If you were happy to say goodbye to 2020, you are in good company...
If you were happy to say goodbye to 2020, you are in good company. Given the personal and professional stress caused by COVID-19, we are all ready to turn the page and prepare for the brighter days ahead.
For New Jersey businesses, setting business goals for 2021 can strengthen your operations, shield you from liability, and even improve your bottom line. If your business resolutions are still a work in progress, below are several priorities for 2021 that should be at the top of your list:
Focus on What You Can Do: The uncertainty of 2020 is likely to continue into 2021. While you may not be able to control the COVID-19 restrictions placed on your business, you can still work to improve your business and position it for success when conditions improve. Ideas include establishing new ways to connect with your customers, revamping your marketing strategies, researching new funding opportunities, improving employee training, and auditing your compliance procedures.
Embrace Technology: If you have been putting off “going digital,” now is the time to embrace technology. From online payroll to cashless payments, there are countless ways that technology can streamline how you conduct business. Social media can also help you connect with customers and keep them updated, especially now that the pandemic has limited in-person contact. Of course, it is also important to revise your policies and procedures to reflect the incorporation of new technology.
Reevaluate Remote Working: Telecommuting has become the norm in the wake of the pandemic, even forcing businesses that had not yet embraced a remote workforce to shift the mindset. As vaccination becomes more widely available in 2021 and the pandemic subsides, employers will have to determine how to address remote working going forward. In many industries, workers have become accustomed to working from home and enjoy the increased work/life balance it creates. To remain competitive, and to attract and retain key employees, employers may have to revise telecommuting policies.
Improve Contract Management: Businesses execute numerous contracts each year. In addition, most businesses have ongoing obligations. Agreements are also increasingly in both electronic and paper form. This has resulted in a contract management nightmare for many businesses. Unfortunately, failure to properly manage key business contracts can have significant consequences on your bottom line. Examples include failing to exercise a lease renewal provision in time, inadvertently violating the terms of a non-disclosure agreement, or neglecting to enforce a late payment penalty. I have seen a business taken down by management sending a confirmation and payment one day too late, giving a sharp competitor the opportunity to step in and take over a valuable contract. To get a handle on your contracts, it is advisable to implement standardized record management policies and procedures. Given that state and federal legal regulations can change and impact a company’s legal obligations, it is also important to review the terms of all standard contracts to ensure that they are still legally compliant.
Make Cybersecurity a Priority: As they say, it’s not if but when your business will fall victim to a cyberattack. While most businesses now appreciate the risks, not all have allocated the resources needed to address them. However, being ill-equipped to respond to a data breach or other cyber incident can result in regulatory penalties, class-action suits, and public relations fall out, all of which can dramatically impact your bottom line. Issues that should be on businesses’ radar for 2021 include testing cyber response plans, reviewing cyber insurance needs, and assessing new and evolving regulatory compliance burdens. Back-up and redundancy are terms and practices to know and use.
Stay Updated on Legal Changes: With the election of Joe Biden, business regulations will likely change significantly at the federal level. The Biden Administration is poised to reverse many of President Donald Trump’s regulations and policies and install Democrats at the head of various federal agencies. Scarinci Hollenbeck’s various practice groups will continue to track these changes and share our insights on our website. We encourage business owners and executives to check back regularly and consult with experienced counsel regarding how significant legal changes may impact your operations.
Key Takeaway
Studies have found that less than one in ten people actually keep their New Year’s resolutions. However, working toward goals such as those listed here can help put your business in a better position for a successful 2021. Happy New Year!
If you have questions, please contact us
If you have any questions or if you would like to discuss these issues further, please contact Dan Brecher or the Scarinci Hollenbeck attorney with whom you work, at 201-896-4100.
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