Summer months can mean down time for many individuals and businesses. This slow down gives you a great opportunity to re-focus. Take this time to pull out your company’s written materials to review and update them. Here is a list of some documents you might want to review:
Articles of Organization/Articles of Incorporation
This is the document you file with the state. It sets out things like your name, business address and purpose. Has your company moved offices or begun using a different name? If so, update this record and notify the state.
In New York, this isn’t filed with the state, so people often tend to draft it and forget about it. Forgetting it would be a mistake though because this document can prove incredibly valuable when issues arise. Use your extra summer time to re-read your initial plans for the business and update the document accordingly. Have you added more partners? Have you decided to invest your profits differently? Look over the provisions in this document carefully and see if it still serves your current business model.
Business owners can often get surprised when an employee approaches asking for a review of his or her contract. Get ahead of the game and pull out contracts to see where an employee stands BEFORE she asks for something more. Are you an employee with a contract now? Take the time to review your contracts and see what you like and don’t like. Reviewing annual contracts will highlight potential flaws and give you an opportunity to figure out where you can improve. Do you have someone working closely with you that you never asked to sign a confidentiality agreement? Has an employee with poor performance been working under an expired contract? Looking at all of these documents when there is no pressure means you can re-negotiate with less pressure as well.
Use the summer down time to your advantage. Take the time to locate and review often forgotten documents. Give them a quick rundown and be sure you like where you stand. Your productivity and sanity will be greatly improved in the more busy months ahead.