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Happy Holidays

I would like to wish everyone a happy holiday season! Remember to laugh out loud, have fun and create some wonderful memories.

As we approach 2007

As we approach 2007, “New Year’s Resolutions” are the topic of discussion. Wouldn’t it be nice to direct our attention to “Business Resolutions” rather than the usual talk of joining a gym or losing weight?

Has it been a while since you had an INSURANCE CHECK UP?

  • Make an appointment to talk with your existing agent.
  • Discuss any changes that have occurred in your business over the past 12 months. (New equipment, vehicles, expansions, theft, accidents, improvements made, etc.).
  • Have your policy reviewed by another agency. Some companies will provide this service at no charge. This can validate that your existing policy has sufficient coverage or it will identify omissions that need to be addressed.
  • Review your premium rates: Are you paying too much or can you go somewhere else for the same coverage and pay a lower rate?

Maybe it is time to think about SUCCESSION PLANNING and take steps to prepare your business in the event:
You are ill and need someone to run your business until you are back on your feet.

  • You or your partner dies…what happens to the business? If you fail to address this situation, you may inherit the family of your deceased partner.
  • You want to buy out your partner?
  • You would like to retire but what steps have you taken to prepare for this?

Your BUSINESS ATTORNEY can prepare all of the necessary paperwork to take care of the above scenarios. If you do not have an attorney, now might be the perfect time to seek one out.

The thought of RETIREMENT PLANNING should be high on your list. The earlier you start planning and saving the more likely you will not outlive your retirement funds.

  • Find a certified Investment Advisor who understands your goals. Ask about what options are available.
  • Review your existing retirement plan to ensure you are maximizing your deductions and verify you have the right investments. Are you taking advantage of a 401K, IRAs, Roth IRAs and SEP IRAs? Don’t forget to inquire about the numerous other plans designed exclusively for business owners.
  • Understand and know how much money you will need to live on throughout your retirement years.

This is the right time to take a look at your BUSINESS PLAN and BUDGET.Review your 2006 plan – What adjustments are you going to make in 2007?

  • Were you able to meet your goals? If not, why? If you exceeded your goals, what caused this to occur?

  • How well did your budget work? What expenses caused you to go over budget or were you able to stay within your means?
  • Take a look at the remaining funds you have – Do you have enough working capital to sustain you during a slow period?
  • Meet collectively with your banker, attorney and accountant. They are your team advisors…seek out their advice and use their expertise.

TECHNOLOGY is changing everyday and it is important to be aware of the improvements being made as it relates to your business. Maybe it is as simple as updating your WEBSITE.

  • How easy is it to locate your site?
  • Does your site look tired and outdated?
  • Are clients and prospects able to easily maneuver around your site?
  • Is your information current?

We are beginning a New Year and this is the time to think about how you will overcome the challenges you encountered in 2006. Planning ahead will help you avoid or minimize bumps in the road. You have to be receptive to new ideas and be able to adapt to changes as they occur.

Remember to always have fun, find time to play, make your client’s day and always be there for them.

Cheers to a fulfilling 2007!

Mardi Skoegard, V.P., Business Resource Executive
The Community Bank (508) 299-8223
704 Main Street, Suite D, Falmouth, MA 02540
Visit us online: http://www.communitybank.com

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