The start of a new year brings new opportunities. If you own a business in Eastern North Carolina, you should prepare now for the opportunities which 2017 may bring to you. Here are four ways to start the new year on the right foot:
1. Stay updated on economic trends and developments.
The Charlotte Business Journal reports that the United States currently is in the midst of its fourth-longest economic expansion since 1854. According to North State Journal, North Carolina should see its eighth consecutive year of economic growth in 2017.
For local business owners and entrepreneurs, this is positive news.
Where will this growth occur? How will it affect Eastern North Carolina?
Look for growth in the information, business, professional services and retail trade sectors, UNC Charlotte economist John Connaughton told the Business Journal.
In his economic forecast for the first quarter of 2017, N.C. State economics professor Michael Walden said that a new administration in the White House could spur developments that impact the eastern part of the state such as federal tax cuts, heightened military spending and increased offshore energy exploration, North State Journal reports.
For instance, higher defense spending could boost economic activity in the Fayetteville area – the home to Fort Bragg – and in other communities with military bases in our region.
As a business owner, you should pay close attention to trends that develop throughout 2017. Those trends could end up affecting your business activities for many years to come.
2. Get informed about North Carolina tax laws.
As Triangle Business Journal reports, two major changes in North Carolina tax law took effect at the start of 2017. Those changes could directly impact your business.
First, North Carolina reduced the corporate tax rate from 4 percent to 3 percent. The drop in the tax rate could bring more companies to the state, the Journal notes. As a result, your business could face more competition in 2017.
Second, North Carolina will change the way it calculates taxes on companies which do business in multiple states. The change should make it more “cost-effective to hire in North Carolina,” the publication states.
Again, this change promises to draw more companies to the state in 2017 and create a more competitive marketplace.
3. Take advantage of local business resources.
Whether you are just launching a small business or looking for new ideas to invigorate a business that you have operated for many years in Eastern North Carolina, you should turn to local resources.
Check out the North Carolina edition of the U.S. Small Business Administration’s Resource Guide for Small Business. You should also visit the website of economic development organizations such as the private, non-profit NCEast Alliance.
4. Consult with a lawyer with experience in business and commercial law.
No matter what type of business you own, you will benefit from consulting with an experienced attorney and making sure your company’s “legal house” is in order.
Are you carrying the right commercial liability policy for your business?
Are you complying with local, state and federal tax laws and other regulations?
Have you updated your company governance documents, human resources policies and the contracts you use with vendors?
The Armstrong Law Firm, P.A., would be glad to provide legal advice about your business and to represent you if any business disputes should arise in the coming year. You can count on our legal team to be “Strong for You.” Please feel free to contact us and learn more about the services we can provide.