New Year's Resolution? Are you ready?
Suddenly it’s December … Where did this exceptional year go?
- Know your business/shareholders. Your adviser will check your articles and any shareholders’ / investors’ agreements as part of the process, and you may need approval before you go ahead – do you have buy-in? Are all your company documents up to date and have all filings been completed correctly?
- Clarify your objectives Whether it’s reward for past loyalty, or motivation for future growth, or a mix of the two, if you have a clear reason to implement the plan, everything else will fall into place much more easily.
- Decide on participants. Is the plan for everybody, or just for the key drivers in your business?
- Set some limits. How much do you want to share with employees? What value do you think they should receive, and when?
- Have a timetable. Make sure you’ve got a clear idea when you’d like to make awards to employees, and stick to it.