Operational excellence for owners of small or closely-held businesses may involve certain challenges that are less applicable in larger entities. For example, the temptation may exist to operate less formally, with less accountability and oversight due to pre-existing or familial relationships. Agreements, if written, may be sparsely worded. Documentation of key business decisions and transactions may be lacking. We saw this type of sloppy governance earlier this year in Robl Construction vs. Homoly, No. 13-3607 (8th Cir. 2015). Robl involved a two-member LLC with poorly drafted governing documents and inadequately maintained records that have cost the parties a significant amount of time and money in court.

As the final pages of 2015 closed and the first chapter of 2016 has opened, now’s a good time to reflect on the past year and look toward the next. Take a careful inventory of your 2015 accomplishments as well as opportunities for growth and improvement. Taking a hard look back will allow you some perspective as you plan for the year ahead.