Are you ready for next year?

Luck, it is said, is something you make yourself. This assumes that you have the foresight and astuteness to recognize opportunity and be in position to capitalize on it. According to the National Association for Business Economics (NABE), next year could turn in the strongest economic performance in 10 years.

The NABE issued its forecast for 3.1 percent growth for 2015, which would be the highest rate of growth since the 3.3 percent rate in 2005. This would be a significant improvement from the 2.2 percent of this year and last and may finally signal that the U.S. economy has recovered from the Great Recession.

Lower fuel prices are helping, as is job growth, and 2014 may finish with the best performance in job growth for the U.S. since Bill Clinton was president. And job growth is vital to the American economy, because people need to have income to increase spending levels. This is critical, since consumer spending makes up 70 percent of the U.S. economy.

If your business is seeing the potential for adding additional positions, purchasing commercial real estate for physical expansion or the prospect of acquiring another business to aid in your own expansion, now is the time to discuss your needs with your legal counsel.

For instance, if you have not hired staff in a few years, you may need to update your HR material to ensure your compliance with any changes in applicable laws and regulations.

Most expansionary business activities contain significant legal components and reviewing all of your legal needs in advance can ensure your ability to act immediately. This planning can provide the foundation to make your own luck, “Economists Forecast Fast Growth in 2015,” Associated Press, December 7, 2014