Just as an annual checkup from your physician helps monitor and manage your personal health, an annual checkup can do the same for your business.
Here are tips to get started:
1.
Insurance coverage. Instead of automatically
writing a check to renew insurance policies when they come due, sit down with
your agent. Review your business operations, focusing on any changes. Discuss
types of risk that could arise. Ask about new developments in business
insurance. Use your agent's expertise to identify risk areas and suggest
suitable coverage.
2.
Tax strategy. Consider adjusting taxable earnings
for the year, perhaps by accelerating expenses or delaying income at year-end.
If your business reports on the cash basis, you could boost 2015 deductions by
declaring and paying bonuses in December rather than in early January. Deferred
invoicing or early purchases can also reduce your 2015 tax bill.
3.
Customer survey. Track customer satisfaction
with an online survey. Focus on questions that reveal how well your company
performs in areas such as prompt service, staff responsiveness, and
understanding of customers' problems. Ask your customers for insight on
potential new products or services, and let them know how much you value their
business.
4.
Marketing review. Are your current methods and
channels working well, or are you simply doing what you've always done?
5.
Succession planning. Do you have a specific plan
for each key managerial position, including yourself? Are you prepared for a
short-term absence or a permanent vacancy? Your plan might point out the
necessity of promoting from within or recruiting externally.
6.
Banking relationships. Meet with your banker. Ask
about new products or services that could help your company. Address service
concerns or problems that occurred during the year. Look for ways to reduce
idle cash, boost interest earned, and improve cash flows.
An annual business checkup
can help you evaluate current performance, better manage and execute future
operations, and provide a plan for keeping your business on track. If you need
assistance, give us a call at (518) 798-3330.
