Just like people, businesses need yearly checkups. Follow these
seven suggestions and take some time this December to look into the health of
your business.
Business owners and managers spend most of their time monitoring operations and dealing with everyday problems. But just as an annual checkup from your doctor helps monitor and manage your personal health, an annual checkup can do the same for your business.
Here are seven checkup tasks that you should make time to do
every year. These are important for your long-term business health and personal
success:
1.
Review your business insurance coverage.
Don't just automatically write a check to renew your insurance policies when
they come due. Instead, you should sit down with your insurance agent every
year. Review your business operations, focusing on any changes. Discuss types
of risk that could arise. And ask about new developments in business insurance.
2.
Look at your business tax strategy. Consider adjusting taxable earnings
for the year, perhaps by accelerating expenses or delaying income at year-end.
If you're a cash-basis taxpayer, you could boost 2017 deductions by declaring
and paying bonuses in December rather than in early January. Also, you may be
able to defer invoices or make early purchases to reduce your 2017 tax bill.
3.
Survey your customers. An annual
customer satisfaction survey is a great way to assess performance, get insight
on potential new products or services and to let your customers know how much
you value their business.
4.
Determine your marketing effectiveness. Are your current
methods and channels working well, or are you simply doing what you've always
done?
5.
Update succession planning for your business. Review your
succession planning annually. You should have a specific plan for each key
manager position, including yourself. Be prepared for a short-term absence or a
permanent vacancy. Your plan may include promoting from within or recruiting
externally.
6.
Review your business banking relationships. Every year you
should go over your cash balances and banking relationships with your
controller, CFO or accountant. Then meet with your banker. Ask about new
products or services that could help your company. Address any service concerns
or problems you might have had. And look
for ways to boost interest earned and improve cash flow.
7.
Update your personal estate planning (if needed).
If you're a business owner, your company is likely to be a significant part of
your estate. Your company, your personal circumstances and the tax laws are
continually changing. You should take time each year to make sure your plans
are current.
If you are serious about
improving your business, consider a yearly assessment of your operation. Give
us a call at (518) 798-3330 to learn more about how you can put your business in the best tax
position possible for 2018.
Business owners and managers spend most of their time monitoring operations and dealing with everyday problems. But just as an annual checkup from your doctor helps monitor and manage your personal health, an annual checkup can do the same for your business.
