Smart review tactics lead to
long-term business success
As a business owner, monitoring operations
and dealing with everyday problems no doubt takes up the bulk of your day. But carving
out time for a comprehensive review can benefit your business. Here are key
areas to consider.
Insurance
coverage.
Automatic renewal may appear to be a time-saver. But you might be missing out
on necessary updates and the opportunity to revise your coverage. Sit down with
your insurance agent and discuss your business operations, focusing on risks
from new ventures or changes in laws. Make sure you have suitable liability coverage.
Tax
strategy.
A month after you file your tax return, make an appointment with your tax
advisor. Go over your return together and identify opportunities for tax
savings. Question everything, starting with whether you're using the right form
of business entity. Ask about recent changes in the tax code and how they might
benefit your business. Make your advisor a partner in your business strategy.
Succession
planning.
Have a specific plan for each key managerial position, including yours. Will
you promote from within or recruit externally in the case of an unexpected vacancy?
Which managers can be cross-trained to keep your business operating during the
short-term absence of another employee?
Banking
relationships.
Schedule a meeting with your controller or chief financial officer to go over
your cash balances and banking relationships. Then both of you meet with your
banker. Address service concerns or problems that arose during the year. Look
for ways to reduce idle cash, boost interest earned, and improve cash flows.
Personal
estate planning.
Your company is likely a significant part of your estate. A good estate plan is
essential if you hope to pass it on to your heirs. But your company, your
personal circumstances, and the tax laws are continually changing. Make sure
your plans are current.
Contact us for more suggestions. We can
assist you in securing your business's long-term success.
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