7 Tips for Your Next Business Check Up
7 Tips for Your Next Business Check Up
Regularly checking up on the specifics of your business can go a long way to preventing problems before they get out of hand. Let’s go over some of the main areas that you’re going to want to keep an eye on to ensure continued success.
Profit and cash flow are the fuel that keeps your company going and growing. If you notice that either of these wells are starting to dry up, then you will definitely want to make some changes to your operations. Cutting expenses and increasing revenue can keep you from dipping into your line of credit or taking on serious losses.
Taking a closer look at your finances every other quarter or so allows for better planning and can alert you to any possible issues before they get out of hand.
A good accountant will go a long way towards keeping your business prepared for when tax season comes around, and it is important that you don’t wait until the last minute to do so! They will help you keep track of changing laws, new tax breaks, and what employee benefits you can offer for further savings. Another option to consider is converting your business entity, for example moving from a single ownership to an LLC, in order to benefit from a different tax structure. A business lawyer can help you decide which of these entities would be best for you.
See: this overview on LLC taxes.
About once a year you should check up on whether it would be a good idea to trade up on your business credit card to one that offers better rates, rewards, or other benefits. Don’t make the mistake of waiting until the last minute to open a line of credit, either. By the time a financial crisis arises it could very well be too late!
You should also make it a point to watch out for hidden fees or unnecessary charges from your bank. If you notice any of these, it might be a good time to look for a better option.
A well-managed workforce is one of the most powerful tools available to a business owner. Consider how to retain key employees, such as through raises or promotions, as well as watching out for anyone who might need to be laid off. You should be mindful of season needs, too. You don’t want to find yourself short staffed when you are swamped with business anymore than you want to pay for unnecessary workers when things slow down.
See: Keep these guidelines in mind when hiring new employees.
Take the time to check that your business is at the very least covered by the minimum insurance mandated by Florida Law. This typically includes liability, property damage, and business interruption coverage. Other forms of insurance, while not necessary, should still be considered based on your own unique needs and goals. Flood insurance, for example, would be an especially good investment for those whose businesses are located on the coasts or other at-risk areas.
Studying previous marketing campaigns can provide valuable insight when it comes to reaching your customers. This is a situation where spending more money isn’t always the best idea. You want to make sure that you are appealing to the right target audience. Even a blockbuster marketing campaign can go to waste if it’s only seen by the wrong people – for instance, if your Saint Petersburg based business is advertising outside of the area!
In an increasingly litiguous world, having a business lawyer is a must have for heading off legal trouble down the line. Oftentimes they can spot issues that you won’t know to look out for, saving you money by avoiding costly mistakes. Improperly handled terminations, intellectual property violations, or poorly written contracts can lead to you getting sued. A business lawyer can help you double check that everything has been done through the proper channels and defend against potential lawsuits.
Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling 727-279-5037.