The early months of a new year are a great time to “take stock” in your business:-
Do you still enjoy your business?
Do you enjoy going to work every day to meet the challenge?
Have you developed a succession plan for yourself and other key people in your organisation?
Is it time to re-organise, expand or plan to sell the business?
What is happening in the market place?
What are your competitors doing?
Have you documented any improvements to intellectual property?
Have you protected intellectual property through patents, trademarks, design agreements etc?
Have you conducted staff training programs and staff evaluations?
Are your customers happy with your products/services?
What adjustments do you need to make to the cashflow forecast for:-
- higher interest rates?
- higher inflation rates?
- debtors’ payments possibly slowing further because of higher interest rates?
Have you implemented a quality control system?
Have you introduced a risk management strategy?
Have you reviewed the potential environmental issues that might affect your business in 2010?
Following this review, what changes do you need to make to your Business Plan?
Christie is Practice Manager at Alan Lewis Accountants
. Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
Christie has written 811 awesome articles for us at Alan Lewis Accountants – BLOG
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