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As a business owner a major portion of your day is spent dealing with the daily operations. For this reason, doing a comprehensive review once every month will benefit your company. Here are some strategies to consider that may make your business more profitable.
Banking relationships. Schedule a meeting with your financial advisor to go over your cash balances and banking relationships. At this time address any service concerns or issues that arose throughout the year. Look for ways to increase your cash flows while reducing idle cash, as well as ways to boost earned interest.
Tax strategy. Make an appointment with your tax advisor to go over your recent tax return to see if there are any new tax saving opportunities. Ask if there are recent changes to the tax code that might benefit your business?
Insurance. Do you automatically renew your policies? When automatically renewing your policy you might be missing out on necessary updates and the opportunity to revise your coverage. Meet with your insurance agent. Discuss your business operations and focus on risks from new ventures or changes in laws. Make sure you have suitable liability coverage.
Personal estate planning. Your business is likely a very significant part of your estate. If you hope to pass it on to your heirs, it’s essential to have a good and current estate plan in place. Be sure to review periodically to update your beneficiaries.
Succession plan. Have a specific plan for each key managerial position, including yours. Will you recruit externally in the case of an unexpected vacancy or promote from within? Do you employ managers that can be cross-trained to keep your business operating during the short-term absence of another employee?
At Summit CPA we offer multiple resources that will help get your business on the right track. By utilizing our Virtual CFO we have the capability to assist you virtually anywhere in the USA. If you need assistance, contact our office at 866-497-9761 to schedule an appointment with our advisors.
