Small Businesses: 10 Critical Questions You Must Ask Each Year

Unlike large businesses, Small businesses don’t have employees to continually develop extensive business analysis and strategic plans. However, yearly business checks can be performed to find areas that need more development and focus and allocate employees to work on certain tasks. In order to maximize productivity and efficiency with limited employees in a small business, you should ask these questions:

– Are your financial systems out of date?

Updating financial systems can increase business performance and efficiency. Appoint a manager to control the timeline and budget, how employees affect projects, and employee training.

– Does your small business have short term and long term business plans?

Short term goals don’t produce long term accruals. Carefully develop realistic plans for future expansion. Have an expert available to supervise plan execution.

– Business security systems:

Prevent your business from vulnerabilities resulting from computer viruses, hackers, and information theft. Have security systems and a tech support team to protect your small business. In addition, inform your employees of new procedures to safeguard your company.

– Is your business cost controlled?

As a result of increasing insurance and health care costs, companies are trying to figure out ways to cut costs in various areas of the company.

– Does your small business follow GAAP-generally accepted accounting principals?

Have employees attend training sessions and conferences to enhance their knowledge about accounting practices, financial reporting, cost accounting, tax planning systems, inventory management, procurement, strategic planning, payroll, and to prevent your business from violating GAAP.

– Has your company encountered an additional taxing tax period?

Local taxes and state taxes can be overwhelming and difficult when a company conducts business in various jurisdictions. Have financial and accounting experts at hand to find ways to reduce expenses and to ensure that all important paper work for tax exemptions are filled out.

– Are your top employees satisfied?

Make sure you keep you top employees satisfied so that they aren’t accepting other job offers. Managers must keep employees challenged, reward employees for accomplishments, and make them feel valued. Offer competitive compensation, benefits, and bonuses.   

– Competitors?

Find ways to improve your small business while increasing your market share.

– Have you experienced fraud?

Hire auditors in addition to your accounting department to make sure your small business runs smoothly.

If you own small businesses in New York or New Jersey, Metropolitan Risk Advisory can help you find ways to protect your business from any possible risk. We also offer effective solutions to help you reduce income loss, control costs and manage your finances. Metrisk Advisory also provides extensive information regarding New York or New Jersey General Business Insurance, New York or New Jersey Workers Compensation Insurance, New York or New Jersey Benefits Insurance, and New York or New Jersey General Liability Insurance.