Smart Review Tactics Lead to Long-Term Business Success1 min read

by | Blog, Business Tax Planning

If you are a business owner the majority of your day is likely spent monitoring operations and dealing with everyday problems.  Nevertheless, a comprehensive review can benefit your business so make sure you set aside some time and consider the following key areas:
Insurance coverage. It may seem convenient to opt for automatic renewal but you miss out on the opportunity to revise your coverage and may also miss out on necessary updates.  Find an opportunity to sit down with your insurance agent and discuss your business operations, focusing on changes in laws or risks from new ventures. Be certain your liability coverage is sufficient as well.
Tax strategy. Make an appointment with your tax advisor about a month after you file your tax return.  Review your return together and identify tax saving opportunities.  Begin by asking if you are using the right form of business entity and take some time to weigh the advantages and disadvantages of the different components that apply to your business.  Inquire as to how your business may benefit from recent changes in the tax code.  Consider your tax advisor a partner in your business planning.
Succession planning. Do you have a specific plan in place for your position as well as the other key managerial positions within the business?  In the event of an unexpected vacancy will you promote from within or recruit externally? Decide which managers can be cross-trained to keep your business operating should there be a short-term employee absence.
Banking relationships. Meet with your controller or chief financial officer and review your banking relationships and cash balances.  Follow up by meeting with your banker to address any concerns or issues.  Analyze ways to improve cash flows, boost interest earned and reduce idle cash.
Personal estate planning. If you hope to pass your company on to heirs it is imperative to have a good estate plan in place.  Be sure your plans are current to keep up with changes in your personal circumstances as well as the ever-changing tax laws.
Call our office for more recommendations.  Our team is here to support you in achieving long-term success for your business.

By Simons Bitzer



View bio | Read more articles

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