06:34
societynews[dot] org
NEW YORK – it's time to give your small business a check-up. The midpoint of the year is the perfect time to look at the company and see what works and what is not and to make some strategic and financial planning not only for the second half, but for next year too.
The first thing to do is to make an appointment with your accountant or financial advisor — and make sure that your books are in order before your meeting. If you have a provider of human resources, now is also a good time for a get-together to overcome any problems that you have employee.
And take a step back and watch your business global. See if you and your staff need to work more productively.
Some items to your list of things to do:
WHY YOUR COMPANY NEEDS A FINANCIAL CHECKUP
Irregular state of the economy means that many small business owners are not safe to take any big steps during the rest of the year. For example, the purchase of new equipment or hire new employees. When you meet with your accountant, you can get a better sense of what are the options. They keep pace with changes in tax law and also have an idea of what changes can happen in the future.
What you hear probably from a financial advisor is that it is necessary to base your business decisions not only the next few months, but also next year. Some of the questions that you must consider:
_ Do you expect to make money this year? And next year, do you think will make more money then? It is better to take a deduction for large purchases in this fiscal year, or wait until the next?
_ Would spend money now to help your business grow? Or is too uncertain to let you know the economy?
_ If you're considering the purchase of equipment or moving to a different location, you would get a better deal if you've done that now?
Many owners may want to make decisions based on how much money you could save on tax. But that needs to be a factor in everything that we consider.
EMPLOYEE ISSUES
Summer is the big holiday period for most companies. And that can raise a series of employment policy issues.
Employers who have never bothered to create a vacation suddenly find the things you do a little bit chaotic — say, because two staff members have plane tickets and hotel reservations for the same week. Or one or more staff members have child care problems or softball games kids who want to participate.
The first step you must take is to find a way to resolve conflicts and get the job done. Can other staff members pitch in? You can hire a temporary worker?
Your priority is the creation of a holiday that allows staff to know how many people can be disabled at once, and what are the procedures for requesting vacation. Will be first come, first-served basis or seniority?
For that Member of staff who often asks him to leave early, you must decide how much time away from work is OK. And staff members need to figure out how to get their work done when they take some extra time.
It's a good idea to meet with an HR consultant who can help you with employee issues. And probably help head off future problems.
HOW IS RUNNING THE BUSINESS?
Moreover, financial and employee issues, you should think about other aspects of your business. The computer works fine, or need maintenance? If you have a production activity, is your equipment in good condition?
How about the mode of operation of your business — are your efficient procedures? The workers are so overwhelmed that they can't get anything done right? You are making the most of online technologies that can save time and money?
And take a look around your local and see if they need some restructuring or even cleaning. Is your work environment help or hurt your business? A nice place, not only for employees, but also for your customers?
Looking at all these problems now can help you do better than the second half of 2011.
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