Summertime -- and the Business Needs a Checkup
"Summertime -- traditionally a slow time at many companies -- is a good time to evaluate your company's current processes and procedures, identify ways to improve current controls and determine if adequate resources are available for upcoming projects, according to Paul McDonald, executive director of Robert Half Management Resources in Menlo Park, Calif. McDonald recommends that small-business owners consider the following questions:
1. Is it time to update your financial systems?...
2. Does your company have a three-, five- and ten-year business plan?...
3. Is your business secure? E-mail viruses and worms, unauthorized systems access and data theft are among the many threats that can leave your company vulnerable...
4. Are business costs under control?...
5. Are you adhering to current accounting best practices?...
6. Have you experienced another taxing tax season?...
7. How do you rate on the corporate governance scale?...
8. Are you holding on to your best people?...
9. Are you losing market share to the competition?...
10.Has your company been a victim of fraud? While small businesses are not required to establish an internal audit function, many bring in internal auditors, who can implement checks and balances to help the company improve internal controls and better detect and prevent fraud."
From the Family Business Magazine E-Newsletter.
