Monday, June 27, 2005

Time For Annual Business Checkup

As the weather improves, many people are eager to get outside and in shape, but companies also can benefit from a little conditioning. Robert Half Management Resources has identified five key questions for small-business owners to address when conducting their annual business checkup.
1. Is it time to update your financial systems?
Outdated financial systems can hinder business performance. Many companies that postponed major systmes initiatives in the past are now making them a priority.
2. Does your company have a 3-, 5- and 10-year business plan?
Short-term planning won't yield long-term results. Determine if you have the appropriate intellectual capital to drive your company's future growth.
3. Is your business secure?
Email viruses, worms, unauthorized systems access and data theft are among the many threats that can leave a company vulnerable. Businesses should have adequate security systems in place and technical support staff available to implement the necessary safeguards.
4. Are you holding onto your best people?
As the economy gains momentum, don't be surprised if your top performers get other offers. Offering competitive compensation packages, as well as creative benefits, will help your organization recruit and retain the most qualified employees.
5. Are you losing market share to the competition?
Continually stay abreast of news or developments from similar firms in your local market. Ask clients and business associates how they feel the company measures up to the competition and solicit ideas to improve the firm's products, services and customer satisfaction ratings.

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