If you own or manage your own business, you're probably busy mon-
itoring operations and dealing with everyday problems. But there are
a few things that you should make time to do every year. These are
important for your long-term business and personal success.
1. Review your business tax strategy. A month or so after
you've filed your tax return, make an appointment with your tax
advisor. Go over your return together and identify opportunities
for tax savings. Question everything, starting with whether you're
using the right form of business entity. Ask about recent changes
in the tax code and how they might benefit your business. Make
your advisor a "partner" in your business strategy.
2. Update succession planning for your business. Review your
succession planning annually. You should have a specific plan for
each key manager position, including yourself. Be prepared for
a short-term absence or a permanent vacancy. Your plan might
mean promoting from within or recruiting externally. An up-to-
date plan can be invaluable if you have an unexpected vacancy.
3. Review and update your personal estate planning. If you're
a business owner, your company is likely to be a significant part
of your estate. A good estate plan is essential if you hope to pass it
on to your heirs. But your company, your personal circumstances,
and the tax laws are continually changing. You should take time
each year to make sure your plans are current.
4. Review your Information Technology (IT) usage and
needs. Is your computer system giving you the information you
need to run your business? Are your hardware and systems up-to-
date and secure? Who do you turn to when you have a technology
problem? Today, technology is essential to the success of any busi
-
ness. At a minimum, on an annual basis, you and your IT staff or
outside advisors should review your in-place technology — hard-
ware, software and support — to identify areas that need to be
addressed to maximize business performance.
5. Review your internal controls. Although most companies
have some form of internal controls to prevent the misuse or theft
of company assets, fraud still costs American businesses billions
FEATURE STORY | Wealth Management
18 FEBRUARY 2016 OUTDOOR POWER EQUIPMENT www.outdoorpowerequipment.com
7 things every business owner
should do in 2016
■ BY STEVE BRILLION
IMAGE
©ISTOCKPHOTO.COM/STEVE
DEBENPORT.
