Have you taken a recent look at your internal business procedures and daily operations? Are the processes in place the same processes you implemented years ago when you started your business or have you evolved with the changes in your industry? Do you know with absolute certainty that your current practices are compliant with all rules, regulations and laws governing your trade? When’s the last time you checked?
Why a Reevaluation is in Order
As new technologies hit the market, as products and services advance and as industry standards change with the times, it’s your responsibility to stay up to date. Make a commitment to reevaluate your current business practices. Not only can this help to identify discrepancies and recognize areas of non-compliance or questionable legality, but it can also ensure that your present procedures are netting optimal results. For example, could your daily production output be better? Are you hitting marketing targets? Is customer service up to par? Are your advertising efforts paying off?
Have You Been in Business So Long that Your Practices Are Out of Date?
It’s easy to continue doing what you’ve always done because you’re successful, you’re busy and the thought of changing anything is far too daunting. Plus, everything seems to be running just fine. So why should you reevaluate your business practices?
Particularly where technology plays a role (which is everywhere today in one form or another), a continuous reevaluation of your practices is essential to your long-term success as a company. Things change fast and if you’re not constantly evolving with the market around you, it won’t be long before your shortfalls catch up with you.
How Does Your Business Measure Up to Today’s Legal Standards?
Many would say that, over the years, the corporate justice system has only become more stringent and the repercussions of breaking the law only greater. In other words, turning a blind eye or assuming you won’t get caught just because you never have before, are poor solutions.
Are you up to date with the latest laws? Are you confident that your “old school” business practices abide by these laws? If there have been legislative changes, are you comfortable with the fact that your practices may not be compliant any longer? Are you aware of the consequences? Do you have a legal advisor on your team who you can rely on for the most up-to-date information?
Giving Your Business Constant Attention
The mark of a good business owner is knowing that a successful business shouldn’t look exactly what it looked like years ago. Business ownership isn’t a stagnant accomplishment. It’s a living, breathing, changing process…one that must be revisited, reconsidered and reevaluated on an ongoing basis.