Owners pour endless amounts of time and resources into growing their businesses. But, just like children, growing companies develop different needs as they expand. Sometimes it’s hard to see what a growing company may need to foster continued success. Conducting a business audit can help identify areas to target for improvement in a company’s operation, including corporate structure, potential liability pitfalls and tax considerations.
Read the article by Stacey DeKalb and Jason Engkjer which appeared in the May/June 2018 Upsize Minnesota Magazine. The article gives five areas to consider auditing:
- Evaluate the current structure of your business.
- Analyze the company’s standard business contracts.
- Review your employment practices.
- Catalog and protect intellectual property (IP).
- Regularly review your insurance protection.