Could your small business or professional association use a health checkup? When was the last time you reviewed your bylaws or your policies? What about your mission statement? Things change over the lifetime of a business and a review may be triggered by the departure of a key employee or changing financial circumstances. Another reason for a review would be if there are plans to take the business in a different direction.
Many businesses are currently trying to figure out what comes next once they reopen, and some have already begun to pivot. In a time of crisis, pivoting can mean taking action immediately, sometimes leaving key employees out of the loop, sometimes creating procedures on the fly that won’t stand the test of time.
Here are some things to think about when reviewing your small business’ policies and procedures:
Is there a corporate credit card/debit to pay for recurring business charges. If so, who has it? If not, why not?
- Is the approval process for reimbursing employee expenses still valid?
- When was the last time your bylaws were reviewed?
- Is your D & O insurance still adequate?
- Does your company’s mission statement need to be reworked?
- Are your yearly state filings up to date?
- Is access to sensitive company information current or in need of updating?
- Is access to online accounts, i.e. Quickbooks, Facebook, IG, etc. current or are former employees still in the admin/user lists?
- Does your board of directors need to be reconstituted to be more effective?
Let me know in the comments which of these things made a light bulb go on in your head. Are you now thinking about scheduling a review?