April 3, 2015

Business owners are continually focused on managing risks, expanding the company, and enhancing profitability. As your company grows, it’s especially important to look at your vulnerabilities on a yearly basis to evaluate the plans you already have in place as well as future plans you may need. 

One of the primary reasons to do this every year is that your tolerance for risks you’ve identified in the past may have shifted, opening your eyes to new challenges. There are a few key questions you can ask during this annual assessment for risks and vulnerabilities, including:

• Have you taken any actions during the past year to reduce some common risks?
• Have your risk environment changed due to alterations in your facility or surrounding location?
• Has the environment changed such that previously identified “low risk” concerns should now be a higher priority?
• Has the external environment altered to impact your profitability or existence, like new transportation types, regulations, or population changes?
• Has the structure or size of your company changed such that you may want to reconsider the internal structure and the tax implications associated with it?
• What challenges have you found yourself facing as a business owner, and can outside experts help you manage those challenges?

Business protection planning is an important part of being able to succeed over the long run. To meet with our planning specialists for your first annual review meeting, get on the calendar by reaching out to info@lawesq.net.