Many small business owners mainly focus on setting up the operating procedures, company policies, accounting systems, and hiring processes when structuring their business. However, there are processes often forgotten that are crucial to a company’s overall growth and security. If you want to improve the structure of your business, don’t forget to do these three critical things.
Develop a Proper Compensation Plan
Do you have an effective compensation plan in place to draw in top talent who can lead your company? You need more than just a competitive salary structure in place to keep your business operating in the long run. An improved compensation strategy can attract the best talent, incentivize employees to achieve company goals, accelerate their ability to achieve growth goals, and keep the business growing even during hard times. This not only helps to build your business over the long term but also increases productivity and profitability in the interim.
Put a Tax Strategy in Place
Are you overpaying taxes and losing money? If you’re not sure, it’s time to review your tax strategy. Why? Because if you’re profitable, taxes become one of your most significant expenses. Learning how to take advantage of tax maximizing strategies can help your business earn more. What you need is a proactive, forward-facing tax planning strategy that takes into consideration your specific business objectives to minimize taxes and maximize returns.
Get a Succession Plan
Another necessary component to remember when structuring your company is creating a succession plan. Believe it or not, many small businesses don’t have one in place because it’s often a topic most owners don’t like to think about. However, without one, your company could face tough times if you or a key employee is unable to fulfill their role. A succession plan maps out the process to train and develop critical functions to ensure there are no staffing gaps. It’s a necessary process to prevent business disruption and ensure the continued success of an organization in the event that a critical player becomes incapacitated, passes away, or leaves unexpectedly.
If you’re ready to create a comprehensive strategy to effectively structure your business, contact us at The Beacon Group of Assante Financial Management Ltd. We can help you plan for the future, grow your business, and protect your legacy through a tailored tax, compensation, and succession plan. We can help give you the peace of mind you need today and into the future.