Does the mere mention of the word “audit” make your breath stop short? You are hardly alone. Yet there is one audit that is sure to change your business for the better–incredibly powerful and phenomenally convenient, a business foundation strength audit transforms the way in which you manage your business to put you at the head of the pack.
We follow a simple process with our business clients to examine your business’ foundation strength through a new lens with the aim of accurately assessing the business’s current footing, its path ahead, and what pitfalls may lie in wait. There are four parts of a business foundation strength audit:
- Legal — The foundation of the audit entails a thorough review of the legal framework that your business rests upon–including your business structure (entity formation), your intellectual property, contracts, legal agreements (buy/sell, vendor, lease, etc.), your personnel and employment practices, and your long-term business succession and inheritance goals.
- Risk Management — Next, a review of your current insurance plans and policies is in order. This goes further than solely your business–in order to establish a full set of protections for you and your loved ones, we examine your personal policies as well.
- Financial — It is vital that we identify any gaps in the financial systems that keep your business humming along. A thorough review will help ensure your financial future.
- Tax — The tax code is complex, particularly for small businesses. A detailed assessment will work out what more advantage you might take from the various tax benefits that exist and ensure that your tax situation is rock solid. This also includes a review of business ownership.
The business foundation strength audit is designed to help you take a proactive approach to the management of these four critical areas of your business so you can spend your time growing the business with a firm foundation securely in place. When the audit is complete, you have a list of action items that you need to handle right now, in the nearer term future, and in the longer term future.
If you would like to talk with us some more about performing a business foundation strength audit on your business, call our office today at 612-206-3701 or send us a message via our online contact form. We will schedule an appointment for you and send you the audit paperwork in advance; you should return it to us at least three days in advance of our meeting so we can make your business foundation strength audit session a productive one.
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