Wednesday, April 28, 2010

5 Tips for Developing Policies for Your Business

Think ahead. Establish policies before you
need them.
Doing so helps avert crises and awkward
situations,
and helps solve problems before they arise.
Determine what policies you need. Some you’ll
want early in your business include a mission
statement, as well as compensation, performance
evaluation and employee policies.
Get input from key employees, as well as from
members of your advisory board, your board of
directors, and/or your professional advisors and
consultants.
Communicate policies to everyone in your
business.

Review policies on a regular basis—once a year,

for example—and revise them as necessary.

Find out if local zoning laws permit your
kind of business at the site that you desire.
Make sure the site has adequate public
services—such as water and sewer services,
trash collection, adequate drainage,
and police and fire protection.
Determine if there’s adequate, affordable
transportation. Can your employees get
to work? If you’re a manufacturer,
are trucking services available?
Consider the surrounding community.
If you’re a high-end retailer, for example,
are there sufficient high-income households
nearby to support your business?

Look at the other businesses in the area.

Decide whether or not having direct

competitors will be helpful.

Volunteer your company to be a business
school case study. You’ll learn much about
your company in the process and get good
ideas for the future.
Obtain management and technical
assistance from one of more than 50
Small Business Development Centers.
Check the U.S. Small Business Administration
web site at www.sba.gov for locations.
Participate in special programs. Many colleges
and universities sponsor venture capital forums,
entrepreneurship centers and family
business programs.
Work with the business school to offer internships
to graduate students.
Find out what expertise is on a business school’s
staff. You may find just the right person to hire
as a consultant or serve on your board.