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Being a business owner requires you to wear many hats. The best way to keep track of them all is to have some processes in place. Doing a monthly business review will ensure that you tackle the most important items on a regular basis. To help you get started, here are five things that you must do each month to keep your business up and running.

1. Review Finances

Know where your money is going. This includes checking income and expenses, paying bills, processing payroll and filing taxes. You can also look over your yearly financial data to make projections for the coming months. You'll know if you need to keep expenses to a minimum, or if you should start stockpiling reserves as you enter a slow season.

2. Check Inventory

For those with physical products, this is pretty self-explanatory. For an office, this would mean having office supplies, a stocked bathroom, and plenty off coffee and tea to keep your employees happy! But even if you're a small one-person business, you probably need ink, stamps, cards, notepads, and pens from time to time. Make sure you have everything you need to keep the workflow uninterrupted.

3. Update Website

For those who like to batch process their work, this is a good time to write and schedule blog posts for the month. You can also add any testimonials that you've received, or fix that pesky triple space on your About Us page. It's also good to back up your data and update any plug-ins that you have.

4. Look Over Insurance Policies

As a business owner, you likely have a business owner's insurance policy, or BOP. This generally includes the most necessary insurance that you need. Those are likely:
  • Property and possessions insurance
  • General liability coverage
  • Business interruption coverage
You should review it often to ensure that it still meets your needs. You should also review your health, life, and auto insurance at this time. Remember, you'll likely need considerable supplementary policies alongside the BOP.

5. Follow Up On Leads

Unless you're doing it on another schedule, following up once a month is good. Some people do it weekly, but if that's too aggressive for your potential clients, monthly works well.

Send them an email, direct message them on social media, or send a handwritten note. They'll appreciate the contact and it will keep you top of mind.

Schedule one day a month to handle these tasks. Assign a date to each one so you always know that on the afternoon of the 7th you will do these. By doing this, you'll create a nice system that helps your business run efficiently and effectively.

Are you looking for insurance for your business? Contact one of our experienced agents at General Insurance Services of Asheville today to learn more about available coverage options

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