When’s the last time you assessed your business practices? If it’s been a while, it could probably use an update. Learn why you should keep your company current and what features to focus on.

What Triggers a Business Update

Certain changes can trigger the necessity to update business practices, including:

• New regulations and compliance requirements
• Technology advancements
• Market shifts
• Organizational restructuring
• Budget concerns
• Customer reviews, audit rankings, and internal incidents

Regular reviews of these factors should happen at least annually to assess performance and strategy. Even if these changes don’t occur every year, it’s a good idea to keep policies and procedures up to date to ensure efficiency. Depending on the nature of your business, monthly checks can help stay on top of potential changes so you stay on track.

What to Update

While a certain change may require updating a specific business practice, here are some of the common areas to focus on:

• Update your business plan to reflect current market conditions, opportunities, and evolving processes.
• Review workflows, identify inefficiencies, and update standard operating procedures (SOPs) to reflect new technologies and best practices.
• Regularly assess current technology and what features can be upgraded to align with recent innovations.
• Keep corporate policies current to comply with legal requirements and industry standards.

‘Business as usual’ is not always the goal. Keep your company moving forward by consistently reviewing and adapting to the ever-changing landscape.