Instead of cutting out all advertising, for example, consultants suggest changing the focus of that advertising. Just as large, public corporations release earnings and have stockholder meetings after their first quarter, smaller private companies with shareholders should do the same. It's good for shareholder relations to include those people in planning for the future, according to Seff. The employee-related part of a business plan is worth checking periodically, as well. It's important to take a new look at the management succession plan where appropriate, update personnel handbooks and examine retirement plans.
Workers can split into small teams to look at practices and recommend how they can be improved.
People who come up with good ideas should be rewarded. So many companies are having difficulty finding good people. At a restaurant I was in the other day, even the drink coasters were help-wanted ads. Although personal income tax season is over, there are still business-oriented taxes to tackle. Spring is a good time to look at the employment, sales, property and real estate taxes a company may have to pay in Colorado and other states, according to Rod Martinez, a partner in the state and local tax practice at the KMPG LLP accounting firm's Denver office.