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5 Annual Assessments Your Business May Want To Carry Out

Annual assessments can be a great way to analyse your business and improve it. But just what types of assessments should your business be carrying out? Below are a few examples of assessments that some of the most successful businesses carry out on an annual basis. 

Financial audit

A financial audit involves examining your company’s financial records to make sure that they are accurate. This is often carried out before filing a tax return. Companies from some industries are required to have audits carried out by external auditors each year by law. This is usually a qualified auditor at an accountancy firm. Other companies don’t have to carry out such an audit, but it is recommended to make sure your records are all correct. This could be carried out by a third party accountant or an in-house member of staff. A financial audit could also be a great time to analyse your cost and earnings and consider ways to improve your cash flow and profits. 

Marketing review

At the end of each year, it can be worth carrying out a review of your marketing efforts. This can help you to determine which marketing strategies have been a success, and which have been a waste of money. Such a review could help you to improve your marketing strategy by focusing more on strategies that are working, and reducing/altering strategies that don’t seem to be working. You could ask a marketing consultant to help you review your marketing and suggest improvements. 

Health and safety assessment

A health and safety assessment is worth carrying out each year if you have employees and a dedicated work premises. It’s a chance to assess any new risks and make sure that your workplace is as safe as possible. It could also be an opportunity to consider new health and safety laws and to make sure that your company is still compliant. You can carry out this assessment yourself, or outsource a health and safety inspector to carry out an assessment. 

Fire risk assessment

Fire risk assessments are a unique type of health and safety assessment that focuses on fire risks. If you have a workplace, it could be essential that you carry out such an assessment each year – workplace fires may be relatively rare, but can have serious consequences if they do occur. Restaurants, factories, mines, warehouses and vehicle repair centers are some of the workplaces where there is the greatest risk. Using an external fire risk inspector, you can examine your workplace for any potential risks of a fire and introduce any new safety measures if necessary. 

Cybersecurity assessment

The number of cyberattacks against businesses is increasing each year. Making sure that your company has strict cybersecurity measures in place can reduce the risk of you being hacked. A cybersecurity assessment each year can help you to identify any potential risks. It is best to outsource managed IT services to carry out such an assessment. They will be able to recommend any improvements worth making to your IT infrastructure. 

Rania

rania@transpremium.com

I AM RANIA MERCHAK ANDRAOS, A CAREER MOM WITH A PASSION FOR WORDS, FITNESS & HEALTH, AND FOOD! STICK AROUND AND ENJOY THE RIDE AS YOU GET A GLIMPSE OF MY WORLD!

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