5 Tips for Developing Policies for Your Business


1 – Think ahead. Establish policies before you need them. Doing so helps avert crises and awkward situations, and helps solve problems before they arise.

2 – 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.

3 – 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.

4 – Communicate policies to everyone in your business.

5 – Review policies on a regular basis—once a year, for example—and revise them as necessary.

Brought to your by SCORE “Counselors to America’s Small Business.”

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