Your business can benefit from periodic self-reflection

One of our insurance companies sends us a letter every year asking us a series of questions about whether anything has changed in our firm. Have we opened any new locations? Do we still use the same computer programs and stationary? Does Carrie still run the office? (Yes, they really ask all these questions.)

The company asks these questions to make sure the insurance they sell us is appropriate for our business (and to set the premium they charge). They ask them because law firms, like all businesses, evolve.

Because businesses evolve, you should periodically ask yourself questions about your own business and how it may have changed. Many businesses develop forms and then use them for years without giving them another thought. But if you were to study your forms now, what would you see?

Do the credit terms that you put in your form contract five years ago match the terms you extend to clients today? If you’re a process-focused business (like a website developer, for example) do the processes you outlined years ago accurately describe the processes you follow now? Do the other terms and conditions reflect the way you’re doing business today? Are there things that you would just like to change?

Just as our insurance company makes us think about our business every year, you should regularly set aside time on your calendar to review your company’s forms to make sure they match your current business practices and accomplish what you want them to do, and then revise them as may be necessary.