Developing Policies for Your Business

Posted by: Rod Kurtz on October 22, 2008

Here are some insights on how best to develop your company’s business policies:

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

• 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.

• Get input from key employees, as well as from members of your advisory board, your board of directors, and/or your professional advisers and consultants.

• Communicate policies to everyone in your business.

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

Ken Yancey
CEO
SCORE
Washington, D.C.

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