We all need a Check-up from time to time and your businesses no different.
In our Structured Business Development Program, we have identified 12 areas of your business (“spokes of the wheel”) that we like to focus on when helping you grow your business. Within this, there is a subset of 7 areas that provide a good gauge of your business’ pulse.
In this article, we’ll explore these and provide you with an opportunity to take a Business Health Check Challenge.
What’s most important to you?
Let’s take a closer look at the 7 areas of your business that can give you a feel of the health of your business and raise some probing questions that will highlight the areas of concern.
Financial Management and Reporting
This is your mental business dashboard. Do you know who owes you money or who’s overdue? Do you know if you made a profit and made budget last month? Or, are you perhaps flying blind?
If you are flying blind, is it important for you to get some clarity?
Do you have employment contracts in place and are they up to date? Do they meet current legislative requirements?
Is there a policy in place that deals with staff ending their employment with you? This may include things like handing back the laptop, phone, keys, remote server access, software access, etc.?
Would you know your payment obligations in the event of making a position redundant? Are you sure you are paying the award wage and employing workers with appropriate visas? Would you know what to do, or who to call if an employee made a claim against you?
Legal, including online properties
Do you have adequate disclaimers on your website? How do you handle troublemakers? Are you or your personal assets adequately protected if something were to go terribly wrong, or there was an accident?
What do you need: more sales or do you need to work out if your new sales are profitable? Do you know where you leads come from? What is your conversion rate?
Do you know your retention rate? Is your website working for you to drive sales and improve efficiencies, or is it just a static page in the ether?
Systems and IT
Is “the cloud” leaving you behind? Are you sure you are as efficient as your competitors? Can you develop IT to get ahead of your competitors?
Financial Stability and Viability
Do you know your breakeven? With the cash you have in the bank, how long could you keep the doors open if sales stopped? Do you know the drivers (profit, sales, lead generation, etc.) of your business?
What are the risks associated with your business? Have you insured against them or mitigated the risks wherever possible? Do you have a risk management plan? Do you review your insurances annually? Are your assets/business structured correctly to protect assets/capital?
Business Health Check Challenge
Our Business Health Check Challenge, allows you to select your pain points or do the full test. It’s your choice. You can complete all sections or just pick the ones that are most relevant for you right now.
We are going to ask you how much you agree with each statement. You’ll be ranking each out of 5 Stars. Choosing 5 Stars indicates that you “completely agree” and choosing 1 Star, indicates that you “completely disagree“.
Once completed, the website will send us your responses. You will then be offered a free one-hour consultation to discuss the results, should that be of value to you.