Is your business performing as well as it could be? Here's our guide to conducting a quick business health checck to identify what you're doing well, and what areas can be improved.
There are many factors that contribute to small business success and it's important to do a business health check from time to time to make sure that you are heading in the right direction. Here we'll look at a number of areas within a business and the kinds of business practices you should use to ensure your business is operating well. If you find that your business is lacking in some areas then you'll know what you need to improve on and that your business has the potential to grow.
What to look for...
Here are a some of the different areas of your business that may be functioning poorly and some questions to ask yourself to help determine what can be improved upon.
Businessflow is the ability to design a business so that it's efficient and effective for predictable business profits. Some questions to ask yourself are:
- Do you have a clear organisational structure for each role in the business and how it functions against critical drivers?
- Do you review our business plan every 90 days?
- Do you know how many sales are required each month to Break Even?
Leadflow is the tenacity of attracting future A grade clients and making it easy for them to buy from you. Some questions to ask yourself are:
- Are you clear on your value proposition and what makes you unique in the market you compete in?
- Do you have a flowchart in place to lead clients through your sales funnel and ensure that they become clients for life?
- Do you measure the number of new enquiries you get and where they come from?
Cashflow is the velocity of building a repeat and referral based business run by a champion team. Some questions to ask yourself are:
- Do your customers buy from you on value and not price?
- Do you have a defined Customer Management Process (CMP) that builds Advocacy?
- Do all your staff provide the same high standard of customer care and service consistently, and are your customers’ expectations are always met?
How you can improve your business performance
The business advice you need will depend on your answers to the above questions and a range of other circumstances. Here is some general advice on how to improve your business performance, for advice tailored to your specific needs, contact BBG.
You should have a clear idea of your business's value proposition and processes, including finances, in order to set out a effective business plan. This can be a good first step and might even change the direction that you choose to take your business in. It is also very important to understand the numbers and finances of your business so that you know whether or not the current business model is viable.
If you find that your income fluctuates a lot throughout the year, it may be because your business is performing well in some areas mentioned above and failing in others. You should take a closer look at your business and these and more questions to determine exactly what your business's weak points are so that you can address them.
If you answered 'yes' to most of the questions above, it's likely that you have a clear understanding of your business and its processes. You have a good foundation for success and your business is likely to be quite profitable if it isn't already. But there is always room to improve and a new business plan may be just what you need to achieve the level of success you are aiming for.
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Stefan Kazakis on 5 May 2018
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