If you are an optimist then you probably think everything in your business is fine… alternatively if you tend to be more pessimistic then you probably think you are doing everything wrongly.
Take a few minutes to see how your business fairs in each of these eight areas. If you are excelling in an area (and you have been totally honest) then pat yourself on the back, but if there are areas that could be improved then consider seeking professional health. It could be the best investment you ever made.
What to do
On the Business Health Wheel, consider the eight categories (on the back page) which make up a balanced business. Ask yourself how well you would rate your business in each area. You can use the questions on the back page to help you evaluate the health of your business.
With the hub as 0 (very unsatisfied) and the rim of the wheel as 10 (very satisfied) rate your satisfaction and fill-in accordingly.
- Do you remember why you started your business and what you dreamed of achieving?
- Do you have an exit strategy?
- Do your team know what you want to achieve?
- Do you work so hard getting the work done that you never seem to find time to plan for the future of your business ?
- Do you regularly review your current position and adjust strategy accordingly?
- Do you have a clear set of objectives?
- Do you measure your performance against your key performance indicators?
- Do you promote staff based on their ability to lead and manage, or on their expertise to do technical things?
- Do you evaluate your business risks?
- Do you have a plan in place in case your biggest client leaves you, or goes bust?
- How do you deal with a new competitor entering the market?
- What would you do if a key team member left or died?
- How would you be affected if a major supplier went out of business?
- Do you find your list of tasks is long and getting longer by the day?
- Do you set aside time to plan what you want to achieve?
- Have you ever missed important family events because you couldn’t delegate?
- Did you try to justify to yourself that it was OK?
- Can you remember the last time you took a few weeks off to relax and enjoy life?
- Does working 9-5 and enjoying every weekend away from work seem possible?
Marketing and Sales
- Do you have a marketing strategy?
- Do you know how you compete?
- Can you define your target market?
- Do you know how you benefit your customers?
- Do you have a unique selling proposition?
- Do you discount too much?
- Do you know your sales conversion rate?
- Are you happy with it?
- Do you know how to increase it?
- Do you review sales meetings?
- Do you have sales training?
- Do you know your capacity?
- Are your staff empowered to suggest ways of increasing capacity—e.g. new ways of doing things?
- Do you document your procedures?
- Do you ensure people follow them?
- Do you review them?
- do you think you should be making more money from your team?
- Should your team be more productive?
- Do your staff know your business objectives?
- Do you have problems finding reliable, skilled and productive staff to work with you?
- Do all of your staff, including yourself, have a clear job description and knwo what is expected of them?
- When you have a staff issue do you deal with it straight away?
- Do you reward your top performers and support your under performers?
- Do you know what motivates each staff member?
- Is cash flow challenging at times?
- Is every job you do profitable?
- Are your time billing methods accurate?
- Are you as profitable as you want?
- Do you know the value of your business?
- Do you have lots of repeat business contracts?
- If you took three months off, would there be a business to come back to?
- Are you overworked and underpaid.
Do you need help?
If you want to improve your business how will you do it? Consider: What exactly do you need to do to rate it a 9 or 10? What’s holding you back?
For an obligation free discussion please call us…or request an initial consultation.