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6 things you should do to regularly check the health of your business

6 things you should do to regularly check the health of your business

Posted on: July 28, 2014
Author: ATB Business & Agriculture

You probably think you have a pretty good idea of how your business is performing—after all, you work in it every single day. But ever heard the old adage, "can’t see the forest for the trees"? This may apply to you.

All too often, business owners get so involved in the daily running of their company that they lose sight of their goals and how they’re going to reach them. Continuing to work in your business rather than on it could be putting your company at risk, which begs the question: how can entrepreneurs get a handle on what’s really going on in their business?

The answer is simple: by conducting regular health checks. Regularly checking in on your business can mean better decision-making, greater efficiencies, increased focus, more profit, and less waste.

Here are six areas you should be assessing to determine the overall health of your business.
  1. Marketplace

    As a business owner in a competitive market, it’s vital to stay on top of industry news and trends. This means being aware of what your customers think about your business, what your competition is doing, and how market conditions may be affecting your sustainability and growth.
  2. Financials

    Business owners often dread examining their finances if they haven’t done so in a while for fear of what they might discover, but delaying it won’t help the situation. Instead, take a proactive approach to your finances by regularly analyzing your financial statements and meeting with your accountant to see where you could be saving, where you should be spending, and what you should be doing to manage your cash flow. It’s also wise to frequently meet with your relationship manager at your bank to discuss your financial situation and potential future cash flow needs.
  3. Systems/Operations

    As your business grows, the way in which you run it will need to adapt. This means regularly assessing the operations and systems you have in place and seeing where they could be improved. Develop a clear operations manual which will act as a blueprint for your company and will allow you to delegate when required, and ensure that tasks are completed properly and consistently.
  4. Product/Service

    Do you know your Unique Selling Proposition (USP)? It’s important to regularly reassess whether your offerings are satisfying your customers’ needs and solving their problems. Regularly perform a SWOT analysis to determine your business’s strengths and weaknesses and be sure to get your staff and customers involved in this process.
  5. Marketing and Sales

    Are you getting a good return on investment from your marketing activities? You should continuously monitor your marketing efforts to figure out which channels are providing you with the best return. Successful sales and marketing is all about testing and measuring, so be sure you have processes in place and that you’re using tools that allow you to monitor all of your marketing activities.
  6. Planning, Goals and Vision

    Ensure that you regularly update your business plan, set goals, and share your long-term objectives and business aspirations with your team. Remember: your responsibility as a leader is to focus on innovation and the future vision of your company.

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