Why would I want to do a health check on my business?
When we work in our own businesses, we tend to get caught up in the day-to-day decisions and the administration of daily challenges. We often fail to lift ourselves above our daily routines to take a helicopter view of where we are going, and the steps that we are taking to get there. Sometimes, we even get so caught up in our daily tasks that we don’t fully understand where we are, how effectively we are running the business, or how much better we might be doing if we only took time out to measure the status quo.
Here are some important questions you should be asking yourself:
- Am I an expert in all the different facets of my business?
- Where I may have some shortcomings, have I got someone employed to pick up the slack?
- Do I really know what is going on in my business?
- Do I really want to know what is going on in my business?
- Do I know the questions I should be asking myself?
- Do I know the questions I should be asking my team?
- Do I have proper perspective on the way my business is being run?
- Do I know it all, or is it possible that there are still some things I could learn?
If you answered yes to the vast majority of these questions, then your business and your personal understanding of how it is working are in great shape. However, if you answered no to several of these questions, then you may need to dig a little deeper to establish your baseline. Having a well-understood baseline makes it easier to see the way forward and this in turn will help ensure your business operates at the top of its game.
What are the benefits of a business health check? Well, if you start with a simple SWOT analysis, then you can quickly identify internal strengths in your business that you can build on as well as internal weaknesses that need to be eradicated. Follow this with an analysis of the opportunities that you can capitalize on and the external threats that can hurt your business. Considering these 4 elements, and coming up with honest answers to them, will lift your game considerably. This has a real bottom line impact on business performance.
You can take it to the next level by considering a) hiring a business analyst or consultant, b) finding online books or lists of business assessment activities, c) using online tools to do the health check for you, or D) joining local business networks like the Chamber of Commerce where you can get exposure to best business practices employed by other businesses.
Most small businesses don’t take these simple steps because of the perceived high cost, or the age-old excuse of just not having enough time. It doesn’t actually take a lot of time and the cost can be tailored to what your business can afford. Simply pick the alternative that works best for you and your business. The payback more than justifies the cost so do a business health check today.