Unlike people, businesses show warning signs for their health status all the time. The only time where a business can suddenly go belly up is the time where the business owner didn’t pay enough attention to the business or didn’t know where to look for warning signs.
This actually comes as good news. Any business owner can easily check their business health periodically and get a pretty good idea of their business health.
When we speak of business health , we literally mean, checking the business areas and looking for some warning signs that may indicate a difficulty that needs addressing.
Some warning signs may indicate a severe status already and will need immediate attention, but if you, as a business owner, are on top of your business, things should never come as a big surprise.
Warning signs are sometimes regarded as weaknesses if you remember our previous post about the business Swot you can see what we mean by weaknesses. But the idea is to address issues as they emerge and not wait until there is no way to fix some of the issues. Waiting this long may end up with you actually having to give up and close your business doors.
As we all value our businesses and we all want them to last and prosper, keeping an eye on your business health is a good idea and very easy to do.
This is what we suggest you do:
1.Set up a weekly or any other time frame that works for you, if you are working with other people, just get them together to discuss.
2.Go through all the areas in your business and identify which areas need attention or don’t flow properly in the business.
Examples may be :
Payments stream is too slow
Employees retention is too low
Not enough clients/orders
Late to deliver on deadlines
Clients satisfaction is low
3.Once you have mapped out the difficulty, start brainstorming for solution.
4.Write down solutions that are doable and practical with an implementation deadline.
This is a powerful tool to identify your businesses warning signs and the areas that need attending.
You can also try our Free Business Health Check here so get an idea of your business overall status.
Added by iQDesk Ltd.