Time for Your Yearly Business Health Checkup
You visit your doctor for a yearly checkup to make sure you’re in good physical shape and to catch any health problems before they become too serious. Prevention is better than cure after all. Shouldn’t you apply the same philosophy to your small business?
At Blue Sky we think so. A regular review will help ensure your business is healthy and financially fit. To help you get started on a health checkup for your small biz, here are a few things to consider and questions to ask:
- Evaluate your business plan. How well did you stick to your plan this past year? Is the company growing? Did you meet or exceed your objectives? If not, take some time to reflect on the reasons why you think you underperformed and how to overcome those issues in 2017.
- Check in with customers. What are their current pain points and how can you help? Are they happy with your performance? Is there an unserved market you can expand into? Are there any opportunities to provide new products or services?
- Get a pulse on your team. How is morale? Is there good communication between management and staff? Are people doing what they were hired to do or are they getting bogged down with other tasks? Are there any tools or training that will help your team be more effective?
- Review your financials. Are sales, profit margins, and cash flow improving? Are you prepared for any upcoming expenses (new equipment, office space, new hires etc.)? Have you identified all opportunities for tax savings?
These questions should provide a good starting point for checking in on the health of your business. But as a busy entrepreneur you may not have the time or expertise needed to conduct a thorough analysis. Why not ask the Blue Sky team to help?
Give us a call to schedule a health checkup for your business and let’s get to work on making 2017 your most successful year yet.