Blog read time : 5-6 Minutes
“Are You Running Your Business? Or
Instead, Is Your Business Running You?”
“Whether you have been in business for decades or are just getting started
you need to make sure your business is healthy & achieve its goals.”
Businesses and startups are the lifeblood of any economy, however, most of the owners tend to “work in the business” and they rarely “work on the business”. This approach often leads to minimal or no growth at all. Working on your business is often underrated and that’s where the importance of Business Health Check comes into play.
Our research shows that around 30% of company records within a typical business portfolio contain inaccurate identity information. In addition, 1% of companies are likely to be in liquidation or struck off. [Fact Credits: Equifax-business health check]
What do we mean by “Are You Running Your Business? Or Instead, Is Your Business Running You?”
The activities you do to jump-start your business are majorly different from the activities you really need to do to run your business successfully.
Even if you are on the right track, you’ll get run over if you just sit there. – Will Rogers
If it’s done right, running a successful business is the best thing in the world. But, remember If you want to run a successful business for the long term you have to know how to play to your strengths & embrace your weakness & work on improving it.
As per HubSpot, 9% of businesses close each year & 8% of new businesses are opened.
If done wrong, it’s the worst way to operate. There are, of course, a myriad of reasons why a business might face downfall. If you go into business hoping for the best & never see a downfall, you’re most likely going to have a downfall.
You have to actively work to make a business successful. This is why it’s important to work on your business, not in your business. You are a driver of the big picture. When you see areas that need improvement, delegate the workout, so you can continue to be the troubleshooter and visionary that you need to be.
If you feel like you have all the ideas and you have all these things you want to create, but you’re just not getting results even though you’re busy, maybe you’re struggling and need a professional business health check-up.
Too many business owners understand this far too late and often neglect the process for years & eventually see a downfall.
So, What is a Business Health Check?
Business health check-up is the process of re-analyzing & re-exploring the key areas of the organization helping in identifying the business’s most critical needs. The main aim of this process is to focus on various areas of the organization which are considered as sick & works on it.
Our approach is to focus on helping you map out your pathway to success. We work with you directly to develop a Business Development Plan that aligns your business needs with the resources and assistance that will enable you to accomplish your goals.
Self-Evaluate your Business
“Without Proper self-evaluation, the downfall is inevitable”
A good way to start in performing a self-evaluation is to prepare a detailed report of every department of your organization.
The first thing you need to do for business survival during this economic crisis is to identify where do you stand in the current situation.
Self-evaluation is an integral part of the growth of any business in the long-run as self-evaluating ourself we tend to focus on our sicknesses. This helps the organization in different day-to-day processes of your organization like decision making & planning future
Four Self-evaluation to building a healthy, high performing business:
- Start by identifying the core strengths and ailments of your organization with a “company health check-up.” The resulting report is the “pulse” of your company – your prognosis for success.
- Participate in a facilitated strategy session with your leadership team. At this stage, the team examines the Company Health Check-up Report and Recommendations, recognizes what’s working, what’s not working, what’s being tolerated, and what’s possible for growth and change. As we candidly address the prognosis, a shared commitment and enthusiasm to attend to the organization’s health emerges.
- Develop an Action Plan that leverages your organization’s strengths and addresses the root causes of the ailments. A business therapy, for what ails your organization. Have the conversation.
- Continual Improvement / Progress Reports. Regular check-ins that serve as progress reports on your Action Plan. Shaping organizational dynamics and building an intentional healthful culture takes time, but the benefits will be reaped in every facet of your organization – from loyalty, performance, pride, productivity, and even innovation!
Why is Business Health Check Important?
“Protect your business as it grows”.
We can now say that we are somewhat back with our day-to-day business processes. However, It’s important to admit that we have to keep improving, grow & also tackle the business uncertainties simultaneously.
- The pressure to re-built the organization’s process with the same smooth process has perhaps never been greater.
- Now it’s important to monitor the health of your business processes,
- Take necessary actions that lead your organization towards profitability.
- Ensuring the regular flow of work.
- Regularise business flow and revenue stream.
Business Owners who own, manage, and operate small to medium-sized enterprises are so busy meeting the immediate requirements of Customers, Staff, or suppliers that they do not take the time out to focus on the years ahead.
Saying this, your entire time, attention, and energy are taken up with working “in” the business without the capacity to work “on” the business. it is an ideal time for a check-up by an independent, external Business Advisor or a Business Consultant.
“Look at market fluctuations as your friend rather than enemy through timely business health checks – it’s the way YOU run your business.“
A Business Health Check is an overall assessment of the critical elements of your business. There are a series of questions that help you focus your attention on the business in a manner that helps you see it as an external expert might see it. This involves an initial assessment by you, as a business owner/manager, which is independent and detached from the business.
Take the first step to achieving your business goals today by completing your Business Health Check.
Do you want to learn more? Stratefix is focused on helping you deliver practical business solutions.
Reach out to us for more details.