Wednesday, October 16, 2019

8 Benefits of a Business Health Check


In EVERY business in EVERY industry in the world there are always more costs savings, more efficiencies, more profit, more market share, and more success obtainable than what is currently being achieved? 

Do you want more of any or all of those things? Are you happy with where your business is today or do you want it to be more?

Every year most of us go to our doctor to get and annual health checkup. It helps us see how things are doing and identify where problem areas are in our health.

So why not do a Business Health Check every year?

Let’s start by identifying what a business health check is.

A business health check is simply a full diagnostic of the state of a business.  

It starts with an evaluation of the current position of the business and provides an assessment of the critical elements affecting your business both internally and externally.

This assessment gives an external view of the business to highlight where things are going well, the areas that need change, and how to improve those areas to make a business even more successful.

Why does your business need a health check?

The main reason would be to see how we are doing as a business.

And a business health check is not just for struggling businesses. Healthy businesses can benefit from one as well.

It’s just like getting an annual health check – we may feel just fine but the doctor may discover something we weren’t even aware of so we can address it.

Here are 8 Benefits of getting a Business Health Check regularly!

1. Know the Current State of Your Business.
Probably the most obvious benefit of a business health check is getting an objective overview of where you stand.

This offers you with the basic knowledge of the overall business performance, where things are going well, where opportunities for improvements and growth are, customer experience, employee engagement, and more.

You should come away with a clear, objective view of your current overall business health.

2. Understand Your Business Maturity.
Businesses all go through three basic maturity stages:

A.  Infancy: Startup and initial growth
B.  Adolescence: Emergence and expansion
C.  Maturity: Stability and progress

At each stage there are a lot of competing demands upon the business owner. A health check will help pinpoint exactly where a business stands internally, and externally in relation to the market. Understanding your maturity is necessary for identifying improvements to get your business to the next stage of maturity

3. Identify Strengths & Weaknesses.
There are many business owners don’t think they need help. The truth is that some of them may be right.

But wouldn’t it be valuable to have an external expert an objective look into what you are doing, how you’re progressing toward your goals, and make further suggested improvements to help your business become stronger?

4. Spot New Growth Opportunities.
Sometimes you can’t see the forest for the trees. Maybe you think you’re ready to expand but you’re not…or vice versa.

Look for new growth in your industry, other growth areas you may not have considered. Or, perhaps further growth in an area that you have already built upon.

A business health check can help you identify potential growth areas, and better prepare for this expansion?

5. Identify Business Threats.
Do you fully understand where the threats to your business success are coming from? Internally or externally?

Identifying these threats won’t necessarily make them go away, but knowing what they are will help you adapt your business to mitigate the damage as much as you can.

6. Re-calibrate Your Business Goals
Re-calibrate and refocus on the long-term goals you have for your business.

It’s easy to get caught up in the everyday problem solving, we lose sight of the reason and goals we had for the business, it’s time to get back on track again.

7. Get an Objective View
An opportunity to look at your business from a different perspective.

Getting another perspective from outside the industry with business experience can provide constructive ideas to really ensure future success.

8. Gain a Mentor
You get an expert to discuss your business with, much like a mentor.

Sometimes a business owner does not have anyone suitable to talk to about the business at a strategic level. Employees are usually not appropriate, friends and work colleagues may not understand or be experienced, but a business health expert, or consultant, is trained to quickly assess your business and help with problems and changes for improvement.

There are many more benefits of doing a Business Health Check, but the 8 above are great benefits for you and your business.


For more information about Business Health Checks and how The Cobalt Group can help you do business health assessment, or help you with any other business or leadership challenges you are facing, Contact us.

We want to hear what you think. Leave a comment and let’s start a discussion.

Copyright © 2019 The Cobalt Group LLC. All rights reserved.

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