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.
