The ratios are grouped together under the key areas you should focus on.
Your car needs an oil change every 3, miles, a wash every few weeks and a new battery about every five years.
Just like you take your car to the mechanic to keep it running smoothly, you need to perform regular checkups on your business health.
Most business owners are extremely busy working on various parts of their operations, so without regular check-ups on financial health, they can easily lose control and become susceptible to financial problems.
Business Health Check 1: Revenues Revenue or sales is the amount of money your business earns before any expenses are taken out. Without revenues, your company cannot earn a profit and stay viable in the long run. What Are Your Goals? Budget to Actual Every business should have revenue goals, both annually and monthly.
How are you doing on making progress toward those goals?
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If you missed your goal, what can you do to adjust going forward? If you hit or exceeded goals, what did you do right and how can you do more of that in the future? If your accounting software offers budgeting tools, use them.
Otherwise, keep a spreadsheet handy, so you can continue to check in and tweak your budget. As you compare your budget to actual results, look at shortfalls and consider what went wrong. You may need to adjust your spending down to make up for revenue shortfalls. If revenues exceeded predictions, you might have an opportunity to start building your business emergency fund for slower months.
The ones who constantly ask for discounts or scope creep? His number one piece of advice was not to take every client who walks through the door.
But keeping bad clients around can actually hold you back and keep you from paying the bills. Related How to Tame Scope-Creeping Clients Conversely, maybe you have one great client who accounts for the bulk of your revenue. This is great for now but what would happen if that client went out of business tomorrow?
In that case, you may need to diversify your client list. What to Do About It Firing your first client can be an emotionally-charged experience, but it is a skill every successful business owner should have in their back pocket.
Politely explain the situation, offer a referral to a competitor and be professional. Some people find asking for referrals uncomfortable, but you should get in the habit of asking every satisfied customer for one.
Simply ask if they know anyone else who might have a need for your product or service. Most people are happy to help, you just need to let them know how. Next, ask yourself what you can do to ensure that you focus the majority of your time and attention there. If too much of your time is spent on non-revenue generating tasks such as bookkeeping, website maintenance, or answering non-essential email, you might consider outsourcing those tasks so you can focus on growth.
Business Health Check 2: Take a look at your expenses. Which ones take up the bulk of your cash flow?
Regular checkups of expenses let you look for ways to save money. However, if you have employees or hire independent contractors, be wary of cutting staff to reduce costs.
You may find that your products or services suffer, and losing help costs more than it saves. Business Health Check 3: Receivables Accounts receivable is the money that your business has a right to receive because it has provided customers with goods and services.
It is important for companies to closely monitor receivables to make sure customers pay their bills and minimize losses. Do you do a good job of monitoring receivables and following up on past-due invoices? If not, this could be negatively affecting cash flow and putting your business in jeopardy.
Remember, your business is not a bank.Business Health Check. In business, it is always the little things that get the big results. Our Business Health Check will give you invaluable insights into the many areas of your business. By completing the Business Health Check, you will receive a Free Report based on your answers, prepared by our team of highly skilled Business Coaches.
Many business owners and leadership teams encounter the same frustrations over and over again, but don't know how to get unstuck.
The Organizational Checkup™ helps you identify your strengths and weaknesses so you can start solving your issues - for good.
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Oliver Wight has perfected a Business Health Check to provide a very cost-effective diagnostic of your business; pinpointing the failure modes within the core business and supply chain processes and providing the opportunity for gap closure before it’s too late.
Sep 01, · Photo credit: dumbledad via Flickr Creative Commons When 1 in 10 entrepreneurs work 70 hours a week, it’s a safe bet that business owners have a lot of issues competing for their attention.