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Published on May 18, 2022 | Webster Bank
As a small business owner, you may be tempted to not concern yourself with performance data outside of your P&L. If numbers are moving in the right direction, slowing down to ascertain your companyÕs health may seem unnecessaryÑespecially when daily operations and new project plans leave you with little time for much else. But if you hope to continue the positive trend, regular checkups are important.
Conversely, if your business is struggling to perform and you are looking for the path to success, taking time to conduct a checkup could highlight otherwise hidden keys to achieving your goals. In short, to manage your business effectively, it’s critical to regularly and proactively check your performance across a variety of key strategic dimensions.
Financial performance is only one aspect of your checkup. Assess customer feedback, community involvement, and other metrics that allow you to measure how well your business is living out its mission statement. Proactively checking in on annual goals also can show you how far your business has come or help you decide if you need to pivot.
ItÕs possible that new services arenÕt producing the results you expected. Or you might find a lower-cost way to achieve the same results.
Working in silos can stifle growth and create resentment between groups. During checkup meetings, match employees from different functional areas to promote the sharing of ideas.
While your business may be thriving, avoid becoming too comfortable with its success. Your checkup should include a plan to prepare for a potential market downturn. This will allow you to make decisions from a position of strength instead of fear.
When groups get together, itÕs easy to only identify problems. But unless thereÕs a plan to solve at least the most critical issues, your checkup efforts can quickly become unproductive.
Give credit where credit is due by showcasing and celebrating YTD successes. Recognition can inspire others to share ideas that could lead to company-wide improvements.
Faulty sales funnels and inefficient billing systems are just a few of the systems that could cause your business to perform at a less than optimal level. Confirm that they are up to date and working properly.
Staying ahead of the competition is often recommended, but itÕs not always possible. Even so, you can use this time to compare your product or service offerings to those of your competitors.
Happier employees lead to happier customers. If disgruntled workers are dealing with customers, it can negatively impact your bottom line. Ask employees to complete an anonymous survey to gauge their work satisfaction and encourage suggestions to increase morale.
They can let you know how making revenue, expense, and other changes now could positively affect your end-of-year tax filing.
A proactive business checkup has the potential to redirect your business toward solutions that align with short and long-term goals. Monitor business performance regularly to ensure your business is headed in the right direction.
Check your performance. Download our printable business review checklist.
The opinions and views expressed in this blog post are not intended to provide specific advice or recommendations for any company. Please consult professional advisors with regard to your company’s specific situation.