It's no different for your business, which should also be reviewed regularly. For exactly the same reason: to address issues limiting it success, to prevent new problems developing and to change course for the future.
I've been fortunate enough to conduct over one hundred such reviews for creative industry clients. It's always a fascinating process. It enables a business owner to take the time from their day to day responsibilities and consider their business from a more strategic standpoint. Plus the need to explain the business in detail to an objective observer, means that both operational difficulties and potential opportunities emerge naturally from the discussions involved.
At Generate, our business heath check focusses on four areas:
- Strategy - where the business is heading and what the plan is for getting there.
- Finances - where’s the money coming from and where’s it going.
- Sales & Marketing – how do customers become aware of your services and are convinced to purchase them.
- Operations – how does the whole thing work in practice.
Those four categories cover the essentials of a business and its operation. But under each of those headings we’re also considering some underlying fundamentals of your business:
- Your product/service – what need does it meet for your target market and,
- The business model – how does it generate profit for you.
By the time we’ve covered these core elements of your business, a detailed picture of your company is starting to emerge. We quickly put aside the things which are working well, so that we can concentrate on what needs attention – the problems to alleviate and the opportunities to explore.
What do people get out of this? On one level there’s a set of immediate and tangible outcomes.
- An action plan on what steps to take to improve your business.
- A concise report outlining your performance on the categories above.
- An overview of the state of your business in one easy-to-understand package.
- The input of an objective adviser who has seen inside many businesses just like yours
But above and beyond that, there’s the sense of a burden shared and a higher level of control over your business and its affairs. It can both validate your own ideas about your business and can bring new ideas to the fore. In some cases, it can be a catalyst for real and lasting change in your business. And in other cases, it can be the first step to alleviate some of those aches and pains of doing business.
Have a read of our case study of Pulse Collective to read about how a health check set them on a new path and feel free to get in touch if you’d like to set up an appointment for yourself!