It’s almost mid-year. It’s a good time to re-energize, re-evaluate and re-focus your efforts. Are you on track to reach your goals or is it time to make some adjustments? Time to do a mid-year business health check.
Mid-Year Business Health Check
A mid-year check-up can help you identify areas that need improvement. It can also uncover some previously overlooked opportunities. While it’s natural for business owners to focus on sales results, other things can impact the overall success of your business too. So let’s take a whole business approach.
Revenue | Sales
A consistent stream of new and repeat business is essential to overall profitability, so let’s start here.
- Are sales higher than in the same period last year? Is your average transaction trending up?
- Are your sales efforts focused on your higher-margin, more profitable services?
- Are you generating enough new or repeat business leads to support your sales goals?
If the answer is no, then it is time to re-think your marketing and sales efforts. Are you using the right tactics and tools? Are you consistent? Do you have a sales process that converts and generates repeat business too?
A well-run business certainly increases profit. But it also reduces the stress that often comes with daily issues and problems. A well-run business is a combination of people and systems working well together. So let’s consider the following:
- Do you consistently deliver what you promise, when you promise it?
- Are rejects or reworks costing you time and money? Do you fix problems or band-aid them?
- Can your business run without your day-to-day involvement?
- Do you have the right people — employees, contractors, and suppliers — to support your business and customers?
If the answer is no, then it is time to emphasize this area of your business. Having quality systems and strong people to run them will make your business more profitable, less stressful, and more fun!
Profit and Cashflow
As a business owner, profit is your reward for excellence in entrepreneurship. Are you and your business reaping the rewards?
- Are your profit margins trending up or higher than last year?
- Do you have the cash flow you need to continue to grow?
- Do you know where the profit leaks are — and how to fix them?
- Is your income growing? Does it reflect your value, effort, and risk?
If the answer is no, it’s time to dive into those financial reports and look at the margins and trends. How do yours compare to other businesses in your industry or similar industries? A little number crunching and comparison can go a long way.
It’s never too late to set a new direction. Based on what you discover, make a few adjustments now and you will reap the benefits sooner rather than later.
For a comprehensive checklist to help you identify more hidden opportunities in your small business, download my free Business Success Checklist.
Need Another Set of Eyes?
Sometimes another set of eyes can help you uncover a lot more opportunities. Are you ready to work with a coach to solve your frustrations and leverage your business? Then let’s talk. Click here to schedule a discovery call today.