As we approach mid-year, now is a good time to re-energize and recommit to your success. Are you on-track to reach your goals? If not, take some time to re-evaluate your progress, adjust your plans and refocus your efforts.
Mid-Year Business Check-Up
A mid-year business health check can help you identify areas that need improvement or uncover opportunities to exploit.
Increased revenue covers up a lot of issues or gaps in a business. So it’s natural for owners to focus on sales improvements. But other areas impact results too — so don’t ignore them.
Revenue | Sales
A consistent stream and new and repeat business is important to overall profitability — so let’s start there.
- Are sales higher than the same period last year?
- Do you have a good balance of new and repeat business?
- Is your average sale or transaction higher — or trending up?
- Are sales efforts focused on higher margin products or services — think profit?
- Are you generating enough leads — new or repeat business — to support your sales goals?
Operations | Service
A well-run business certainly increases profit. But it also reduces the daily stress that often comes with business ownership. Is continuous improvement really a priority? 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?
- Can your business run without your day-to-day involvement — so you can enjoy time off and not skip a beat? Think systems and training.
- Do you have the right people — employees, contractors, and suppliers — to support your business and customers?
Profit / Financials
As a business owner, profit is your reward for excellence in entrepreneurship. Are you and your business reaping the rewards?
- Are you 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 personal income growing? Does it reflect your value, effort and risk?
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, click here to download my free Business Success Checklist.
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