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.
Need Another Set of Eyes?
Ready to work with a coach to solve your business frustrations and leverage your business? Schedule your free session today. Click to learn more.