Refocus-Achieve Your Goals

Get Refocused to Achieve Your Goals

The summer is the perfect time for business owners to re-energize and refocus. We are more than halfway through the year. Many businesses see a slowdown. More family fun. So why not take some time to assess where you are and make the adjustments you need to achieve your goals and finish the year strong.

While you may instinctively know some of the shortfalls, take a look at all areas of the business. Consider both results and actions taken (or not taken) – because the doing part really matters.

Need help? My Business Success Checklist is a great tool to help you discover some of the hidden opportunities. Click here to download.

5 Question Mid-Year Health Check

#1 – Is revenue (sales) up, down or flat?  What are you doing to get new business or help generate sales from existing customers? Do you have at least 3-4 proven methods to grow sales – and are you doing them consistently each week or month so you achieve your goals?

#2 – Are gross profit margins from products or services consistently high or trending up? Review pricing, costs and value. What changes, if any, are needed?

#3 – Is your business operating efficiently AND effectively? Are customers happy based on reviews, feedback or complaints? Is work done right the first time, every time? Is continuous improvement a priority for you and your team?

#4 – Do you have the right people – employees, contractors, vendors and strategic partners – to support your business? Are there clear goals and expectations? Do you have backups or ready replacements for all key people and/or suppliers? Can your business run without your daily involvement – or is everything dependent on you?

#5 – Is profit sustainable and cash flow positive? Is net profit higher than last year at this time? Is your debt similar or lower than last year – and being managed properly? Do you review financial reports, understand them and use the information to help you make decisions? Do you re-allocate resources (time and money) when opportunities arise – or miss out on them?

After you identify the gaps or opportunities, re-set your priorities. In other words, list the actual tasks or activities you need to do to achieve your goals and finish the year strong. Results come from taking action – so start implementing!

Still operating without a clear road map for success? It’s never too late to get started. My Ultimate Guide to Action Planning makes it easy. Download it today.

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Business Health Check

Is Your Business On Track?

We’re approaching the halfway point in the year. Now is a great time to take a step back, assess where you are and make the adjustments you need to hit those goals you set earlier this year.  It’s time for a mid-year business health check.

Instinctively you may know where the shortfalls are. But take the time to evaluate all areas of the business before you start changing direction and re-allocate resources – time and money.

Here are some questions I use with clients to identify areas that need improvement or uncover opportunities to exploit. Answer some of these — then compare it to last year and/or the goals you set for this year.

Business Health Check

Revenue Mastery

  • Are sales higher than the same period last year?  By how much?
  • How many new customers did you get?
  • What is your average transaction amount?
  • How many quality leads are you getting each month?
  • What is your sales conversion rate?
  • Have you lost any customers?  If so, how many (and why)?

Product/Service Mastery

  • How are sales of new or repackaged products/services performing (if applicable)
  • What is  the mix % for your key products/services? Are there any significant changes?

 Operational Mastery

  • What is your revenue and gross profit per employee?
  • What is your labor as  a % of sales?
  • Are customer satisfaction or feedback scores improving?
  • What is your quality % to date? Note: this reflects reworks or rejects
  • What is on-time delivery % to date?
  • How many customer complaints?  What is $ value and % resolved by front-line employees?
  • What % of how-to-manual is complete?

Team/People Mastery

  • What, if any, employee turnover has occurred?
  • Do all positions have a backup or ready replacement (cross-training)
  • Do you have the right people to get the results you want? What skill-gaps, if any, exist?
  • Do you have the right suppliers (and backup) to meet your needs? How do you measure success?

Profit / Financial Mastery

  • What are your gross profit margins (%) to date?
  • Has cumulative cash flow for the year been positive?
  • Is your operating margin or EBIT higher than last year?
  • Is your business debt higher, lower or the same when compared to last year?

Once you identify the gaps or opportunities, set priorities based on what is most critical for your business success.  Next, identify what you need to do (the actual tasks) to improve the results. Then start implementing!

More Profit Building Ideas

If you are looking for some ideas to improve your sales, marketing, service, team, profit and more, click here to download my 155+ Profit-Building Ideas.

Mid-Year Business Health Check

Refocus With a Business Health Check

We are almost halfway through the year. Are you on-track to reach your business goals?  Now is a good time to perform a business health check – to evaluate your progress, adjust your plans and refocus your efforts.

MID-YEAR BUSINESS HEALTH CHECK

A mid-year business health check can help you identify areas that need improvement or uncover opportunities to exploit – in all areas of the business.

Revenue Mastery

  • Are sales higher than the same period last year? By how much?
  • What percentage of total customers were new [or how many new customers did you get]?
  • What is the average $ amount customers are spending this year? Is higher or lower than last year?
  • Is customer turnover less than 10% (or retention over 90%)?
  • What is your sales conversion rate? Is it higher or lower than last year?

Product/Service Mastery

  • What products or services have you introduced (new) or ‘re-packaged’ this year? Results?
  • What is the mix % for your key products, services or categories? Any significant changes?

Operational Mastery

  • What is your revenue and gross profit per employee?
  • What is your labor as a % of sales? How does it compare to last year?
  • Are customer satisfaction or feedback scores higher than last year?
  • What is quality % [reflects reworks / rejects] to date. Is it trending up or down?
  • What is on-time delivery % to date? Is it trending up or down?
  • How many customer complaints? What is $ value and % resolved at the front line?
  • Are all critical systems/procedures documented? What % of how-to-manual is complete?

Team/People Mastery

  • What, if any, employee turnover has occurred this year? Any changes in key people?
  • Do all positions have a back-up or ready replacement (cross-training)
  • Do you have the right people to get the results you want? What skill gaps, if any, exist?
  • Do you have the right suppliers (and back-up) to meet your needs? How do you measure success?

Profit / Financial Mastery

  • Are your gross profit margins (%) higher, lower or the same versus last year?
  • Has cumulative cash flow for the year been positive?
  • Is your operating margin or EBIT higher than last year?
  • Is your business debt higher, lower or the same when compared to last year?

For a comprehensive checklist to help you identify more hidden opportunities in your small business, click here to download my free Business Success Checklist.