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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