Has Your Business Had A Health Check? Posted By :
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Author: Just What the Business Doctor Ordered business doctor, business health check, regular business check Article source: http://www.articledeshboard.com/. Used with author's permission.
Just What the Business Doctor Ordered business doctor, business health check, regular business check, business shaping up.
Has your business had a recent health check? It is good to step back at least once a year, examine how your business is performing and look at ways of improving every aspect so that you are ready for the future.
Competitors
What are your competitors up to? Have they expanded their product offering? Have they changed their prices recently?
Have any new competitors appeared on the scene? What are their strengths and weaknesses?
Are any of your competitors struggling? If so, are they a possible take over target? It might even be possible to go into partnership with them and benefit from the cost savings working from single premises.
Space
Can you increase the effective use of your space? Often by adding better shelving, it is possible to carry more stock.
If you have too much space then perhaps you could rent it out or section it off so that you pay less rates. What about the car park area? Do you still need so many parking places? How about your offices? Can you utilise your office space better or reduce it and have more space for stock?
Stock
Examine your inventory to find out how much dead stock you have and get rid of it. What about slow moving stock? Can you discount it or make it part of your next promotional campaign?
Margins
Are your margins still adequate? Is it possible to increase margins by buying better or making savings by using latest technology to manufacture your products?
Funding
Are your business loans at the lowest possible rate? Can you amalgamate all your loans and get a better rate from one lending institution? Is your bank giving you the best possible service? Have branch closures meant that you have to travel a greater distance than necessary to do normal day to day bank transactions?
Staff
Are your employees working to maximum efficiency? Do they need additional training to work better and faster?
Does the business justify employing new staff? If business is not as good as it used to be can you let go of any dead wood?
Technology
It is often possible to enhance your competitiveness by using the latest technology. Are you using the best software to manage your business? Can your products be improved by using the latest materials? Would better quality packaging enhance your products and give them a longer shelf life?
A business is a leaving breathing entity. If your give it a regular health check then you could benefit from improved performance. Check how well your business is shaping up and if needed do not be afraid to embrace change.
Yourself
The army knows that soldiers can march longer distances if they are given regular breaks. When is the last time you had a break? When is the last time you had a massage? Your business would be lost without you, so take time out to pamper yourself and look after your health. Ask your doctor or private health care provider to give you a regular health check. You can not run a business from the cemetery!
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