“The secret of success is to do common things uncommonly well.”
– John D. Rockefeller, American Oil Magnate and Philanthropist
This weekend my husband and I had to complete our benefits enrollment. Most of us are familiar with the process of looking over a variety of plans and making decisions. This year, the company is offering a reduction in premium if we both submit to a health screening. It’s a basic look at how we compare to healthy targets on blood pressure, cholesterol, body mass, etc. If we meet the targets we get the discount.
I got to thinking about how this concept applies to a business. This is a great time of year to assess where your business falls in relation to the targets you set out at the beginning of the year. You did set targets, didn’t you? If not, now is the perfect time to analyze your business health and set targets for 2011.
So what should you be looking at when you perform a business health screening? Here are just a few of the numbers that every business owner or manager should have at his fingertips:
Profit and Loss Figures – Always remember you are in business to make a profit. If you are not making a profit, you have a hobby, and not a business. Profits are the fuel that drive your business’ ability to function and provide products and services. Review your income statement monthly.
Balance Sheet – Another tool to be reviewed monthly. The balance sheet is a snapshot of your assets and liabilities and can point to problem areas that need your attention.
Sales – We’ve said this a million times. Sales is the engine of your business, and you must always be in action on making sales. Monitor your sales calls, hours spent in sales, and sales themselves so you have an accurate picture of those trends.
Pipeline of Possibilities – How are you tracking your contacts and prospects? How often are you reaching out? Where are you finding new people to talk to? What is your system for follow up?
Cash Flow – Are you tracking scheduled payments? Are your customers paying on time? Where do you have gaps in your revenue versus expenses?
Overhead and Efficiency – When was the last time you reviewed your expenses? Are there ways to reduce costs and improve efficiency? Where are costs going up? Are there available discounts or programs that you can take advantage of?
It’s easy to put this kind of analysis on the back burner, but can you afford to? If you aren’t taking the pulse of your business on a regular basis, you may be headed for a rough ride in the new year. Take time now to perform a comprehensive business health screening and see how your company measure up. If you need help getting started, give us a call. The coaches at Possibilities Unlimited would be happy to schedule a complimentary Healthy Business Checkup to make sure you are on a winning path.
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