Article written by Graham Fitzpatrick, Business Advisor, Western Sydney Business Centre.
We are all familiar with the concept of spending time working on the business compared to working in the business. The questions that normally follows this way of thinking is where do I start and how do I find the time?
The answer can come in the form of a Business Health Check that is available through the Business Connect program. This simple questionnaire allows you to actually take time out and think about your business as a whole.
The first thing a Business Health Check looks at is your Business Direction. Can you clearly describe what business you are in and do you have a simple, written business plan are just two questions this section asks
The next thing that a Business Health Check looks at is your customers and your competitors. You need to know who your main competitors are and why your customers choose your business over your opposition.
The next thing that questions address is profitability and your financial controls like budgets, profit, targets and tax payments. This section also asks if you know where you make your money? Or do you know what your Gross Profit, Net Profit and Break-Even Point are for each product or service?
The Business Health then looks at your Staff and your Business Culture and addresses things like ensuring your staff have the right skill set for the business. As well as asking if you have position descriptions for each role and is their policies and procedures in place. The last set of questions address future needs and business risk which is something that we don’t always get time to think about.
On completions of the Health Check, you will get a full diagnostic report that provides useful insights to support you to prioritise the next steps for your business. The Business Health Check is designed to identify opportunities and potential challenges to be aware of to help your business thrive.
So stop working in the Business and spend some time working on the Business with a Business Connect Health Check through the Western Sydney Business Centre.