Most owners of small and medium enterprises are so focused on satisfying immediate consumer needs, they forget to plan for the future. When all you think about is working in the ‘now’ you neglect working on your organisation. How can you expect to move forward if you aren’t evaluating your current position in the market?
This can be an indication that you need a business coach or consultant – essentially, you need to utilise external regular business health checks to identify areas of improvement and create actionable plans to help you reach your goals.
In this article, we’ll be highlighting what a health check is and how it can aid you. At Chrysalis Growth, I’ve been aiding businesses with their development and growth for over 30 years. Whilst it can be daunting to begin analysing in-depth your organisation, it can ultimately ensure you achieve your goals. Build a long-lasting, robust business that continues to thrive into the future.
What exactly is a company health check?
A business health check can be referred to as a current comprehensive evaluation of the crucial elements of your organisation (Strategy and planning, financial management, sales and marketing, customers, processes, business team, happiness and finally, resilience). You’ll be asked several questions to help you concentrate on what it is you want from your business, assessing your current circumstances. A coach allows you to see this from another perspective – they’ll act as the external expert. As a result of this combined diagnostic, you’ll be able to define the strengths and weaknesses of the business, identifying where you need to see improvement.
So, what sort of questions will you be asked within these sessions? Remember, it pays to think big when considering where you want to be in the future. You’ll be asked a series of thought-provoking questions such as:
- Would you buy this company?
- Are you accessible to your customers?
- Do you get it right the first time and every time?
- Are you taking advantage of the opportunities that come your way?
- What are your priorities?
Through these, you will understand where you are, where you need to go and what you can achieve if you stay committed to sustainable growth.
What are the advantages of regular business health checks?
A company health check usually involves two parts. Firstly, your business coach will ask a series of questions, some of which we’ve listed above. Effectively, this is the diagnosis. It’s crucial you work with an experienced business coach that understands how to effectively review your answers as they’ll be able to create a direct pathway to success from this insight. The results are typically collected and shared with you in-depth over a face-to-face follow-up consultation.
The second part will be to implement the chosen actions to produce positive change. This is the key advantage of regular business health checks; you create a plan, identifying the required resources and agreeing on a specific timeframe for these changes to be completed. You have clarity and purpose to motivate action.
Of course, it’s not enough to just complete one organisation check or review and think that’s the end of it. To continue growing, you need to be regularly reviewing your progress. Again, this is another benefit of a business health check as you have a scheduled opportunity to sit down with an experienced coach and actually develop your business with a range of innovative methods. Time is money, but not taking the time to monitor your progress can be detrimental to your overall success. By using a business coach, rather than trying to complete this review independently, you can ensure the time you dedicate to reviewing your company is not wasted.
You’ll be held accountable by a coach to follow through upon your plan of action, based on the initial review. If you avoid implementing change where you’ve identified room for improvement, the business health check will have been in vain. Following through is the most crucial part of this review!
What steps are involved?
In reality, a business health check is a fairly easy process. Every facet of your business will be put under the microscope, yet with a coach, you’ll have the necessary support to make a correct assessment of the results. Otherwise, you may be left concerned over the report you’ve built and where to go with this.
Vision for the business
Having a vision for your business is essential. Effectively, you need to know what you want the future of your business to look like. Without this knowledge, you may be shooting in the dark trying to achieve everything!
Outline your objectives, strategies and plans and identify what your priorities are to make this vision a reality. Once you have this nailed down, moving forward will be far simpler.
There will always be factors outside your control that have an impact on your organisation and its performance. These could include the industry as a whole, technology, competition and customers but it is how you deal with each of these that is important to take away from regular business health checks. Are you able to deal with these factors successfully? Or, are they preventing you from taking your business to the next level?
Structure and culture within the organisation
A vision of what your company looks like is only half the battle, you then need to identify what it is you need to operate and move forward effectively.
So, how do you need to organise your people, funds and resources to meet your goals? You could call this the guidebook for your business, outlining how it operates on a daily basis. Once you have this base, you can look to how to utilise resources and people more effectively and where you potentially have gaps in your organisation.
Sales and marketing development
Without customers, you can’t successfully grow your business. You need to have a strategy in place to transform leads into new clients and beyond this, you also need to formulate a plan to increase customer loyalty.
Learn how to communicate the positive changes you want to make to your customers, so develop your sales and marketing messaging as part of regular business health checks.
How do you intend to manage your cash flow? If you are unaware of your expenditure or profits, you can quickly run into trouble. So, as part of a company health check, you should also be reviewing how you manage bookkeeping. There are a variety of different tools now available – just because you’ve always done something a certain way doesn’t necessarily mean it’s the best way to do it.
What does a healthy organisation look like?
There are a number of ways to measure business health including growth, sales value, happiness and profitability to name a few. A healthy business will look slightly different to each and everyone – it all depends on what the business owner wants from the business. But, it should be comfortable operating without constant input from the business owner and in addition, it shouldn’t be reliant on individual customers or employees.
From my experience, a healthy business is one that has the potential to grow and has a clearly defined niche, standing out from the competition. Plus, one that is already achieving high levels of customer satisfaction through both customer service and product offerings by focusing on their ideal buyer persona.
Choosing an experienced business coach for your business health check
A business coach is like a doctor, but your organisation is the patient rather than yourself. Much like a doctor, you want an experienced expert to handle the diagnosis. It’s also important to remember, once size doesn’t fit all just opting for an online business tool will likely not provide you with the in-depth report you need to actually implement change.
Spend time researching business coaches prior to signing up for their guidance – read reviews, ask for customer testimonials and most importantly, meet in person. You’ll be entering into what should be a long-term relationship, so knowing you work together is crucial.
With over 30 years in sales and marketing, I can transform your business into one that is thriving through the use of innovative tactics, proven to provide impressive results. Click here to discover more about what I do, or click here to get in touch today and let’s discuss how I can help you and your business grow.
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