Business Nuggets: Conditioning your business - 10 key questions to help with evaluation

Some analysts believe another dip in the financial markets is inevitable, and when it comes it is likely to take with it many of those businesses that have failed to prepare and protect themselves against a worse economy.

Conditioning your business is the best form of protection - improving the health of the business in just the same way that you would improve your own health at the gym if you were feeling in need of a boost.

Our own research has shown that organisations which make time to plan and review their businesses are more likely to achieve turnover targets, manage the bottom line ….. and survive.

But to survive a further dip in the economy you must increase profitability - and first you need to evaluate the business, develop a plan and work out the budgets and investment needed to achieve it. If necessary get external help to do this – the results will cover the costs.

Below are ten key questions to help with your evaluation:

Profile, Brand, Philosophy – Who are we? What do we do? Are we focusing on what we do best? Is our image portraying the right messages? Do we have an ethos? How do our people demonstrate our values to our customers?

Structure – Are we organised for delivery, or to simplify management and administration?!

Objectives – What do we want to achieve, how and when? What resources are needed?

Sales – Do we really know our marketplace? Are we competing effectively enough?

Finance – Is our financial management robust? Monitoring effective? Resources invested in the right areas?

1. Operations – Are we operating consistently, organising efficiently, managing performance effectively?

    

2. Systems – Do we have standardised, consistent systems and processes that our people understand and which improve efficiency?

   Quality measurement – How do we benchmark? Is our quality competitive? Does our ‘customer experience’ exceed expectations?

   People – Do we have the right people in the right places doing the right jobs? Are they up-t-date? Do we stand out from the crowd?

   Owner Aspirations – Do we have a clear vision for the future, and a defined exit strategy?