Mark L. Goldberg
Above all, managers want a healthy business. There are two parts to being healthy for him, financial and organizational. To determine the health of a business, owners should ask themselves whether their business is profitable, sustainable, and a good place to work. Here are some steps to follow and questions to answer when assessing the health of your business.
Set goals and objectives and share them effectively. Without mentioning semantics, do you have a business plan that you share with your team? Do you set long-term and short-term goals that are quantifiable and measurable? Are you making it understandable?
Is employee morale high? Do your employees work as a team to achieve the organization’s goals and objectives? Do your teammates respect their position and show this with low turnover and enthusiasm for the organization?
Are you demonstrating strong leadership? Are you making decisions in the best interest of your people and the business? Have you put together the best team to achieve stated goals? Genuine, transparent, value-based communicators Are you setting an example for your team by becoming a leader? Do your employees feel appreciated? Do you lead by example or manage on demand? Will your team follow up quickly?
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Are your policies formally, clearly communicated? Are your organization’s policies and procedures well documented and communicated? Are all members of your team informed about the organization’s policies and procedures? Do you have access? Will there be an opportunity to ask leaders questions to ensure they understand the performance metrics that underpin the company?
Do you manage performance degradation? If recognized, do you address performance degradation quickly and effectively? Does your team support your leadership in addressing corrective actions when identified? Are you investing in employee training and education to address deficiencies?
Do you offer ongoing training opportunities? Is there room for upward movement within your organization when team members deliver training? Through webinars, Cape Cod Community College classes, or external professional organizations , do you offer that opportunity?
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Are you demonstrating the importance of lifelong learning? Are you investing in ongoing training for yourself and your team to improve your skills and acquire new skills? Never stop learning, be it formal.
Are you adapting to change? Is your organization opportunistic? Are you open to opportunities to expand and expand your sphere of influence? Are you adopting new technologies to improve the efficiency and effectiveness of your business?
We also conduct accounting audits. Are your earnings growing steadily? Do you have steady, predictable revenue growth? Which revenue streams are growing, stagnant, or not growing at all?
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Is your debt ratio low? Looking at your income, is there a healthy sign of what’s coming in for what you owe? Compare your liabilities (what you owe) to your assets (what you own). A healthy business has an asset-to-liability ratio of 2:1. You are?
Are your expenses under control? Just like you look at your revenue, you also need to look at your expenses to run your business. Is your spending growing faster than your income is growing? If so, this is a sign of unhealthy business. If your spending stays the same as your income increases, your business is healthy.
How many new customers are you getting? Loyal customers are the key to most businesses. However, acquiring new customers is the lifeblood of your business and a sure sign of a healthy company.
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Do you have cash in the bank? Initially, the business will have to reinvest in itself, but in the long run, having cash in the bank is a sure sign of a healthy business. It is important.
Just like your personal health, regular check-ups and check-ins can help you stay healthy and sustainable and redirect when needed.
Contributed by SCORE Cape Cod and Islands. Mark L. Goldberg, Certified Mentor, SCORE Cape Cod & The Islands. www.capecod.score, [email protected], 508-775-4884Source: Rose Johnson, 29 January 2019, CHRON. His Seven Components of a Healthy Business, Alexander & Co., 21 Sept. 2018. Top 5 Signs Your Business Is Financially Healthy, Aldridge Borden Company.
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