If you’re like most people, you probably visit the doctor once a year for a physical. The bonus at the end of the visit is that you know your strengths and weaknesses. Can you say the same for your company?
A Quick Health Check
All businesses have weak spots. A yearly diagnostic check-up will give you an understanding of your company’s weaknesses and how they could be affecting your potential. What does a healthy business look like? Here’s a quick overview:
- Don’t Just Look at the Bottom Line: Sure, the financial aspect of running a business is important. In some cases, it’s essential to focus on the financials, but you can’t look at that as the only measure of your company. Running a solid company takes a good market, good customers, good employees, good products, good ideas, and much more. To really understand what’s going on with your company and help it grow, look behind the numbers.
- Understand Their Customers: If you ever want to sell your company, one of the first things potential buyers will want to know is who your customers are. Do you know your customers as well as you should? To build business value, you have to understand who they are, who takes care of them on a day-to-day basis within your organization, what they have to do to get what they need, and how you keep them coming back. Your business continues to exist only if your customers stay with you, and putting time into learning more about your customers is an absolute must.
- Care About Their Employees: From sharing goals with employees to developing the right teams to keeping morale high, showing your employees how much they matter to you is the only way to move forward. No matter how large the organization, employees have to feel valued to offer high levels of productivity.
If you haven’t taken the time recently to run a diagnostic check on your company, don’t wait. Something as simple as setting aside time to run a traditional SWOT analysis will do. Working with a consultant to take a deeper look is even better. No matter what you decide to do, though, it’s time to take a better look at your company.