Good health is important. It is important to our bodies, and it is important to our business. When you care about the health of your business, you are demonstrating an interest in more than just the money that flows through it. You are showing that you fully understand the different parts of your business that contribute to its success – its good health. Just like we visit our Doctors once a year for a checkup, we take our cars to a mechanic for a tune-up, or we visit the Dentist for a cleaning, we should also conduct a checkup on our business at least once a year. Some suggest conducting a checkup twice a tear. Whichever you choose, you may be wondering – What exactly is a Business Checkup?
We have all heard the mantra, “If your business isn’t growing it’s dying.” In today’s highly competitive business environment that is true. Business growth is much more than sales, revenue, and profit. While those are important so is the ability to sustain them. In point of fact if you can’t sustain it, then it doesn’t help your business. So while aggressive growth, and I define aggressive growth as an average of anything more than 20% a year, looks exciting and appeals to your emotions, if you cannot sustain growth then you are harming your business.
How do you sustain your business growth?
The current worker shortage has caused havoc for many businesses. Work is being declined, and that is both stopping business growth and causing revenues to decrease. So what is a business to do? The answer, not without concerted effort and skill, is simple just the same. Workforce Planning for your business can in fact not only address the shortage but also make your company more productive and profitable.
The bigger challenge is having the Knowledge, Skills, and Abilities (KSA) within your organization to go through the process. Workforce Planning can be complex, but it doesn’t have to be. In fact, the OPM has a simple 5-step process you can follow that can get you started. What does that OPM 5-step process look like?
The question is really that simple. Do you strategic plan? Do you plan for the future of your business, how it will grow and equally if not more importantly, how will it prosper? A Strategic Plan is simply a roadmap for your business to follow over the next several years, in general around 2-3, what your goals are, and how the business will achieve those goals. The Strategic Plan is simply the way you will coordinate and execute the different parts of your business to achieve your goals.
If you don’t have a Strategic Plan your business is not only at risk of failure, but it is even at risk of not being close to as successful as it could be. To put it another way, not having a Strategic Plan is just like walking around in the wilderness without a map. You might find your way out, but the odds are great that you’ll simply wander around.
All businesses experience a change in leadership or ownership. All small business realizes this reality at least once. Whether your transfer or sell your business you will inevitably exit it. To exit your business in a way that is most favorable to you will involve more than you and you need a Business Exit Plan to make that change successful. It will take multiple parties, different providers, to give you and your business the best outcome from your inevitable exit. So what should you do and who should you involve? Further, when is the best time to start the exit process? When should you have an Exit Plan?