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?
If you are a small or mid-size business owner, I have a question for you? What is more important to your business? Is it how many dollars in service product that it sells? Is it your Margin? Or, is it the value of your business? The answer should be yes. But which question(s) depends on what your long-term plans for your business are.
Depending on those plans each of those areas of focus have a different meaning. In some instances they should mean everything; in others, they may mean little. Regardless, all are important. How important, again, depends on your plan for the business.
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?
“Our Workforce is our greatest asset.” I think most of us have heard those words, or similar, spoken by the leaders of most businesses. It is important that they truly believe that. However, how many of them truly take the necessary steps, both tactically and strategically, to make those words a reality. To put it another way, how many businesses truly walk the talk? Is your workforce truly your greatest asset?
Our current struggles finding good people to perform the work we have is getting in the way of business success. New business is being declined, existing business is taking longer to perform and waste, and error is increasing. In short, the absence of a quality workforce is getting in the way of our productivity, profitability, and improving shareholder value. How can we fix our workforce shortage? What can we do to improve our workforce culture by turning it into a workforce culture of excellence?