Why You Need a Business Checkup

file000600920260Business checkups are an essential part of any business, whether you are a solo entrepreneur or a  small, medium or large business owner. A business checkup is similar to a health checkup because it takes the temperature and pulse of your business; it let’s you know whether you are doing well or if there is some problem that is looming and needs attention now rather than later.

If you prepared your strategic plan for the year in January, or even if you are just getting to it now, including timelines for doing a thorough check of the important aspects of your business is crucial. It is good business practice. As a business owner, and as someone who offers solutions to businesses, I suggest that quarterly is the opportune time to take a look at the goals you have set for your business and for looking at any obstacles that may be in the way of success. You do not want to reach the end of the year and find that you have not even come close to what you expected to accomplish.

I have provided a checklist to make it easy for you to perform that business checkup. The checklist is not in any particular order. If not all applies to your business each quarter, that’s ok, but I suggest you look at what does apply and schedule your checkup on a regular basis, starting now:

  1. Examine the number of customers and orders. Do you show an increase or decrease in the request for your product or services? What is your conversion rate of prospects who become customers purchasing your services or product?
  2. What is the sales trend? Is there a lot of activity in one particular aspect of your business over another? Can you tell why that is?
  3. Analyze your prices compared to that the prices of your competitors. Are you still in line with industry standards?
  4. Are your quarterly goals in line with expectations?
  5. Have you aggressively implemented your marketing  goals? Have your correctly identified your target market and are you reaching them?
  6. Have you conducted or scheduled a client satisfaction survey?
  7. Take a look at the health of your website. Search engines love relevance and activity. Schedule that activity quarterly, if not more often.
  8. Take a hard look at cash flow and your projections.
  9. Inventory your marketing materials. Replace and update as needed.
  10. Consult your tax accountant to be sure you are taking advantage of being a business owner.

The bottom line is that your business must be profitable and growing. You can not know this if you are not keeping your eyes on the health of your business. Don’t wait to conduct that business checkup at the end of the year. By then, it is too late to make any adjustments to your business strategy.

Here’s to the health of your business!

Be Exceptional!


CEO, Exceptional Transcription and Business Solutions

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