So you run an owner managed business, small or not so small, here in the UK.
Are you on track for business growth?
Are you busy, but money seems short and time even shorter. Have you stood back and looked ‘in on your business’, have you called your accountants in, no, why not?
Time to do a ‘needs assessment’.
The following list will get you going, print this page out, sit down and go through these questions and apply them to your business:
- How is it going?
- What is your projected growth for the coming 12 months?
- Are you on target to achieve the growth in 2 above?
- Is your growth target realistic in the current economic climate, or is it too low/high?
- Based on 4 above do you need to reassess the growth targets?
- What are the major problems your business is facing right now, late payment, skilled staff shortages etc.?
- What can you do to tackle the issues in 6 above, charge interest on late payments, factor the debts, train your own less skilled staff up?
- How are sales? Are they up, down or static?
- What about product/service lines, do you need to drop some and find new ones?
- Are you gaining new customers or losing old ones?
- What and how are your competitors doing?
- What are your margins? How do they compare in the industry?
- Do you carry stock, if you do, is it moving? Slow stock turnover = cash tied up.
- Are your staff busy? Staff not fully utilised could mean you are in trouble!
- Regarding your staff, what is your staff turnover rate, staff sickness days, what are the causes of sickness days?
- What is the one thing you would change in or about your business right now? What would the outcome be from this?
This is by no means meant as a full needs assessment, but it will certainly get you going, it’s all about thinking about your business. It’s too easy to be busy and not take time out.
Your business has to be kept fit and healthy, and just like you would go to the gym to keep in shape your business also needs you to take this time out to help keep it in shape.