You get an annual checkup from your physician to monitor and manage your personal health. Shouldn’t you do the same for your business? To keep your operation in top shape, consider an annual business review. The benefits of such a review are evaluating current performance and better planning of future operations.
Some things you should evaluate in an annual business review include the following:
1. Revisit your business strengths, weaknesses, and opportunities. Is your competitive position improving, or are you losing ground?
2. How did you perform relative to your business plan? Did you meet or exceed your objectives? Are sales, profit margins, and cash flow improving?
3. Get a pulse on your customers. An annual customer satisfaction survey is a great way to assess performance, obtain insight on potential new products or services, and to let your customers know how much you value their business.
4. Evaluate your team. Are you developing a superior team, employing their unique talents, and training them to improve performance? Do you reward on merit or simply on seniority?
5. How effective is your marketing? Are your current methods and channels working well, or are you simply doing what you’ve always done?
6. Meet with your insurance agent. Is your coverage adequate and appropriate for changes in your business activities and acquisitions?
7. Review your business tax strategy. Identify opportunities for tax savings. Are you using the right form of business entity? Are you aware of recent changes in the tax code that might benefit your business?
8. How is your score-keeping? Do your measurements track your progress or do they measure things that don’t matter? What are the key performance measures that drive your business?
If you are serious about improving your business, consider a yearly assessment of your operation. For any assistance you need, give us a call.