Business Health Check

Published: 09 Apr - 2019 by Ben Rendle

Time flies when you're having fun running your own business. Days quickly turn into weeks as you focus on the day-to-day work. And sometimes you work so hard you can lose sight of the big picture. Our monthly checklist will ensure you keep your business on track.

10 tasks to keep your business in good health

1. Step back and do a financial overview


 

Your business won't survive unless you have a grip on your finances. Make sure you carefully manage:

oexpenses and bills – pay quickly to ensure goodwill

oinvoices – chase all late payers

opayroll – ensure all staff records are up to date

otaxes – file your returns and pay on time, every time.

 

2. Review statements from suppliers


 

Are your suppliers charging a fair price? Are you getting good value for money? If not, it might be time to look for new suppliers.

 

3. Review annual sales


 

oAre you doing better than the same time last year?

oAre costs and profit levels where you thought they would be?

oReview your business plan and make changes if necessary.

 

4. Keep a close eye on stocks


 

If you're running a retail or manufacturing business then stock is your lifeblood. You should:

oensure stock levels match your sales forecasts

omake provision for perishable goods

oensure stock is safe and secure

owork with your accountant or bookkeeper to find the optimal stock levels.

 

5. Make sure your customers remember you


 

In a crowded marketplace, customers are likely to forget your service or product, so help them remember:

oUse a CRM (Customer Relationship Management) or MAS (Marketing Automation System) tool. This will help you to keep in touch with your customers.

oUse all available communication methods..

 

6. Shout about your business on social media


 

Social media can be a cost effective marketing channel if you use it regularly. Make sure your blog always has fresh content, send new tweets and post on Facebook and LinkedIn.

 

7. Review your web traffic


 

Google Analytics is a tool that makes it easier to understand your website traffic. It will identify pages that are performing poorly and pages that are doing well. Ask a web developer to help you if necessary.

 

8. Keep on top of industry news


 

Set aside two hours a month to review industry news. Sign up for Google Alerts and set an alert so that the news comes to your inbox

 

9. Keep your data safe


 

Use cloud-based applications to store data and ensure your information is always available and automatically backed up. Relying on your hard drive leaves you vulnerable in the face of burglary, fire or hardware failure. If you use your hard drive to store data, make sure you do at least one monthly backup online or to an external device.

 

10. Talk to your advisors


 

Arrange meetings with your accountant or bookkeeper, board of directors and investors. Meet them at the office or a cafe for a chat about business performance for the last 30 days and last quarter to check you're on track.

 

Set the path for success with great habits

 

Set yourself up for success and get into the habit of setting aside time for monthly tasks.

Business can move at speed, especially in the first years. So prioritise this checklist to ensure your business is going in the right direction.

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