Business Health Check

Business Health Check

Ok, so you’ve been running your business a while now, and it’s going …well, the way it’s always done.You might be feeling, like many other business owners I work with, thatthere must be a better way to do some things.There are glitches, annoyances, recurring problems that keep you awakeat night and mean you can’t turn your phone off. (Go on, think about itnow. What would happen if you turned off your phone for 48 hours? Aweek? Did that scare you? Oh dear. Keep reading!)

When you start a business you start with the basics and work your wayout from there. It’s easy to forget that actually, the basics alwaysremain absolutely central to how well your business performs year onyear, how easy your job is, how good your staff retention is, howsmooth your cash flow is and how well you attract and keepcustomers.So here are eight areas that are the basics of your business drivers.Answer yes to most or all of these, and you have a thriving, valuablebusiness and you are ready to sell for a very favourable outcome.Answer no to half or most, and you’re right to be scared.

A quality product.Are you still focused on offering products or services that yougenuinely believe in? This isn’t just a driver of business, it’s a driver ofyou and your staff. If it’s got diluted or compromised, now is time torealign with it.Getting noticed where it counts. Do you have a clear message aboutwhy your product or service is so good, and communicate that to theright markets?Making the most of what you have. Are you taking full advantage ofthe opportunities already available to you, like the location of yourpremises, the expertise of your staff, the equity in your business?

The bottom line. Is your cash flow regular and plentiful? Are you payingmore than you should for some supplies, or charging less than youshould for some products? Do you chase defaulters? Thank promptpayers?..Do you have a broad and loyal customer base and a range of keysuppliers? Do you aim for steady, manageable growth?Have you got ideas about how you might extend your product orservices into new markets or new offerings?Have you got the time, funds and appropriate staff or other resourcesto act on your ideas for the business?

Internal support. Do your back-office systems actively help yourbusiness sell products, implement improvements, receive money andkeep customers?Will they run without you if you’re hospitalised for a month?How did you go?The good news is that there are many ways to turn any of these areasaround, they’re likely to be easier than you think and, in most cases,one solution will improve many areas.Benchmark Business Sales can help you to get it right so you get thebest price possible for your business…..Remember, you only get onechance to sell your business so give yourself the chance of thehealthiest outcome.

Contact Info:Address:Broker Support Centre, Suite 104, BermudaPoint, 20 Lake Orr Drive. Varsity Lakes, QLD4227 AustraliaPhone number:1300 366 521 (toll-free)+61 7 5562 2711 (international)07 5562 2744 (fax)E-mail:[email protected]