Health Check Your Business

Who is this Guide for?

This guide has been produced for people who have just started a business or who now have established small businesses, particularly those who are in the first few years of trading. It will also be useful to those who have been in business for some time, as it will help them assess their current position.

The guide describes how to get the most out of your business and remain in control. It will help you decide how much progress you have made since starting your business and gives general guidance on good practice. A key objective of the Guide is to help you survive the crucial early years and make your business grow to meet your ambitions and expectations.

 

1. Growing pains

• How much progress have you made?
• Is your business well established?
• How strong is your business base?
• Are you in a position to consider growth?

2. Surviving start up

• What are the most common causes of business failure in the first stages of a business?
• How can these be avoided?

3. Business direction and strategy

• Do you really know what your business is good at?
• Do you have a good idea of where you want to be in three years’ time?
• Do you know if you’re doing well enough to get there?

4. Customers and markets

• Do you know who your customers are?
• Do you know why your customers buy from you?
• Do you know where new business will come from?
• Can you sell?

5. Money Matters

• Introduction to terms and useful measures
• Do you know the difference between cash and profit?
• Do you keep the right type of information systems?
• Is your pricing policy right?
• Is your business making a profit?
• How well do you control your debts?

6. Managing your resources

• How well do you manage your time?
• How efficiently do you use your equipment?
• Do you carry the right level of stock?
• How well do you manage the production of your business?
• Do you know how your business affects the environment?

7. Managing your business relationships

• Do you know who influences your business?
• Do you provide them with information?
• Do they know enough about your business?
• Are they on your side?

8. Where to next?

• Is your business strong enough to consider growth?
• How fast should you grow?
• How should growth be financed?