The end of the year is the time we start to look forward to the next year and develop goals and plans. Performing a check up on the state of the business will help to identify opportunities to be taken advantage of and weaknesses that need to be improved. Also the checkup will define or solidify business strategies and goals. A business checkup will provide valuable insights that support the establishment of marketing and business plans as well as budgeting. Following are points to consider in performing an annual business checkup:
- Perform a Key Performance Indicator Check – Key performance indicators such as customer retention rate, quote capture rate and recommendation capture rate can provide a solid assessment of how well a business is performing. They should be measured against benchmarks such as industry averages or same month previous year. Negative performance indicator measurements indicate areas where improvement is needed while positive measurements indicate that things are working well … Read More >>
- Build a SWOT Analysis – The SWOT analysis is a visual depiction of a business’s strengths, weaknesses, opportunities and threats. Having a realistic and honest picture of the position a business is in will support greater success. Strengths can be taken advantage of and weaknesses can be improved. And opportunities can be exploited while threats can be avoided or minimized … Read More >>
- Assess the Business Model – The business model defines the target market and its related perception of what constitutes value. Through constructing the business model the Unique Value Proposition is defined. This is what differentiates a business from the competition. Clearly defining the unique value proposition allows planning for what is needed to deliver it in the upcoming year … Read More >>
- Identify Growth Strategies – In business there’s no such thing as standing still. You’re either growing or declining. Settling on a growth strategy is the foundation for continued success. In the context of an annual checkup – the purpose of identifying a strategy is to set goals and determine what it will take to reach them … Read More >>
