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Why you should have a Business Health Check

Many of us head to the doctor for a health check when we want to be reassured that we’re in good shape. A clean bill of health allows us to get on with our lives and plan for the future. But what about your business? A business health check could be just what the doctor ordered to identify what’s working and what could be improved.

Reasons to do a Business Health Check.

Let’s face it…running a small business is hard work! You need to wear several hats as a business owner and your attention is often focused on putting out spot fires when they appear. And while playing fireman may keep your business running, as a business owner you might find that you start to lose track of your goals and the motivation behind starting your business.

That’s why it’s good to set some time aside and have a professional conduct a Business Health Check.

A Business Health Check will provide an overview of your business and is essential in taking control and safeguarding its future. Your business may be performing well, but it’s still important to gather the right information to make an evaluation and ensure all aspects of your business are efficient and effective.

Let’s take a quick look at the reasons behind a Business Health Check:

  • Provides a quick benchmark of your business highlighting areas for improvement
  • Keeps you on track to achieving your goals
  • Reveals the financial position of your business and any cashflow issues
  • Ensures you are getting a fair return for your hard work
  • Identifies the factors affecting your profit margins
  • Showcases business opportunities
  • Prepares you for future trends
  • Identifies your strengths and will provide a pathway to sustaining your strengths
  • Reveals your weaknesses and highlights ways to eliminate or control those weakness
  • Highlights potential risks faced by your industry
  • Helps with customer retention 
  • Identifies any issues with your sales and marketing plans
  • Help you to manage people and culture within your organisation.

Time your business had a Business Health Check.

A Business Health Check by The Financial Foreman is an easy way to find any potential issues, and gives you ways to fix those issues as well. Our Business Health Check-up will make sure you’re on the right track to success.

We ask all the right questions about the state of your business including processes and procedures, employees, cashflow, plans for future growth, and much more.

The short quiz is designed to provide a snapshot of your business so that the team at The Financial Foreman can then sit down with you and provide a remedy to getting your business back in tip top condition.

Three tips from The Financial Foreman

  1. Dedicate one hour per fortnight to working on your business.
  2. Find an accountability partner who can hold you accountable for action items (steps) to achieve your goals.
  3. Make an appointment with your accountant to run an eye over the numbers and budget for the future.

Call Josh at The Financial Foreman on (08) 7129 4433 and set up an appointment for a Business Health Check and get your business in the best shape of its life

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