Business Health Checks. Identify Hidden Risks and Opportunities

Business Health Checks identify what you do well and what you need to do better. They point out where the issues might lie so that you have much more clarity about where your effort needs to be directed next.

If you are suffering from frustration or overwhelm, then this is the tool for you. It helps you understand hidden risks and opportunities – so that you can proceed to continuously improve the business.

So why do most businesses not bother with health checks? The reason is because they do not understand the value. Having an inkling that there are certain issues holding back the growth of the business is not the same as having clarity about what these areas are.

What are Business Health Checks?

They are an excellent tool that help evaluate and focus on the key and critical aspects of a business to benchmark its state of health at a point in time. It identifies blind spots, inefficiencies, and limitations.

There are different types depending on your objectives, but the 3 most beneficial for smaller businesses are :

  • Financial
  • Operations
  • Business Overview

The report provides a strategic overview of financial, operations or overview of the business’ strengths and weaknesses. It identifies areas where to direct improvement efforts internally, or engage experts where necessary skills and expertise are lacking to build that area of the business.

Most businesses will insist they have a strategy in place but in reality, these are just goals.  A strategy is not a goal and if the implementation is continuously running into roadblocks and bottlenecks, it is wise to learn about these early on, so they can be quickly addressed to improve the health of the business.

Our Business Health Check process is straightforward and asks simple, targeted questions.

What is the Difference Between Business Health Checks and Strategic Plans?

Business Health Checks help a business benchmark the current business health and clarify areas for improvement.

Business Plans explain what a business will do to become commercially feasible and often include some level of short- and long-term strategic planning. Unfortunately, this document is rarely referenced after development at the onset of the business.

Strategic Plans focus on the actions that will strategically drive and improve business tactics. They confirm the Purpose, Values and Goals as laid out in the Business Plan.  Analyzing current Strengths, Weaknesses,  Opportunities, and Threats (‘SWOT’) of your business provide valuable insights. These help the business  select, schedule, assign and set measurable targets for the required strategic actions to achieve business goals.

Business Health Checks
Assessment Results

How Can We Help?

There are 4 ways in which we can help.

  1. Take the simple (no obligation) Business Health Check Assessment on our website home page. Based on business categories, you may choose to proceed to resolve areas where concerns are identified without support from BCINC.
  2. Take the simple Business Health Check Assessment on our website home page with a 30 minute no obligation review session with BCINC, OR,
  3. Take a Comprehensive Business Health Check Up Assessment. This option provides a detailed report outlining recommendations for an improvement plan, based on each key areas of concern, including metrics to track. Two -1 hour consultation sessions with BCINC are provided to help coach on the key areas the business desires to focus upon. Additionally, the business may choose to work with BCINC on specific improvement initiatives.
  4. Strategic Plan Option provides clarity on what you need to do and how to strategically drive your business forward.

Review of Business Health Check Results – Business Health Consultation

After the Business Health Check assessment has been completed, the Health Consultation phase conducted by BCINC involves an expansion of the Health Check, review and interpretation of the report results and the provision of focused  advice and guidance to resolve 2-3 issues or take advantage of identified opportunities.

Strategic Plan Option

We re-visit the Purpose, Values and Goals of your business and then analyze the current Strengths, Weaknesses Opportunities, and Threats (‘SWOT’).  To tie all this together, Finally, we help you select, schedule, assign and set measurable targets for the strategic actions required to achieve the business’s goals.

How Often Should You Conduct a Business Health Check Up?

Just like your own health, maintaining business health is an ongoing process. Waiting until something breaks down before you go in for a check up is not the best option. So, if you are  serious about maintaining better business health you should complete a Business Health Check Up at least once a year – just as you would for your own health or, once every quarter if able.

This process may initially seem like too much work, but it is a necessary part of growth and success. Each subsequent check becomes easier to handle once you get the hang of it.

Do not try to fix everything at one go if your check-up uncovers a lot of room for improvement, but prioritize what needs to be done.

Conclusion

Just like your own health, maintaining business health is an ongoing process. Waiting until something breaks down before you go in for a check up can be a costly option.

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References

Benchmark your business health and get real clarity https://www.advisorycollective.com.au/business-health-check/

What Makes A Great Business? http://www.applebyconsulting.co.uk/business-health-check-explained/

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