Assessing the health of your business
The end of the year is near and 2020 signifies the prospect of being even more rewarding. The importance of starting the year as you wish to end it cannot be understated. Luckily, the Buxton Partnership is on hand to offer some straight to the point guidance. The important advice we suggest is reflecting on the previous year and taking stock of the health of your business going into January.
The following steps should help you accurately measure the well-being of your business and help in preparation for the new year.
1. New Client Acquisition
Chances are growth and progression top the list of priorities. Ask yourself this – As it stands how capable are you of acquiring new clients? Are you doing enough in this area to accomplish steady and sustainable growth? If you don’t think you’re doing enough in this area, don’t worry. If you have a problem, then you have work to do.
What opportunities are available that can help transform potential customers into existing? You can build these opportunities into your strategy for the coming year.
What mediums are you currently engaging in to bridge the gap between you and the target market? Where are you investing the majority of your marketing quota? Are these strategies proving optimal?
Analysing your current marketing strategy can help you understand areas that aren’t providing value. Following this, you can begin to effectively reallocate resources to do more of what is working and identify new opportunities – exciting.
3. Lead Development
Are you doing enough to convert those leads through to relationships? The end of the year marks a great point at which you can begin evaluating your practices for building and nurturing relationships with clients.
While reviewing your 2019 sales records, ask yourself the following questions?
- How were the numbers for the year?
- How many new sales did you make?
- How much repeat business did you have from existing customers?
- Are there areas you could be engaging in further to boost next year sales? E.g. upselling via complementary good or after care servicing.
5. Strategic Acquaintances
Networking is a powerful tool for growth. Are you investing enough of your time into developing working relationships that can complement your current business strategy? These relationships can be a great source of referrals, shared knowledge and new markets and opportunities for growth.
6. Cash Flow & Profit
The financial situation you’re in today can indicate the level of performance you should expect over the next coming months. Taking stock of your current cash flow situation can help identify areas for improvement. What cash is available to you? Does your business currently have a positive cash flow? Don’t forget, if you don’t sort your own finances, then contact your accountant or accounting team.
7. Administrative Functions
Is your business operating smoothly in terms of its internal functions? If you have employees are you ensuring they are engaged? Are you doing enough to retain the great work they are doing?
Additionally, what new administrative technology and equipment can you source? This can go a long way towards improving your overall productivity and efficiency.
8. Professional Development
Last but not least – don’t forget to invest time in your own development and well-being. What steps can you take to improve your own life, both personally and professionally. It could be a commitment to get healthier, pursuing the ability to be happier or taking the time to network more – you can do it all.
In this instance, you want to encourage your employees to do the same – ensure they are taking steps to develop themselves. Not just because you care but it will pay dividends with regards to workplace productivity and morale.
2020 has the potential to be a fantastic year and knowing where your business stands currently is a great way of achieving that potential.
Anyway, we hope here, at The Buxton Partnerships, there are some takeaways from this blog.
For more blogs that can help your business grow and improve, make sure you check out our other helpful blogs – you won’t regret it.