A healthy business results in happy teams which means increased revenue and loyal customers. It is important to keep a financial and non-financial checks on your business to sustain growth. The following advice can help keep your business healthy.
• REVIEW FINANCIAL REPORTS
First and most important, do a financial overview. You can’t survive unless you understand your finances. Manage your cash flow, ensure to pay taxes and file returns on time and most importantly make sure your staff records are up to date.
Financial reports can help you analyze key areas of your business e.g. are your suppliers charging a price that’s fair? Are you still getting good value for money? If not, it might be time to look for new suppliers. Using Tools like QuickBooks and Xero can help in creating financial reports.
• CHECK SALES NUMBERS
Regular checks ups are necessary. Look at your business plan and review your goals to see if you are doing better than last year. Have a thorough study of your year-on-year sales. Asking Question such as; Do you have a sales pipeline in place? Is your CRM being updated on time? How long is your sales cycle? can help you check your internal sales structure.
• ANALYZE CUSTOMER FEEDBACK
Happy customers are loyal customers; therefore communication is key to retain them. You can use tools like CRM’s (Customer Relationship Management) or MAS (Marketing Automation System) to effectively communicate with your customers and partners and keep them up to date about your business.
Take regular feedback from your customers and involve the company leadership in it. This can lead to key insights that can often lead to innovation and happy companies.
• AUDIT AND SCORE YOUR WEBSITE VISITORS
Your website officially showcases your business. Understanding your web audience and their attribution channels can help you leverage crucial data information that can be used to grow your customer base. Tools like google analytics and heap analytics can help you get started in customer analytics
• PERFORM INDUSTRY RESEARCH
Industry benchmarking and analysis can give businesses a reality check that can shield against stagnation. Keeping a pulse on latest industry tech can be a daunting task, but tools such google alerts make it easy to keep up. Review the trends and technologies can also help in finding new business opportunities to expand.
• SECURE YOUR DATA
Storing data on physical hard drives can lead to vulnerabilities in the face of burglary, fire or natural disasters. Therefore, use a cloud-based application to store your data and ensure information is always available and automatically backed up.
• COMMUNICATE WITH ADVISORS
It is very important to align your operations with your business strategy. Working in silos is not effective and can lead to a wasted effort which results in stagnant growth. Arrange meetings with your team members, the board of directors and investors, discuss monthly strategies, review business performance to evaluate if you are on the right track. Business Advisors can also help gauge a business’s blind spots and help them increase efficiency.
• MONITOR YOUR CASH FLOW
Cash is king and following your credit lines and keeping track of in and outflows is crucial for a business. It takes a lot of time to track transactions and make assessments, but it is worth the effort for a business in the long run. It is better to ask an expert for help or hire an accountant to do so. Some of the crucial elements that need to be tracked are Monthly Revenue and expenses, Inventory costs and cash flow as well. Online tools such as Float and Pulse can help you forecast your cash flow as well.
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