Business Management

From my experience, most businesses can benefit from a regular health check – a business diagnostic that takes a thorough look at the whole business and identifies priorities and potential solutions for better performance.
Maybe it is already a part of your annual budgeting process or strategic planning sessions but it can be a very valuable exercise to step back from the daily demands on your time and look at your business from a distance to re-assess how well you are doing in the key areas that affect success.
Here is a list of 10 check points and some approaches to consider for raising your business performance to the next level:
1. Start with a strategic plan. You and your team need to be chasing the same dream. Write it down or find your last business plan. Review it against last year’s results. Re-write it. Use it. It's the road map to achieving your business objectives. But remember that reaching your goals is more important than the route you take.
2. Ensure that all your managers are using the business plan as their guide to corporate strategy and objectives. Develop personal goals and individual project plans against corporate objectives. Monitor results throughout the year. Include yourself.
3. You’re in a competitive business - are you keeping score? Compare your key performance indicators to industry averages and develop a specific action plan to achieve better numbers this year.
4. Evaluate your performance in customer service and building long-term loyal relationships. Before you congratulate yourself, ask your customers if they agree. Identify the key areas for improvement. Improve them.
5. What about the people you need most and who know you best - your employees? Try a blind survey to get feedback on what they think about the company, culture, compensation, communications and your competition. Are they your greatest strength?
6. Assess your level of satisfaction with each of the six P's in your marketing mix - Product, Positioning, Promotion, Price, Packaging, and Placement. Fix what's broken.
7. Assess your corporate image against the biggest and best brands in your business. Look at all your literature and your Website. Do you look as good as you really are? Raise your image to a new level. Live up to it.
8. Re-evaluate your website. Are your competitors raising customer expectations? To improve your own results turn the WWW upside down and think MMM - Manage, Market, and Measure. Do it better. Don’t wait to be asked.
9. Re-read all your marketing communications. Do they capture the four C’s - current, clear, concise and consistent? Eliminate the errors and throw out what doesn’t work anymore. Ensure they sell your message as well as your best sales reps.
10. Review the use of information technologies in your business. Are they part of the solution or part of the problem in productivity and performance? Complete a strategic review of your technology needs using a qualified, objective outside resource before buying the next solution.
Share these ideas with your business associates and use them to accomplish your business objectives this year. There should be fewer areas to improve on next year.
Del Chatterson is the President of DirectTech Solutions. He is a consultant specializing in owner-managed businesses helping them with their corporate strategies, business plans, financing, and business growth. He is an experienced entrepreneur and senior executive with a background in technology, distribution, general management, sales and marketing. From 1986-94 he owned and operated a computer products distribution company which he grew from zero to a $20 million business. He has also worked with several new Internet businesses. Del knows how to successfully introduce new products, manage sales teams, and support rapid growth.