On my previous Blog I discussed about Performing a Health Check on your business. As a business owner, we also need to diagnose our entire system. We cannot fully function if some parts of our bodies are worn out.
I have gathered these diagnoses so that you can improve your health and performance, and also prevent them from taking place. We will start from the upper part of the body and slowly goes down (head to toe that is!).
Perplexed Brain Impulses
Diagnosis: Your personal and professional funds are tangled making it difficult to determine whether your business is really earning and or just expending.
Treatment Program: Get your legal counsel and financial advisor to split up your business accounts. Consider establishing a trust for your personal matters, and also, quit pillaging your business accounts for your own benefit!
Diagnosis: Your potential clients are not attracted in your business due to the limited vision that you are putting into it.
Treatment Program: Get your legal counsel, financial advisor, and banker to assess your business the way clients see it, as an investment with valuable rate of return.
Breathe Easier with Clean Lungs
Diagnosis: Revenue is a lot like food, and cash flow is like oxygen. We can survive without food for a period of time, but without oxygen, it is just really hard to imagine.
Treatment Program: Properly manage your cash flow and generate a three years model to provide you with insight about your financial funds. This will further guide you if you can manage to take money home or reinvest it into the business. Word of advice: “Sell more!”
Diagnosis: Your heart may be the centre of your business; however, your heart will not beat forever. Why risk the business with your personal frailty?
Treatment Program: Innovate yourself and think about incorporating a proficient management and systems. Be Heart Smart!
Diagnosis: The information you feed is poor; hence your management is also weak.
Treatment Program: Run an internal audit in your system to fill those gaps in your business. Work the magic of your financial advisor. They just love to clean those messy entrails in your business.
Mind Your Lifeblood
Diagnosis: Your profit is the lifeblood of a business. The question here is, “Do you actually have any?”
Treatment Program: What you will need to establish are:
- Pricing – Is there enough revenue being designated from the beginning?
- Cost Control – Are you aware of the costs involved per project?
- Invoicing – Always ensure to get those invoices paid.
Diagnosis: Too much work comes in with less invoicing being allocated. Your lack of control can lead to major obstacles in your output and efficiency.
Treatment Program: Try to come up with a more effective workflow system that is associated with invoicing as a way to conveniently regulate the output and efficiency.
Diagnosis: There is nothing worse than an under-capitalised business with high potential in the industry. You must invest more and get the business growing.
Treatment Program: Immediately seek your bank. Arrange an overdraft that will meet your priorities and needs. You may even talk about changing it to business loan. What’s more? You may even start to consider investors for your business. There’s nothing wrong about it, right?
Two Inept Feet
Diagnosis: Your business is disorganized resulting from insufficient focus and management.
Treatment Program: Discuss with a professional advisor and develop a sturdy business plan. Make sure that you share and discuss it with your team, and do not just bury them down your drawer! Pin the important outlines on your wall as well.
If you are currently experience these problems then there is a lot of work for you to do!
As a business owner, it is important to be healthy on the inside and the outside (your overall physique). Be mindful about that since the success of your business lies on how well you perform.
Run a FREE Diagnostic on yourself and your business today!