Guest post by Frank Coker, CEO of Corelytics.
The health of your business is, in many ways, much like your personal health.
Regular check-ups help you understand if anything is going wrong. These routine check-ups include quick checks, like blood pressure, pulse and weight. Others are more detailed and require a lab expert, like blood sugar, for example, or cholesterol. Not only do these visits give you an idea of where your health is in the moment, over time they establish a pattern. If your pattern indicates you’re headed for a problem, you can start working to prevent that problem long before it takes its toll. Preventative measures dramatically reduce the cost of treating a problem, increase your odds of fixing it and decrease the stress that comes along with that fix.
Health check-ups for your business
The health of your business operates the same way. Regular check-ups are vital to the health of your business and the list is similar:
1. Check business vital signs early and often.
2. Look for metrics that are outside of normal ranges.
3. Treat high-priority problems immediately—don’t let them get worse.
4. Look for trends that indicate problems are ahead. This is where preventative action is needed
5. Set priorities to take care of the most pressing problems first and then prevent problems from occurring in the future.
6. Set goals in high priority areas.
7. Define corrective or preventative actions.
8. Monitor progress toward defined goals.
9. Repeat the whole process on a regular basis.
Knowledge is not enough
Sure, most people know they should be disciplined when it comes to checking up on their business. Just like they know they should eat their vegetables and exercise. The difference comes from actually acting on that knowledge, and that’s the hard part.
I work with a lot of entrepreneurs who are good at what they do because they’re not naturally inclined to routine and repeatable processes. If that’s you, it’s important to find the best way to integrate these disciplines and structures. Whether this means building discipline or surrounding yourself with people who are good with routines, executing regular check-ups is the only way to keep your businesses healthy.
Do you know the health of your business?
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