Retail Business Health Check
RETAIL BUSINESS HEALTH CHECK
We are usually advised by our doctors to undergo regular health checks in order to ensure that our bodies are healthy. This allows us to go about our lives efficiently and effectively. During this process, the doctor will be able to identify any potential ailments early and recommend the appropriate treatment promptly. Secondly, the doctor may give you some more advice on how to improve your general health and well being. When you carry out regular health checks, you reduce the risk of being significantly weakened or even killed by an ailment that could easily have been treated if it was identified early.
It is exactly the same in business. In order to ensure that your business continues to be profitable and generate enough cash to make you wealthy, you need to subject your business to regular “business health checks”. During this process you should be able to identify what parts of the business are working properly and the parts that are not working properly. The areas of your business that are not working well will not generate the expected level of profits and cash for you. In many cases you may lose money.
In order to ensure that you generate maximum wealth from your business you need to subject your business to regular “business health reviews”. These “heath checks” ensure that action plans are developed and implemented early before it is too late. If you avoid assessing the performance of your business regularly, you risk closing your business and losing all the money you invested in your business. Lack of assessing the environment your business is operating under may result in reduced profits or even closure as a result of competition from new businesses selling similar or related products. Your business will be in a stronger position if you identify your competitors early and you immediately enact an action plan that may enable you to perform better than your competition. The business competitive environment is not friendly.
“Only the strong businesses survive”
In order to perform an effective business health check that will safeguard your wealth, there are two options available:
Hire a consultant who will charge you thousands of dollars to carry out a review of your business.
The retail business owner or manager can schedule their own internal regular reviews of the business, carried out together with the staff responsible for managing the respective business functions.
Personally, having spent many years advising both blue-chip companies and small business owners, I would recommend that you as the business owner and your staff should get involved in regular monthly business health check reviews. My experience has revealed that businesses with owners or managers leading the monthly business health check reviews have managed to generate a lot of wealth for their owners. This is simply because it is too expensive to hire a qualified consultant to guide the business 365 days a year.
Business owners and their staff must develop the skills necessary to carry out their own business health checks, implement action plans to generate more wealth for the owners and ensure the continued survival of the business in this highly competitive world.
This book outlines in sufficient detail what to look for when carrying out your own business health check. It gives a step by step guide for requirements in each business area. You can address and implement the required action plans. More importantly, regular monitoring of the agreed plans can be introduced. The regular use of this business health check methodology will ensure that you maximise the wealth generated by your business. This book is designed for use for anyone regardless of their finance knowledge. Business Owners and employees can use it to improve performance significantly and generate profits and wealth. I share the methodology I have used for many decades to help businesses improve their performance significantly and generate wealth.
- icitybooks, January 2013
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