How Healthy Is Your Business?
To make sure your business is in top shape for the rigors of the summer remodeling season, keep these vital signs in check:
- Keep a Strong Pulse on Your Finances. Knowing exactly where your business stands fiscally enables you to make smart decisions when it comes to growth and expansion. Commit to updating your P&L statement each month and do a solid review each quarter with your team to stay on track with your goals. If this is a chore you dread and avoid, see a specialist (like an accountant) regularly to make sure your business stays healthy and well out of the red.
- Flex Your Management Team. A solid management team empowers business owners and senior managers to work at their full potential. You may have started as a sole proprietorship, but you don’t have to (and shouldn’t!) do it alone. Motivate your management team by communicating how their work directly affects the overall health of the business, and assign more responsibility as they demonstrate competency. You may find they feel more empowered and committed to the success of your business.
- Look at Your Business Plan as Your Backbone. Like your P&L statement, your business plan is a living, breathing document. Revisit it quarterly or every six months and make revisions as needed to stay on track to achieve long-term goals and to stay on strategy. This will not only help make growth goals a reality, but provides an opportunity to bring key players from your business together so everyone is on the same page with deliverables and action plans required.
- Check your hearing. Your employees are your business’ brain trust and their insights can prove invaluable when it comes to improving daily operations that can impact profitability. Are you listening to them? Good business owners know solid internal communication begets success, so develop a healthy mix of formal meetings and casual touch-points so direct reports can give status updates. Sharing knowledge consistently not only helps prevent a major ‘illness’, it manifests externally in the service and experience you provide your clients.
– Kimberly Morrison, CKD, CBD, NCIDQ, ASID, IIDA, IDEC has more than 30 years of experience in the field. She is also the interior design program coordinator for The Art Institute of York Pennsylvania, overseeing the development and implementation of curriculum relevant to the ID and K&B fields.
This entry was posted on Wednesday, May 20th, 2015 at 2:24 PM and is filed under Business, Marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.