When was the last time you did a health check on your business?
The start of a new year is always a good time to assess your systems and processes to ensure you are on the right track. So we asked some of our fellow entrepreneurs what they’d recommend if they had to share one tip to measure the health of your business. There were quite a few responses so we chose a few and pooled them together with our own to give you this business health checklist.
- Ensure that you are tax compliant. If you haven’t filed your taxes this year or for a few years, chat with your accountant and get your taxes straightened out. This is one of those things that can really come back to bite you if you don’t. – Brendon Best
- Review your systems often. Can your business go on if you took 2 weeks off? If not, it’s time to start looking into ways to automate the processes you need to ensure things can still run if you’re absent- Sonja Pollonais – Closet Red Plus Sized Boutique
- Do temperatures check on your employee and contractor relationships. Reach out and ask if you can do anything for anyone. The feedback you get may surprise you and you may even find a few hidden opportunities.
- Review the number of client acquisition tactics you’re employing in your business. One way is not enough. If you’re relying on referrals, explore advertising, networking or even content marketing.
- Are you using contracts to manage your supplier relationships? If not, it’s time to start doing so. Contractors will take you more seriously while conducting business and you also protect yourself in the event that anything is being disputed.
- Review annual goals and review your objectives and see if you’re hitting your milestones. This will give you a clear indication of whether or not you’re on track to be where you want to be at the end of the year