Time for A Business Check - Up

Having spent 15 years serving the small and medium size business market as a coach, consultant, speaker, and trainer, I'm convinced that more companies fail due to a lack of information than a lack of money.  Think about this: if you don't have the right information, contacts and resources, how can you possibly make smart business decisions? Today, it's easier than ever to obtain the information you need to succeed.

Take the time to do this exercise - The Checkup is tool, and it works only as well as the person using it.

Part One: For the owner, partner, or manager

1. Right now, is your business moving along at a good pace or sliding downhill?
2. Compared with last year at this time, are sales up or down?
3. Have you gained any new clients or customers in the past three months?  This year:
4. Are you working with any new vendors or suppliers?
5. Have you lost any clients or customers in the past few weeks?
6. Are you offering any new products or services this year?
7. Have you added any new employees this year?
8. Have you terminated any employees recently?
9. Are your sales people out looking for business or do they sit around waiting for the phone to ring?
10. When was the last time you met in person with your banker? Your insurance agent? Your accountant? Your attorney?
11. When was the last time you communicated with your advisors?  Do you have a formal advisory board?
12. When was the last time you attended a trade show or professional meeting?
13. What are you doing to promote your business this month?  Advertising? Marketing? Promotional event?
14. When was the last time you sent a newsletter to customers?
15. Do you wake up in the morning feeling excited about going to work?
16. Are you overly dependent on a few vendors or supplier?

Review your answers and consider these action steps:

1. If you are in a cash crunch: Review your financial position with your bookkeeper, accountant or controller.  Get a fix on your cash flow and contact everyone who owes you money.  Offer a "quick pay" discount of 5% to 10% off the balance due if people send a check within 48 hours.  Enclose a postage paid envelope or overnight delivery slip billed to you.
2. If it's been more than three months since you've met with or spoken with your key advisors, call today and set up some appointments.  They can't help you make smart decisions if they are in the dark about your personal goals, your business goals and its changing needs.
3. Get out there and network.  As Woody Allen said "80% of success is showing up." If you haven't been to a professional meeting, check the schedule and get back into the world.  Small businesses depend on word-of-mouth more than any other marketing strategy, so get out there and start talking about your business.
4. If you really hate attending meetings, take a key employee with you and groom him or her to be the company spokesperson.
5. Next, schedule a series of meetings with all your key vendors, suppliers, and customers.  They will be happy to hear from you and if they are not, it's best to clear the air.
6. Reach out to your customers.  One easy, cost-effective strategy is to send out a simple customer survey with fewer than 10 questions. 

Take the time, this week, to do this exercise.  Plan the action steps necessary to get you and your business positioned for success.  Here are some tools that you may find useful.

Stay tuned for The Checkup PartTwo.