Just as we require an annual health check up to understand the physical well-being of the person, so also a regular business health check-up ensures the smooth functioning and good health of your business.
Business Health Check-up means verifying the various aspects of your business with respect to the criteria mentioned below and then reporting on the diagnostics found.
This will ensure timely, corrective actions are taken to ensure the business functions smoothly and is consistently profitable coupled with planned growth.
Some of the basic diagnostics to evaluate your business health:
1. Commercial check up
2. Operational check up
3. Marketing check up
4. Regulatory compliances
5. Financial health check up
6. Continuous Improvements to satisfy customers demands / needs
7. Organizational structure check up
8. SOP and Knowledge transfer process
9. Technological health check up
10. Accountability and Acknowledgements
11. Key Decision making patterns
And many more health run ups depending on the nature of business. There is no one size fits all. Hence each company will need to be evaluated individually and based on the conclusions, suitable solutions will be recommended.
This exercise not only helps the company evaluate its health position, but also motivates its team to embark on a more ambitious and scientifically drawn plan to work towards, thereby enabling growth of the business.
Additional Info :
- Renuka G., Principal Consultant, Centurion Consulting L.L.C., Dubai. Centurion Consulting is a business consulting firm that can assist entrepreneurs and SME in Market Entry and growth of their business in the UAE.