Time for a business health check – Give your business its spring back
As our economy is now in a recession, now is the perfect time to conduct a business ‘health check’ so you come out the other side improved and ready to go.
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You can download the information detailed on this page as a printable PDF for future reference. Click here to access the PDF document.
CLIENTS AND CUSTOMERS
Client and customer loyalty is something all businesses should strive for, but if your clients’ values are misaligned with yours, conflict is inevitable. Therefore, now is the time to re-evaluate which clients you want to keep working with in the future.
Re-assessing your customer base and improving your understanding of the wants and needs of your clients will help improve your marketing and sales strategies. If you have clients that aren’t on the same page as you – when the time is right, you should consider if you would like to continue to work with them when the economic situation improves.
EMPLOYEES
Your employees are another stakeholder to consider at this time. Your employees will always be your business’ representatives, so make sure they are working within your business expectations and where necessary provide assistance to improve their skills.
With the right team, foster respectful, strong and healthy bonds and only good things will come your way.
SUPPLIERS
The key question to ask when reviewing your suppliers is whether or not you are getting what you need from them at a reasonable cost.
If you feel that your suppliers are asking too much from you or letting you down with their product quality, now is the perfect time to look for alternative options. Do your research and decide on the suppliers you want to work with for the long-term future.
FINANCING
Managing your finances is always a difficult task. In the current climate, it’s now more important than ever.
Your budget and profit predictions for this year are likely to be down on last year, so time to re-evaluate your finances and research other funding options such as commercial rent, interest rates and banking services etc. If you haven’t reviewed these areas of your business recently, now’s the time.
In summary, nothing will make your business 100% recession-proof, but reviewing these areas now will assist your business and help it survive in the tough times.
Download a printable version
You can download the information detailed on this page as a printable PDF for future reference. Click here to access the PDF document.
Need assistance and want to know more?
Contact Holmans today;
Holmans Noosa: (07) 5430 7600 or email info@holmans.com.au
Holmans Maroochydore: (07) 5451 6888 or email infohm@holmans.com.au
Disclaimer: This article contains general information only. Regrettably, no responsibility can be accepted for errors, omissions or possible misleading statements or for any action taken as a result of any material in this guide. It is not designed to be a substitute for professional advice, as such a brief guide cannot hope to cover all circumstances and conditions applying to the law as it relates to these items.
