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How is the health of your business? Take a quick pulse by looking at the following areas: 1. Financials - key items to look at are your balance sheet, income (or profit & loss) statement and cash flow statement. Is your equity, profit margin and cash flow growing? If not, why not? If so, what plans do you have with your growing cash flow? Reinvestment? Expansion? Capital Investment? Acquisition? Do you have any major expenditures coming up on the horizon? If so, will you have sufficient cash or will you need to finance? 2. Market Analysis - start from scratch and see if you have a targeted niche market. If not, how can you further define your niche. Remember, oftentimes the more narrow your target, the better off you will be. If your niche market is perfectly defined, is everything you are doing geared toward that market? Are you doing everything you can to reach that market? And only that market. Are you wasting resources marketing outside of your target? 3. Customer Data - Are you keeping a full, updated and accurate data base of your customers, prospects and leads? Who are your biggest customers( (top10, top 100)? Do they provide you with enough repeat business? Are there other products or services they don't use that you can offer them? Do you have any opportunity to increase the size of their orders? Remember the 80/20 rule and make sure that this 20% of your client list is generating 80% of your business. How about the rest of your client list. Divide the list into five groups based on volume sales. Then come up with a plan to move each client into the next higher group. 4. Competitive Data - Who else is serving the market you are serving? What are they doing? What competitive advantage do you have, if anything? What weaknesses do you have? What are their strengths? Are you keeping a profile on your competitors? You should be doing this and update the information regularly. 5. Employee Data - Are you performing regular reviews. Is everyone performing to your satisfaction? If not, are they salvageable? What's the downsize of cutting them loose and replacing? Do you know each of your employees birthdays? Do you know their families? Have you identified certain employees for possible promotions should you expand or need to replace someone who leaves? Being intimate with your financials, market, customers, competitors and employees can go a long way in the successful operation of your business. Starting A Child Daycare. - Complete business package to help you easily and quickly start your own profitable home-based day care business! Federal Grants! - Free Government Money! - FederalGrantSource.com free government money, business grants and cash grants directory. We guarantee results! Article Index: | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 |
More Articles:1. Power of Pinpointing Accountability By Bill Lee I have always said that if I were to write a book on effective management principles, the first chapter in that book would be about the importance of pinpointing responsibility among an owner’s or a general manager’s reporting units. After all, one of the most popular definitions of management is getting work done through others.#1 Management Pitfall: An unwillingness to delegate.Many times the owner or general manager is the most knowledgeable and the most capable person in the company; he … 2. Leadership - Connect to Engage! It's been said many times that true leadership is measured by ones ability to motivate and influence others. Leaders must work hard at motivating people to take action necessary to drive change and to ultimately increase results. Even though most people would agree with the definition of leadership as the ability to motivate and influence others, most people still have trouble translating the definition of leadership into actionable and measurable steps. The biggest obstacle faced by many leader… 3. Got A Meeting Planned? Ask This Question By Kevin Eikenberry Meetings – they are a fact of our business lives. And while the number of meetings and the amount of time you spend in them may vary based on your job title, it is hard to argue that they are a significant part of business life today.Anything that consumes a major chunk of our time is ripe for analysis and is likely a great source of productivity improvement. And meetings are no exception.Even a casual conversation about business life will soon get to the frustrations and challenges people e… 4. Using Employee Opinions Effectively When Designing HR Programs By Sharon Terry Using Employee Opinions Effectively When Designing HR ProgramsEmployee opinion is one of the most powerful resources available to human resource professionals. But what are the best methods for harnessing those opinions?Conversation - Welcoming feedback via informal conversation is the first step towards utilizing the viewpoints of employees.Focus Groups - Focus groups take conversation to the next level by brainstorming on particular issues. A focus group gives HR insight into the thoughts,… |
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