Ten-point business evaluation check list for entrepreneurs, by Mark Harris, MD The Business Company
Author: Mark Harris, The Business Company
Last Updated: 5/18/2010 6:36:57 PM
Summary
Research compiled by my company has shown that organisations that make time to plan and review their businesses on a regular basis are more likely to achieve turnover targets, manage the bottom line and achieve steady growth and financial stability.
Article
The credit crunch and redundancies have inspired a great many
more entrepreneurial start-up businesses than we would normally see
in a twelve month period.
And whilst this is excellent news for individuals and for the
West Midlands, there is however a danger that those business owners
may fail - because whilst they are experts in their own field they
have little or no experience in other areas of the business mix
spectrum such as accountancy, marketing, management etc.
To survive and increase profitability entrepreneurs must
evaluate the business potential, develop a business plan and work
out the budgets and investment they need to achieve it - not just
at the outset but on a continuous basis. If necessary they should
seek external help because the results will cover the costs.
The ten key areas and questions to help both start-up and
established businesses with their evaluation are:
1. Profile, Brand, Philosophy - Who are we?
What do we do? Are we focusing on what we do best? Is our image
portraying the right messages? Do we have an ethos? How do our
people demonstrate our values to our customers?
2. Structure - Are we organised specifically
for delivery, or just to simplify management and
administration?!
3. Objectives - What do we want to achieve,
how and when? What resources are needed?
4. Sales - Do we really know our
marketplace? Are we competing effectively enough?
5. Finance - Is our financial management
robust? Is our monitoring effective? Are our resources invested in
the right areas?
6. Operations - Are we operating
consistently, organising efficiently, managing performance
effectively?
7. Systems - Do we have standardised,
consistent systems and processes that our people understand and
which improve efficiency?
8. Quality measurement - How do we
benchmark? Is our quality competitive? Does our 'customer
experience' exceed expectations?
9. People - Do we have the right people in
the right places doing the right jobs? Are they up-to-date? Do we
stand out from the crowd?
10. Owner Aspirations - Do we have a clear vision for the
future, and a defined exit strategy?
The Author
Mark Harris, The Business Company
Wolverhampton born Mark Harris, is managing director of The
Business Company in Shrewsbury, a consultancy which helps corporate
businesses to grow.
Mark's insight into business growth and development earned him
11th place in the Inner City 100 Register of fastest growing
companies.
Marks exuberance and passion for business is matched by
practical working knowledge of what it takes to grow and develop
successful models and so Mark specifically established 'The
Business Company' to create a vehicle to share this business
experience with others.
For more information on The Business Company visit their website
here: www.thebusinesscompany.biz
or telephone: 01743 762244