Health is wealth.
How many times have you heard of this cliche? Despite that, we know how true this statement is even up to this day. And health here, as we know it, is not just about making yourself physically, mentally, and emotionally healthy.
Even in running your business, ‘health is wealth’ remains true and relevant.
What is a Business Health Check?
Like our physical body, our business also has life. When we get sick, it’s normal for us to take medication to heal ourselves, get some rest, exercise, eat healthier food, and undergo regular check-ups to avoid or safeguard us from major illnesses.
The same applies to your business.
A periodic health check-up is needed to ensure that you’re able to keep track of what is good and bad, what are the strengths and weaknesses of your business (and your people), where you are heading, what direction to take, and most importantly, to monitor the financial health of your business. Identifying your financial position helps you prepare for the next level, and plan for further growth.
A business health check therefore is similar to your regular check-up with your physician. And its main goal is to make sure you’re safe (and ready) for any major illnesses.
If you are a new business owner, identifying and understanding these elements and situations in your business can be difficult. During these times, the help of an expert is more necessary to make sure you’re not analysing your business health indicators falsely.
Keeping a healthy business is much easier when you have a business coach who will guide you.
What does a business coach do?
Essentially, people hire a business coach to assist and guide them in running their businesses. The coach helps business owners clarify their goals and take their business from where it is now to where they want it to be.
Through the help of a business coach, business owners like you become more empowered and are able to maximize the full potential of their business. Growing the business and keeping it financially healthy is therefore a feasible goal.
A fully-trained coach with a background in small business issues can guide you in starting, developing and growing your small business. Apart from making you educated, he or she can help you acquire the skills and resources needed to operate a successful business.
Your coach will be involved in the different stages of your business, from general planning, marketing and promotional planning, to financial planning goals.
When you have a business coach, he or she can also help you with your Business Health Check. Some coaches offer this service as a part of their coaching package, while others outsource this to other experts in the field.
Find out how we can help you in your business.
Why is a Business Health Check Important?
For every business that’s looking to grow, a business health check is important. A professionally-made Business Health Check Plan will reveal critical points about your business, such as its current position and the priorities that should be undertaken in order to move forward.
A business health check can identify your strong and weak points, and further suggest action plans on how to sustain your strengths and how to eliminate your weaknesses.
At the same time, conducting a regular health check can expose the financial health of your business.
Very often, some business owners neglect the health status of their business, thinking that as long as money is coming in, their business is alright. However, business experts warn us of this wrong mindset. Not completely accounting for the actual financial health of your business is too risky, and may create a full-blown problem in the future.
With a business health check that provides an overall assessment of the critical elements of your business, you can make sound and well-grounded decisions for the growth of your business.
What are the Advantages of Having a Business Health Check?
Checking the business health status of a business in any industry, whether it’s a small business, online business, or a large-scale business, the following advantages can be expected.
A business health check can:
- Reveal your business’ strengths and weaknesses
- Suggest strategies to control or eliminate your weak points
- Introduce opportunities for growth
- Provide a better understanding of external elements
- Prepare you for future trends
- Uncover potential risks faced by the industry
- Reveal the financial health of the business and cash flow issues
- Establish your creditworthiness (and provide access to credit)
- Identify the factors affecting profit margins
- Help upgrade your sales and marketing plans
- Help sustain your customers
- Help you manage your people and the culture in your organization
Always take note that the importance of checking your business health is not just limited to the advantages listed above. It is always divided into two parts: (a) Identification and Analysis, and (b) Diagnosis and Solutions.
Ensuring a healthy business does not end in simply checking your status, but also in reviewing and implementing the solutions that came out.
Just like when you have your health check-up, you don’t only go to the doctor to ask what’s your condition then leave after getting the results. Rather, you look into the diagnosis, listen to the advice of your doctor, and follow certain measures to bring back or maintain your health.
Who Can Help You?
When you decide to have a business health check for your company, make sure it is done by an independent business advisor or consultant who is not involved in your organization in whatever way. This is to ensure that there are no ulterior motives, and no falsification of results that would happen in the process. After your business is diagnosed, it is now up to you to accept, reject or modify the propositions that came out after your business health check.
In doing these crucial decisions for your business, having a business coach whom you can fully trust is largely beneficial. You can consult with him or her the steps that you will make for the future of your business, and help you design a vision for your company.
