such as income and outgoings, and posting them to various accounts
Conducting daily banking activities
Producing various financial reports
Reconciling reports to third-party records such as bank statements
7 Reasons to have your Business a Health Check
What is a business health check?
1. Identify Strengths & Weaknesses
Many business owners don’t think they need help. And they may be right.
But wouldn’t it be valuable to have an external expert give a critical eye to what you are doing and make further improvements to make your business stronger?
2. Spot New Growth Opportunities
Grow your business exponentially and make it more agile.
Look for new growth in your industry, other growth areas you had not considered or further growth in what you have already built upon.
Is your business ready to expand, or can it better prepare for this growth?
3. Offer an Objective View
An opportunity to look at your business from a different perspective.
Getting another perspective from outside the industry with business experience can provide constructive ideas to really ensure future success.
Perhaps, it’s time to protect your business as business environments constantly change.
4. An Expert To Call
Gives you an expert to discuss your business with, much like a business mentor.
Sometimes a business owner does not have anyone suitable to talk to about the business at a strategic level.
Employees are usually not appropriate, friends and work colleagues may not understand or be experienced, but a business health expert is trained to quickly assess your business and help with problems and changes for improvement.
5. Free up your time
Relieve you of the time-consuming tasks that drain your motivation and may be taking you away from truly engaging and strengthening every aspect of your business. Introducing new technology is a great way to save time but with so much to choose from it’s hard to know which way to turn.
6. Set Business Goals
Refocus on the long-term goals you have for your business. It’s easy to get caught up in the everyday problem solving, we lose sight of the reason and goals we had for the business, it’s time to get back on track again.
7. Reduce Business Risks
Cash flow, trade losses, and bad debtors are some of the top reasons for business failure. These important aspects of a business are easily missed and pushed aside for other everyday tasks that distract us.