In a 2015 report of The SunCorp Bank - Cost of Being Fit, it was found that Australians’ spend as much as $8.5 billion every year on gym memberships, sports equipment, weight loss programs and wellness fads. Clearly we Aussies are very conscious about our personal health and fitness so I wonder why we don’t apply this level of focus and relative investment to making our businesses fit as well.
When our businesses run fit, we are focused and deliberate about where we are going and how we expend precious resources and time, we are lean, remove wastage, have a high performing team behind us, we know who our customers are, what value we derive and how to engage with them. We automate, streamline, are not bound by an office and ultimately feel in control as best we can in this ever changing world.
So how does your business stack up, are you business fit? Let’s find out…..
Business strategy - Do you have one, what is your vision and growth plans, personal and business goals, focus areas and roadmap to achieve this. What are the foundations your business is built on and what do you stand for. What is your business exit strategy?
You - How do you stay focused and act with purpose, how do you keep resilience and deal with stress, how do you stay positive and energised through the influences of your environment, do you have personal and business goals and are they aligned?
People – Do you have the right level of resource and capability so the business can run without you being there, do you leverage outsource providers to allow you to scale and grow quickly, do you have a collaborative culture, are your people motivated and have a clear focus, do you have a clear succession plan?
Sales/Marketing – Do you clearly understand your services and value proposition, do you know who your target market is, what they want, where they are and how to reach them, do you have a marketing plan based on a revenue goal, do you track leads and conversion per channel, are you leveraging social media for branding purposes to become a key business of influence, are you leveraging digital marketing to increase your sales reach?
Operations - Is there an operating rhythm to the business, do you understand your processes and is there end to end accountability, do the key ones have metrics, are they measured, trended and improved over time, how do you centrally store business & customer information, do you understand your major business risks, do you gather customer feedback and use this to improve your services?
Finances - Do you have a forward projection of revenue, cost and profitability that is tracked regularly and underpinned by historical unit prices and volumes, do you have enough funds on hand to meet your bills, are insurances in place, funding options tested regularly, do you know your top 5 major expenses. Do you keep on top of your tax and reporting obligations by leveraging an accounting package or book keeper?
Systems – Do you need to re-enter information constantly, can you run your business while being mobile on any device, do you use systems to streamline your services, do you have a workflow tool that provides end to end tracking from client acquisition through servicing and invoicing, do you have an integrated cloud based accounting package.