Business Check Up
You go to the doctor each year for an annual check-up, and you take your car in for regular oil changes and maintenance. But what are you doing for your business? If you’re not conducting regular checkups, you may not be performing at your highest level – leaving money and jobs on the table.
Here are the aspects of your business that you should be checking up on regularly:
- Financial Records
- Employee Records & Organizational Chart
- Business Plan & Records
- Annual Business Check Up
Where did your business see the most success during the previous year? By looking over your financial records, you can identify what materials and services are most profitable for your business. This allows you to invest your money where you’re getting the best ROI and pull back where it’s less likely. You can also identify patterns and trends in your profitability.
Employee Records & Organizational Chart
Ensure you have all the most up-to-date documents for your employees. This includes compensation, any benefits you offer, and getting up-to-date emergency contacts for each employee. You should also review your organizational chart and identify if there are any spots that you still need to fill in the new year.
If you have a succession plan in place, you should also review this and see if there are any changes that you need to make. Do you need to make a succession plan? The new year is also a great time to get started. A formal plan can help your business better prepare for the future and continue to be successful.
Business Plan & Records
Do you have a formal business plan in place? If so, it should be a document that you’re consistently updating. This is because the industry and economy are constantly changing, and you need an up-to-date plan so you can stay competitive by adapting when needed. Don’t have a formal business plan? Check out our blog for our series about creating a comprehensive business plan and how it can benefit you in the long run.
Additionally, you should also check that you have the most up to date information regarding contracts you have with customers, vendors, service providers, and more. Knowing which agreements are long-term, and when the next renewal is coming can help you prepare to negotiate terms instead of reacting to renewals.
As the year wraps up, it’s a great time to take stock of what, if any, inventory your business currently has. This allows you to ensure that what you have on hand matches your records. Doing this can also help you forecast the future, helping you to better manage what inventory you’re ordering and when.
Annual Business Check Up
We hope you found this information helpful. Not only can you gain a better understanding of your business, but you can start fresh for the new year. Looking for additional resources for your business? Regions | EnerBank can help. When you join a loan program, you’ll be assigned your own relationship manager. This person will be your main point of contact at the bank and can assist with various aspects of your business. Interested in offering your customers financing? Fill out the form on this page or visit our website.