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Is your business in balance?

October 2nd, 2013

When did you last stop & look at your business & ask yourself if it’s in balance? If you haven’t now may be a good time.

All too often we can get caught up in the day to day running of our business & forget what it’s all about, forget what the bigger picture is, why we get out of bed in the mornings & spend more time in our business than at home. As Stephen Covey says ‘sharpen the saw’ – don’t be so busy trying to cut the tree down that you forget to sharpen the axe!

So what should you look at if you are considering business balance?

I believe there are 5 key drivers to any business & they are:

1. Planning

2. Sales & Marketing

3. Operations

4. Finance & Admin

5. People

(Click here for some more detail on the 5 drivers)

So what to consider?

Planning

Review your strategic plan, business plan, 90 day plan or paper napkin that you scribbled some ideas on at some stage. Are you heading in the direction you want, do you even know where you’re going, have your business fundamentals changed, have you intentionally changed direction or has your business just drawn you into doing things that you didn’t even realise?

Sales & Marketing

Is your sales process still current, do you even have a sales process? Do you know who your market is & what your offer is? Is your brand current? Is your marketing spend giving you the return you need? What do you need to stop doing & what do you need to start doing to get more people to come to your business or stop leaving!

Operations

Are you still delivering your key product or service in a timely manner? Does the client still think they are getting value for money or perhaps you’ve started to take some of those clients for granted! Are you tracking KPIs, do you know what the main drivers are at an operational level & is everyone’s role well defined?

Finance & admin

Are you still across your key numbers? Are you holding regular management reviews looking at your business from a numbers perspective, do you know what areas are the most profitable for you, do you know what your cash position is likely to be in 2 months or are you too scared to look at the numbers & just ignore them & hope they go away.

 People

Do you have the right people in your team? Is there any role that you need to put in place but keep putting off filling? Is there anyone in a role that isn’t up to scratch & you need to do something about it to help them? Where are you spending your time, where do you add most value to the business (do you even know)? When did you last have a holiday, do you get away every 90 days with your partner for a break, do you get away on your own to think or are you just too busy ‘doing’. Are you surrounding yourself with people inside & outside your business that can support you?

It sounds so easy but it sounds so hard at the same time – just something else to think about, something else to do & there aren’t enough hours in the day already.

Take a moment though & if there are some questions above that you can’t answer or don’t like the answer to, then perhaps you do need to look at the balance in your business & step back & review where you are going & what you are doing. The danger of not doing that is your business may be so out of balance that it can fall & you are left to pick up the pieces.

If you would like Plan A Consulting to help you review the 5 key areas then don’t hesitate to contact John by clicking here

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