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Take time to assess your business – Part 2

January 14th, 2012

In my previous article I suggested that if you don’t continually keep an eye on the health of your business overtime it may wither away without you even realising. In that article I outlined a number of internal audits you could do. In this article I’ll look at some external factors that may be measured and assessed.

First of all what about your customers? What indeed you might ask, they’ve been clients for years and love us. Well that’s great but are you showing the love in return. Are you still giving them what they want and are you listening to what they’re saying? Look at what the iPhone did to the Blackberry market and what digital cameras did to the Polaroid and film market.

What about your competitors, what are they doing and are they more of a threat today compared to a few years ago. Look at Samsung, not only are they very strong in the smart phone/tablet market but they now have a strong presence in a number of other home appliances areas. For those that may remember the introduction of colour tv in New Zealand (obviously I don’t) there was the Phillips K9 colour tv sets (click here for some nostalgia). Where is that brand now and I bet Samsung wasn’t even in the New Zealand market then?

How about your suppliers, when did you last review them. Are they giving you what you want at the price you want and more importantly how reliable are they? Has the political landscape changed and what have you done to keep up with the environmental and sustainable expectations of your clients?

Do your facilities reflect your business in a positive light or do clients get that nostalgic feeling when they walk in your door (you can always tell them you’ve just done a trendy 1980s retro fit!). What about your insurance needs, if you fell over dead today or had a serious accident could the business survive?

Last but not least what have you thought about in respect of exiting your business at some stage? Is there anything to sell and more importantly does someone want to buy it?

All of these matters require some thought and I’d suggest that if you haven’t taken the time in the last year or so to reassess your position that you take a moment (well an hour or three). Remember the 6 Ps – prior planning prevents p…. poor performance.

A little time spent today might make a huge difference in the future.

If you’d like assistance in completing an assessment on your business don’t hesitate to contact PlanA Consulting. This assessment can be done with you in person if you live in Hawkes Bay or over Skype if you’re outside Hawkes Bay.

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