Businesses need to step back and assess how they are performing against plan and how to get to the next level. You need to take the time to step away from the business and look at the basics. Do your business numbers make sense?
Review your Market
- Which markets, or market segments, are most profitable?
- What plans do you need to attack new markets?
- Are existing markets saturated?
- Who makes up your markets
- Are your existing marketing methods right?
- How much do they cost?
- How do you target potential new customers?
Review your Products & Services
- Which are the most profitable? Why?
- Which are the least profitable? Why?
- Do you understand your how your product/ customer mix affects your company profitibility?
- What issues do you have around price, service and quality?
- Who are they?
- What are their strengths and weaknesses?
- How do customers compare you and your competitors?
Assess your business performance.
- How does your cashflow forecasting system work? Is it accurate?
- What about your profit forecasts - do you keep them up to date and monitor performance?
- Do you maintain tight budgetary control on financial matters?
- What are relationships like?
- Do you work with them to improve their quality of supply to your business - and thus to your customers?
- Do you have the right people to achieve your business objectives?
- Do they know what is expected from them in achieving those objectives?
- Do you operate a training and development plan?
- What are their strengths and weaknesses of your management team?
- Do you know your own strengths and weaknesses?
- Do you need training?
Assess Your Infrastructure
- Will your premises cope with your plans?
- Are they used to best effect?
- Is your equipment up to date?
How will you find any improvements?