Business Health Check

1. Business systems and processes

Well-established and followed business systems and processes ensure regularity of business performance, efficient outcomes and consistent delivery of products and services.

• Are your systems and processes well developed and consistently deployed and followed?
• Do you feel in control of the day-to-day activities your business undertakes? Are tasks planned, scheduled, prioritised?
• How well does your business track the delivery of products and services to your customers?

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2. Staff performance

People are key to driving business performance.

• Are you getting value from your investment in people?
• Are your expectations and staff job responsibilities being met?
• Is your people culture conductive to a positive, open and interactive team environment that is rewarding for the business and the individuals that work within it?

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3. Financial and operational performance

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4. Cash flow and working capital mannumberment

Generating cash surpluses, managing and using working capital resources in a business can be key to sound performance.

• Does the business experience periods of tight or constrained cash flow that impacts the effectiveness of day-to-day operations?
• Are billing and payment terms and obligations met consistently?
• Is your stock or inventory saleable at full value in a reasonable timeframe, or somewhat obsolete and unsaleable?

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5. Forward outlook

Forward outlook – in terms of both internal and external factors – can have a significant impact on business earnings.

• Is your forward outlook (prospects, pipeline, jobs, client spending, trends) positive, stable or negative, and do you have evidence to support the strength of your forward outlook?
• Are there any external factors (trends, regulation changes, events) which are likely to materially impact the fortunes of your business in the near term?

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6. Health and wellbeing

As the business owner or senior manager, your health, wellbeing and stress levels can impact business performance.

• Does your time in the business impact your lifestyle (e.g. weight, sleeping patterns, communication, mental state etc)?
• Is your motivation, resilience and decision making – on business and personal issues – sometimes less than optimum?

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7. Risk management

What risks you take and how you manage risk will impact business success.

• Do you have an active and effective process within the business for identifying and addressing key risks – payment, market, customer, safety, financial, staff loss, unlikely external events – that may materially impact the fortunes of your business?

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8. Business planning

Successful businesses develop practical, realistic plans, forecasts and targets, supported by management and risk mitigation processes.

• Do you set clear, measurable targets in your planning process?
• Do you actively seek input into your plans from staff and key stakeholders (e.g. financier, advisor, partners)?
• Does your planning include a review of the needs and purchasing trends of your customers?
• Are your plans documented and shared with the team members who will enact them?

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9. Brand and marketing

Brand strength and engagement with customers is critical in building a sustainable business.

• How strongly is your brand known and supported in the markets that you operate in?
• Do you have a dynamic digital strategy (e.g. modern business website and active social media presence) and are you actively engaging with and tracking your customers' purchasing behaviour online and offline?

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10. Business innovation

Continuous improvement, development and innovation are keys to remaining efficient, competitive and relevant in the market.

• Does your business have a demonstrated and active culture of continuous improvement?
• Do you actively manage your market point of difference and competitive advantage?
• Do you actively and regularly invest time and money in testing new concepts and offerings, and/or identifying automation and other system and process advances to improve productivity, delivery and profitability?

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