How Well Do You Know Your Business?

It’s a good idea to periodically review key aspects of the individual components of your business.

Customers

  • Who are your customers?
  • How well do you know their preferences?
  • Do you know your “A-grade” customers?
  • Are you solving your customers’ problems with your products/services?

Marketing

  • Is your website user-friendly?
  • Have you asked your customers whether they obtain the information they’re seeking from your website?
  • Do your team members understand your growth strategy and your plan for positioning the business?

Performance Management

  • Have you identified Key Performance Indicators (KPIs) that apply to your business?
  • Do you share the KPI information with your team?

Cashflow

  • Are credit terms clearly explained in writing to new customers?
  • Are tax invoices prepared and dispatched promptly to your customers?
  • Do you continually analyse your cashflow position?
  • Have you calculated the “cashflow shortage” due to debtors not paying on time?

Team Members

  • Have you identified team members’ strengths and weaknesses?
  • Have you identified special training for development that individual team members may require?
  • In this regard, have you considered making an application for assistance under the Industry Skills Fund?
  • Are all of your team members on the “same page” of the “same book” when it comes to understanding what business you’re in, who your customers are and the products/services you really want to sell?
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