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3 min read

Assess Your Business to Stay On Track!

Oct 5, 2020 2:43:50 PM

Have you ever used a navigational system that took you to the wrong place? Maybe you entered the wrong destination address. Or perhaps the software was programmed incorrectly. In any case, although you followed the directions, you didn’t end up where you wanted to be!

Businesses can find themselves in these types of predicaments if they aren’t careful. They begin by knowing where they want to go and they head in the right direction. But somewhere along the way, something goes awry.

Brian discovered this the hard way. He started his business with a great plan, then he put his head down and got to work! He worked long and hard and then he worked some more. Because he had not really taken the time to look up every once in a while, Brian found that his business had gotten far off track without him taking notice.

In order to get to where he wanted to be, Brian had to do some serious back-pedaling. So, for the future, he put into place systems that would allow him to assess his business at regular intervals. This evaluation helps Brian to not only be in control of his business but also optimize for the best possible outcomes.

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Business Assessments as a Compass

 

In order to know if you’re getting where you want to go, you’ll need to look around you! Your business radar needs to be attuned to everything that is going on around you so that you can evaluate progress and measure success. The process of assessment functions as a compass to help you see if you’re on the right track.

You can set up rhythms of assessments so they can be happening at regular times. Weekly, monthly, quarterly and annually are all milestones that work well for various evaluations.

Consider these key factors you should be regularly assessing for your business to be successful in the long term:

Customer Satisfaction.

Constantly on the forefront of your mind should be whether or not your clients are happy. If they are not, why not? If they are, how can you make them happier and/or get them to tell their friends about it?

Rule and Regulations.

Depending on the industry you are in, rules and codes may change on a regular basis, so you need to keep up. No matter what business sector you’re part of, other types of rules (data protection laws and employment regulations) may change and you need to protect your business by staying apprised of them.

Competition.

Although your main focus should be your own customers, you still need to know what’s going on with your competitors. Sometimes you may need to perform a full-blown competitor analysis, but most of the time you should at least be noticing their ads, watching their pricing and paying attention to their customer reviews.

Finances.

Depending on the type of business leader you are, this may be your favourite or least favourite part of running a business! Although money isn’t everything, it does matter. So be sure you’re keeping a regular eye on what’s happening in these important business statements: income, balance sheets, and cash flow.

Evaluate Yourself.

As an entrepreneur or business leader, your business and team can only really be as good as you are! So be sure to take a look at your own life every so often by asking a few questions:

  • Am I healthy?
  • Am I happy?
  • Am I satisfied?
  • Am I meeting goals?
  • Am I developing professionally?
  • Am I living out my passions?

If these answers are “no”, then it’s time to take a look at the reasons behind those answers. And then be sure to work on those steps toward Personal Growth which will feed into your business growth abilities.

Once you understand where you and your business are by using assessments, you are in position to control and optimize your business situation. And I would love to be part of helping you do that! Join my masterclass to get more info on how to supercharge your business and skyrocket it to success.

Sebastian Schieke

Written by Sebastian Schieke