2 ways to get your business tune-up:
Call us @ 617-565-5591
Sign up at a place and time of your choice at one of our 20 Greater Boston locations.
Here’s a 9 -step checklist for tuning up your business:
- Product/Service – Review everything associated with your product or service. Is it priced accordingly? How were sales this year? Did you meet or exceed expectations so far? Are there any scheduled updates or newer versions? Get feedback on how you can improve your products and services from employees, partners, vendors and customers.
- Cash Flow – Most small businesses that fail, fail because of cash flow issues. Are there any signs of problems with cash flow? In the last six months, did you have any issues with paying bills or receivables? Don’t wait for a disaster to strike (e.g. a customer who owes you money goes out of business or several of your customers are affected by a natural disaster and can’t pay you for an extended period of time). Your income statement may look great, but if you cannot collect on your accounts receivables, you may not have the cash flow to keep your business afloat.
- Branding – Have you branded your company? How do you describe your company? Do your customers agree? What qualities do you want people to associate with your company? Do your website and marketing materials have a consistent look?
- Marketing and Sales – Is your strategy helping you bring in new business? Is it cost-effective? Is it measurable? Do you need to invest in social media marketing?
- Customers – Are you growing your base of customers or are you barely replacing lost business with new customers? Does one customer represent a large percentage of your business (more than 20-25%)? If so, how is your relationship with that customer? It is imperative to know your customers (and your relationship with them) inside and out. Do you spend some time each day communicating with your current customers and doing the sales and marketing necessary to bring in new ones?
- Marketplace – What’s happening in your industry or category of business? Is it growing or declining? What innovative products or services are being introduced to the marketplace? Are you keeping up with technology?
- Employees – Do you have the best team in place? Are they helping you grow your business? As your company grows, are they the right people to get you to the next level? Do they allow you to do the things you need to do to grow your business? In some cases, all it takes is one person who doesn’t know what they are doing to really mess up a good business.
- Competition – How much do you know about your competition? More importantly, what do your customers think about your competition? How do you differentiate your company from your competitors? Too many small business owners don’t know a thing about their competition. If that’s you, take time to figure out who is trying to take business away from you and who you need to beat in order to win new business.
- You – The final step in tuning up your business is to examine yourself. Your employees take their cue from you. Are you motivating your employees? Do you have the tools, resources, and right team?
Come and meet with one of our SCORE Boston mentors and we will help tune up your small business. Set up an appointment or call 617-565-5591.