KPMG provided an interesting business health check survey in a recent article on the ‘imperative for small business to review their processes regularly’. This can easily be applied to any organisation.
• Have you measured the return on investment, including hours worked each week, & does it justify the money invested & associated risks?
• Have you forecast your cash flow requirements of the next 6-12 months.
• Have you optimized your debt & equity structure? • Are you adequately resourced in terms of staff for the next 12 months?
• Do you have succession planning in place for the businesses key employees?
• Have you undertaken an analysis of the profitability of existing clients & taken appropriate action?
• Do you have a clear strategy for developing new business with existing & new customers?
• Have you documented & secured important supplier arrangements, including price, terms, continuity & quality?
• Have you looked at the spread of your total wealth to lessen financial ruin, should the business stagnate or worse, fail?