Has as business health check recently been recommended to you? There are a number of reasons to consider this useful service.
If you’re the only one managing the finances, a business health check can really help to identify critical ways to improve business matters. A good business health check is a diagnostic tool, and done correctly, it will outline more appropriate use of cash distribution and resources.
What does a business health check involve?
There are multiple key areas involved in a thorough business health check, and you don’t need to be struggling as a business to benefit from one. Elements of a business health check may include a financial review that covers cash flow management and any debtor management, while a pricing review will look into pricing structures and identify areas for improvement. A cost saving review helps to define any risks within contracts you use, and an overview of statutory compliance (BAS statements and returns, Pay as you Go) is run to ensure you are up to date with mandatory reporting. A budget review offers strong insight in the form of performance analysis and finally, Key Performance Indicators ensure that your measuring and reporting standards crystal clear. From here, a consultant will identify strategies and methods for making improvements you may not have considered.
A great business consultant is skilled in analysing the information you provide and supporting your business with improved methods on each of these key areas, but it’s essential to provide as much transparency as you can, so that an effective and accurate business health check can take place.
A fresh view on the way your business runs puts more control back into your hands. Through identifying areas for improvement, you stand to improve in several areas. Want to find out where you can improve, and look at areas that are working well for you? TR Consulting are skilled professionals in conducting thorough and revealing business health checks. If you’d like to explore how our range of services can assist you and your team, we’re happy to assist in any way we can. Please call us on 1300 793 873 today.