Check the vital signs of your business
A healthy body demands routine checks and examinations. So does a healthy, thriving business. No matter what stage your business is in, you must check its systems, pay attention to any ailments and prevent early death.
For the newborn business, the goals and system checks are relatively simple. Merely staying alive and maintaining your sanity is a measure of success at this point in development. Systems are very limited in the start-up stage because there are usually a handful of people (if that) trying to get capital, find more customers and deliver a quality product. Three common causes of mortality at this stage are: Atrophy — all capital and funds are dried up; Neglect — the marketplace does not take to the product or service as well as predicted; Stress — the business owner cannot take the pressures of running a business anymore and sells the business or closes.
Failure to thrive can be attributed to owner burnout, lack of vision, insufficient funds and marketplace factors. Every business should strive for optimum health and try to perform like an Olympic athlete.
If you are reaching for the gold, then you're going to have to: train your business; assess the weaknesses and attack them rigorously; optimize your strengths; consider growing and expanding your business; and reinvest in its success.
Not every athlete captures the gold. However, constant monitoring and exercising increases your business' success and potential for optimum health.
Vicki M. James, business development specialist at Thaney & Associates, can be reached at (888) 252-8769 ext. 114 or vjames@thaneycpa.com.
This column is written by members of the Rochester Women's Network, whose focus is to help women connect, grow and succeed. For more information, go to www.rwn.org. |