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What is a Health Check?

Everyone knows that planning is vital for a business to progress and once a year you should run a full Business Health Check. You should look at every aspect of business, in preparation for making improvements in the full financial year.

This means that you should be asking your departments vital questions about how their processes are running and their department’s general wellbeing within the company to see how you can improve it.

You should also look at how and what your competitors are doing. What are they producing? Do they have any big innovations coming up that could change the market?

Why is it important?

Running a Business Health Check at least once a year is vital to expand and grow as a business. You can find out what is working well and what needs a little improvement. It should cover all aspects of your business such as your finances, client needs, employee wellbeing, suppliers and even workspace productivity.

All this can help you plan for the next year, to organise your objectives, invest in the right technology and plan your investments.

Where do you start?

Trying to work your way through can be quite a laborious task. Here are some tips to stay in control of your business, find out what works and what doesn't and increase your chance of success:

1. Perform financial tasks throughout the year, such as cash flow statements and updating payrolls and expenses

2. Review, compare, analyse and adjust sales figures once a month

3. Keep track of your inventory on a regular basis

4. Review your marketing performance and strategies monthly to stay competitive

5. Use Google Analytics and third-party websites to review website traffic and conversion rates

6. Make sure your website content is up-to-date and search engine optimised

7. Be active on social media to post regular updates about your business 

8. Make sure your IT systems are up-to-date, backed up and safe 

9. Have regular meetings with stakeholders and investors to discuss the company's performance and areas of improvement

Need more tips to understand and evaluate your business? Check out this essential checklist by the Chartered Institute of Management Accountants.

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