The Value of Assessment: 5 Reasons Why You Need a Business Checkup Today!
Michelle McCullar
Done With You Strategies For 6 & 7 Figure Business Owners To Increase Their Bottom Line & Their Free Time in 90 Days
Is your business house in order??
As business owners, especially those of us with 6 & 7-figure businesses, we often get so wrapped up in the day-to-day operations of our business that we become blind to the very things that would…
We’re busy working in our business we don't take the necessary time to work on our business.
No matter what business you're in, or what stage of business you're at, I'm certain you'd love to make more with less effort and overwhelm, experience more free time and enjoyment or your work, and ultimately increase your impact, growth and profitability.
A key step to achieving these aims is the business checkup.
Just like vehicle inspections, medical checkups, and financial assessments, your business needs periodic checkups as well.
A key outcome is the identification of issues and blind spots that are sabotaging your success, as well as an understanding of what's working really well.
Even if you think everything is going pretty well… you're likely experiencing one or more of these negative effects: reduced or inconsistent productivity, revenue, profitability, cashflow, communications, or morale… which leads to corresponding increases in frustration, stress, overwhelm, burnout, self doubts, employee turnover, infighting, customer dissatisfaction, etc.
If you haven't assessed your business in a while here are 5 big reasons why you need a business checkup TODAY:
You Have Hidden Issues That Are Killing Your Productivity Income and Profitability
Virtually every business has at least one hidden issue that is negatively impacting their productivity, income and profitability.
The #1 reason they're referred to as hidden is that they fall into your blind spot. You're too close to the situation. As the saying goes, "You can't see the picture when you're in the frame."
Another reason they are hidden is a lack of knowledge or understanding.
And yet another reason is denial, which typically shows up in the form of blind optimism -- the tendency to expect things will work out with little regard for the realities one is facing.
Regardless of the underlying reason for the issues, the results are clear. You, and your team, work much harder than needed. You earn less. And you spend more time being reactive vs. proactive.
Additionally, you tend to feel overworked, overwhelmed and overcommitted, to say nothing of frustrated, stressed and unfulfilled in your work. Or worse yet, drained, uncertain and mistrustful of yourself and your staff.
Here's a case in point. Working with a recent client we performed an analysis of her business. What we found astonished her. Not only was she bleeding over $5000 per month in needless expenses, but she was routinely doing more than 40 hours of unpaid work per month, that she absolutely hated doing.
In a little more than 2 hours we not only discovered these and numerous other hidden issues, but we also created an action plan to eliminate them in about 60 days.
You Have Invisible Profit Centers That Are Leaving Money At The Door
Very often a business has one or more invisible profits centers.
Some are key revenue streams that aren't being effectively capitalized. Others include products and services you already offer that could be made available to benefit existing clients... And still others might include offering current products and services to a related market you don't currently serve.?
To put this in perspective, let's consider the Pareto Principle, better known as the 80/20 rule.
The Pareto Principle states that for many outcomes, roughly 80% of the consequences come from 20% of the causes (the “vital few”). In other words, 80% of results come from 20% of actions (e.g., 20% of efforts, 20% of employees, 20% of products/services sold, etc.).
The key is in knowing which 20% is providing 80% of results, and then prioritizing them to maximize their efficacy.
Referring back to my recent client, another outcome of our analysis included two invisible profit centers. The first was a single service that brought in about 95% of her revenue. The second was an untapped database of over 14,000 previous and prospective clients.
With minimal effort these two profit centers alone could easily double or more her income within 6-12 months.
You Don't Have A Strategic Growth Plan For Your Business?
According to Dun & Bradstreet, the number one cause of failure is the lack of a business plan.
And according to a SunTrust survey, only 49% of survey respondents said they have a clearly stated plan for business growth.
Not having a clearly defined business plan has negative consequences. Two of the most common are cash shortfalls and labor issues.
It's little wonder that so many businesses struggle to grow, especially small businesses, which make up 44% of the U.S. economy and 99.9% of U.S. employer firms. [SBA.gov]
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Having a strategic growth plan is essential for creating a scalable business that maximizes impact, growth and prosperity, in addition to free time and fulfillment -- not only for yourself, but also your staff.
Whatever you desire for your business, and ultimately your life and legacy, it begins with a strategic growth plan.
This is how you take control of your destiny, live a rewarding life of abundance, and make a much bigger impact in the world. It's also how you design a business that thrives without you, lives beyond you, or becomes positioned to be sold at some point in the future.
You Don't Have A 12-Month 'Cash Injection' Marketing Calendar
One of the most effective ways to maximize your revenue for the year is through the implementation of a 12-month cash injection marketing calendar.
The purpose of this calendar is to outline the cash infusion strategies you'll employee over the course of the year.?
Depending on your business, certain seasons or holidays are likely more relevant.
However, every month has multiple opportunities for generating a cash injection -- be it a quick and simple campaign for some obscure holiday that takes little tech or time to realize, to a full blown product launch campaign that takes months of preparation.
Regardless of your business, having a plan for what sales and marketing campaigns to run throughout the year makes a huge difference in the amount of revenue you generate.
And one of the most profitable periods for many, if not all, businesses is the last quarter of the year. With a campaign calendar in place, you can take maximum advantage of this period… often doubling, tripling, or even 10x'ing your revenue for the year in about 60 days.
Don't wait until the last minute. Get your calendar in place early, so you'll have plenty of time for implementation.
You Don't Have Contingency Plans, Disaster Plans or Legal Protection Plans In Place?
In today's world these items are essential for any and all businesses, no matter how big or small, no matter if you're just getting started or you've been in business for years.
Yet, they are very often ignored or overlooked. A mistake I inadvertently made, even when I knew better.
You see, as a former NASA Rocket Scientist, contingency and disaster planning is somewhat second nature to me… as is the need for specific legal protections.
Yet, when I first started my coaching and consulting business, I kept putting these items on the back burner. With so many roles to play and hats to juggle I kept saying next month, when I have a little more income, then I'll take the time to put these plans and protections in place.
For a few years all was well. But then I got triple-whammied by identity thieves, fraud, and the COVID pandemic. Within a matter of weeks my business and life were turned completely upside down. In all likelihood it'll take me another 3 years to completely recover from the financial devastation caused by this triple-whammy and my unintended negligence.
This is but one example of the devastating consequences we can face when we do not take the time to put adequate plans and protections in place.
The sad part is I knew the risks and potential consequences. Many don't.
The cruel reality is there are simple and affordable protections that would have saved me from the devastation inflicted by the identify theft and fraud, which likely would have prevented my business and life from being turned upside down and inside out.
Don't make the mistake I did. At a bare minimum, ensure you have basic legal protections in place. Then schedule when you'll add other beneficial plans and protections. That way when a crisis strikes, you'll be better positioned to weather it with minimal disruption.
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Well, there you have it. Five big reasons why you need a business checkup today!
Imagine the possibilities. Imagine have a streamlined process that identifies what's working, what's not and why, and gives you a 90-day prioritized action plan to eliminate the hidden issues, better leverage your underutilized assets, and ensure you're better positioned to weather unpredictable calamities.
Now imagine having a clearer vision and a strategic roadmap that not only handles each of these five issues, but positions you to double, triple, or even 10x your results over the next 12 months.
What might your business look like 3 months from now? A year from now? How will you be spending your time? How will you feel? What new ventures might you pursue? What opportunities might you take advantage of?
If you're ready to eliminate your frustrations and accelerate your results, then I highly recommend you perform a business checkup ASAP!
If you're not sure where to start, download a free copy of the Transformational Business Optimization Toolkit . Within it you'll find most everything you need to fully assess your business and create a 90-day optimization plan.
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