For a business to thrive both in ethics and profits, these 8 typical business areas need to be in balance.
Imbalance causes constant between the people in the business and cash-flow
Imbalance causes constant between the people in the business and cash-flow
Sales
If a sudden and massive increase in sales occurred, would it equate to an increase in profits or could it cause some cashflow or other issues?
Marketing
Are your marketing strategies consistent, effective and measured? How often do you implement new strategies or test and adjust existing ones?
Product or Service
Is your product or service fit for purpose and does it meet or exceed customer expectation? Do you measure this?
Management & Mindset
A business will never grow beyond the vision and mind-set of the business owner. Is your own continued education a strong driver?
Research & Development
Is it possible that some of your business decisions are driven by an emotional attachment to your product or service rather than research, facts and figures?
Finance
How accurate and accessible are your accounting records? Do you know how to interpret them in a meaningful way?
Human Resources
How effectively do you manage not only staff, but also business partners, alliances, customers and suppliers?
Business Systems & Processes
How effective and robust are your business systems and processes? How do you identify loopholes and weaknesses?