LMDTFY News

Examining your business navel – 8 top tips for spotting problems

One of the keys to successful business is knowing when it’s time to change. It’s all too easy, with your head rammed up your small business behind most of the time, to miss the signs and veer off into dangerous territory.

Here’s eight top tips for spotting problems before they become nasty issues.

1. Do your invoicing, check your cash flow and chase late payments at the beginning or end of every month so your finances don’t suddenly crash into crisis mode
2. Take a dispassionate look at your products and services, examining your sales records closely to see which performs the best and worst. Is it time to re-jig your products or services because of changes in your market, the economy, your local business landscape or new developments in your sector? When you see it coming you can change tack before it’s too late
3. What does your website look and sound like? If it’s embarrassingly old and cranky, difficult to navigate, full of outdated stuff or just looks old fashioned, plan a redesign or at the very least edit it into reasonable shape. You can’t afford a crap website in times like these, when every teeny weeny commercial advantage counts
4. What does your back end look like? If your website and customer-facing bits and bobs are all in fine fettle but your administrative support and back end systems are in a horrid state, invest time in creating clean, efficient, effective and fool proof alternatives from scratch. It’ll help you run your business better
5. You wouldn’t know a process or procedure from a hole in the ground. But when you’re busy, formalising the way you tackle jobs can make the difference between sinking under the weight of things to do and actually getting things done. Get organised!
6. Be honest. Are you brilliant at every aspect of running a business or would it benefit you financially to let go and delegate? There’s no need to employ someone. Take on a virtual assistant and you’ll have more time to concentrate on making money
7. Are you working in a hell hole or neat as a new pin? It’s true. A tidy desk really does mean a tidier mind…
8. There’s nothing worse than being caught napping by a competitor who streaks ahead and leaves you standing while your back’s turned. Make a diary date to nose around in your competitors’ business now and again to see if you can learn anything useful. Even just keeping a weather eye on what’s being reported in your industry’s trade press is better than isolating yourself.

My popular Business MOT helps businesses start up, keep up and move ahead. With my help you’ll be able to eliminate problem areas before they become a big issue.