By: Pete Patel
RJ EMPLOYER CONSULTING & HR TESTING SOLUTIONS
It’s already 2016 and time to begin setting goals. Whether you are an owner-operator of a business or a small to mid-size employer, there never seems enough time to check the engine of your company. Here are some suggestions of popular categories of entrepreneurs that should do an annual or quarterly “business health check.”
HOME BASED BUSINESS
Probably the toughest position to motivate yourself when there are so many distractions: TV, food, hobbies, kids, neighbors, etc. According to home based business expert Rosalind Resnick of Axxess Business Centers Inc., creating a structure in your day like you would at the office can actually increase productivity. Hold more meetings at a coffee shop versus phone or Skype, set realistic goals, network at day events (lunch and learns), and once things really pick up – move out and get an office!
OFFICE OR PROFESSIONAL
While this is a very generic category, it applies to anybody in the insurance, financial, accounting, real estate, banking, and professional sectors that require/recommend business attire. Many in these fields concentrate on competition because it tends to have sharks in the pool. Instead, consider competition as the drive to be innovative. When a competitor starts offering half off their services, they are focusing on transactions; whereas you can be innovative by incentivizing your employees to be more productive – more transactions don’t always mean more revenue. For example, an athlete will purchase better shoes and gear to improve speed or agility, but exercise and body conditioning will last longer than the apparel.
Most people in this industry concentrate on sales so much they never look behind the scenes. Price, quality, and customer service are the three basis diagnostic checks for the retail industry. Theoretically, it is nearly impossible to get all three working optimally, as most retail owners will focus on price because competition demands it. In Suwanee, retailers focus heavily on customer service and quality, knowing that residents will pay a slightly higher price for better service. As the old adage goes; you can get quality work fast, but it won’t be cheap. You can get the work cheap and fast, but it won’t be the best quality. You can get good work cheap, but it will take a while.
Indeed there are many categories a business should focus on when it comes to operations, just remember that revenues don’t necessarily mean success. Maintaining a healthy business involves keeping expectations of residual income and a career-driven attitude in check. The quick buck method is like fasting to lose weight or sprinting a short distance versus running the long distance.
*The SBA meets the 2nd Wednesday of every month from 6 p.m. to 8 p.m. at different business locations in town. For more info visit Suwanee.org