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Top Quality Business Health Checkup PLR Report

Making a periodic assessment of how healthy your business is can be one of the best ways to stay in business long-term. This guide explains how and what to assess so you can determine whether your business is healthy or is ailing and needs you to write and administer a new prescription.

If you feel that your business isn’t growing, thriving, or profiting at the rate you expected, you probably have a few areas that need your attention.In order to find those areas, you’ll need to do a full business-health assessment. Let’s get started by examining what a healthy business is.

Defining Business Health

Healthy can mean something different to each business owner and looks differently within each niche or industry. What is healthy for one business owner might be a disaster or unattainable for others. For this reason, we define a healthy business as one that runs smooth, has a good cash flow, happy customers, and a work environment that is positive and productive.

Define what a healthy business looks like to you. Once you have established what healthy means to you in the context of what you are selling, it will be easier to identify any problem areas and come up with solutions for improvement. You may already know of some areas that need a little work, but some of the information you discover as you carry out your assessment might surprise you.

Next, let’s look at assessments.

Introducing The…

Top Quality Business Health Checkup PLR Report

Quarterly and End of Year Assessments

A periodic business health assessment should be an essential part of your ongoing business planning cycle. A regularly scheduled assessment helps to get you into the habit of looking things over at specific times. These will also tell you where you have been and help you determine the direction you need to go in order to increase the health of your business.

Technically speaking, you can do an assessment any time you want. However, most businesses either choose to implement quarterly assessments or yearly assessments. While new businesses may opt to do a yearly assessment the first year or two, it is definitely in the business’ best interest to switch to a quarterly assessment schedule early in the game.

The quarterly assessment is a good idea for a number of reasons. Multiple assessments per year allow you to stay on top of things better. You can identify trouble spots sooner and be proactive in finding solutions for a healthier business.The quarterly approach also provides you several times to “get it right” before the end of the year assessment.This is important especially if your business is under performing.

Since most businesses tend to have seasonal fluctuations, choosing to implement quarterly assessments from the beginning can help you see and document those fluctuations even before you notice they happen. This can highlight under performance and lead you to develop timely strategies that can keep your business moving forward even during the “slow” times.

Doing a business health assessment at the end of each quarter and using the end of year assessment as the springboard for your success in the following year can make all the difference between profit and poverty.

When assessing your business, there are several areas to examine and there are papers you’ll refer to often in the process. Keep these papers nearby and accessible.You can also summarize your findings in your notes,once you have assessed each relevant area.

Let’s look next at the starting point for your assessment, your business plan.

Reviewing Your Business Plan

Do you remember the last time you looked at your business plan? If you asked, “what business plan,” you have some work to do before you can do an assessment. You see, much of your assessment includes the information you provide and decisions you make when you create a business plan.

One of the main reasons many businesses never get off the ground, or do not succeed after they do, is because they do not have a solid business plan. The idea of a huge document full of financial projections is beyond the capability of most new entrepreneurs. This can be especially true of online business owners who have been lured into starting an Internet-based business by the promise of “easy money.”

Many start their business with passion and enthusiasm, and guess what? The Small Business Administration (SBA) in the US tells us that 50% percent of those businesses will fail within the first year, and 80% by the end of 4 years.

Yet make no mistake. Small businesses are very important. The SBA shows that more than 63% of the jobs, created since 2008, have been through small businesses.

Just because you have a small business, or a part-time business, does not mean you have to think small. You can be a company made up of only one person and still do well, provided you know your market. Your business plan includes research on the market or niche you intend to work in as well as the plan for how you intend to conduct your business.

Contrary to popular belief, a good business plan does not need to be so long that you deforest half the planet just to write your plan on paper. There are two main types of plans. The first is the traditional business plan, which is most often used to attract investors or satisfy the requirements of a bank. It tends to be longer and contains many details, especially projections and financial information. If you do not need financial help, angel investors, or venture capitalists, you may find this a bit too complex for your needs.

The second type of business plan, the Startup or Lean business plan, is the one that most business owners use in the beginning. It helps to get you started without overwhelming you with information you don’t need to know at this point. This short version of a standard or traditional plan, allows you to focus more on your business organization, goals, products or services, strategies, and follow-through.

No matter which type of plan you have or will be writing, it’s important that you look at it a several times a year. When was the last time you looked at or updated your existing business plan? If you haven’t looked at it in the last year, review it as part of your business assessment and see how much of it is still true, relevant, and accurate.

Above all, look at your projections. How far off are you in terms of your financial and other goals? Are the goals you set still relevant? Once you have made this assessment, you can set goals that are more in line with where your company is now and makes it easier to assess the health of your business.