The (Business ) Doctor Is In
Even when you feel perfectly healthy, you probably make it a point to see your doctor on a regular basis. You might go for a physical examination to ensure continued well-being and for the prevention of illness. You might talk with your doctor about nutrition, exercise and the latest research on heart health so that you can benefit from her expert knowledge. And should the doctor find something wrong with you, she can immediately get you started on a treatment plan. After your doctor visit, you feel more vital because you have new information to help you keep well or improve your health.
When did your business last see a doctor?
Your business needs to be examined by a specialist from time to time in order to ensure its own well-being. My primary goal in working with any business is always the same: to help maximize profitability and minimize risk, often by identifying business-ignored or otherwise unrecognized health issues. Over the years, I have diagnosed and cured many complicated health issues, which is why my clients refer to me as ‘The Business Doctor’.
A health issue can be major or minor, and I am able to diagnose the problem through data-driven analysis. I often start with a comprehensive review of operations, which enables me to see what is being done well and where there are opportunities for improvement. An alternative approach is a more focused evaluation of risk factors, which can then be treated accordingly. It is also in the diagnostic stage where I can identify areas for potential cost reductions.
Treatments vary according to the company’s diagnosed condition. One possible step is creation of a business plan, which is used to treat lethargy or lack of focus or direction. If the business is bleeding money, we can establish operating budgets to get the bleeding under control. We can also set up cost standards in order to determine optimum pricing. All of these treatments will set your business on the path to higher profitability.
Many conditions can be cured. Is your business suffering from lackluster sales? We can establish an effective sales and marketing plan. If bleeding money has been the problem, we will monitor those operating budgets established in treatment. If you have had trouble improving your products, we can create guidelines for product development. Additionally, to ensure your business plan remains valid and relevant, we can establish benchmarks to change the business plan.
Many people put off going to the doctor until they have become ill. The same holds true for companies, however there are many steps that can be taken to ensure a business’s continued well-being. Strategic planning can be compared to eating a balanced diet. When you have a strategic plan in place, you are already preventing many business health issues and can keep energies focused on running a strong business. A further step for ensuring continuity is succession planning. I can help you identify the right people within your organization and map out a plan for their development so that they will be ready to fill in any vacancy that arises. As the owner of a business, you also need an exit strategy, even if you think an exit lies far down the road. This strategy is another layer of the advance planning that keeps your business healthy.
There are several common prescriptions for the prevention of illness. Formalizing the business structure is one of the most basic steps, but is often overlooked. Having a proper structure in place with defined roles and responsibilities, as well as rules and procedures, keeps things running smoothly. Another process to support continuity is long-term planning of business operations, by which we can chart a path to ensure you can meet your future projections. Another necessary preventive measure is the establishment of back-up relationships with banks and other resources. These back-up relationships can become necessary whether or not your business currently has any finance, credit or other related health issues.
The Business Doctor is accepting new patients.