Your Guide to Performing a Fool-Proof Business Check Up in 3 Simple Steps
There’s a lot of talk these days about maintaining your personal health. As working professionals, we have a responsibility to maintain our business’s health too. Just as we visit the doctor and the dentist on a regular basis, we need to get in the habit of running a regular business check up in order to maintain efficiency and effectiveness.
Pull Your Own Company’s Credit Report
Credit Managers and Finance Executives spend a majority of their time evaluating the financial health of the businesses they work with. What can sometimes be forgotten is that the health of your own business is just as important. We recommend pulling your own company’s credit report on a quarterly basis to make sure everything lines up. While you may find exactly what you thought you’d see, you may also find something you weren’t expecting such as a new business reporting on you or a transaction negatively affecting your score. It’s easy to let a small matter slip through the cracks, like forgetting to pay that food & beverage supplier that you used as back-up over the holidays. If you find issues on your credit report, you can find a way to rectify them.
Append Your Data
Having accurate data on your customers, prospects and suppliers is a key component of maintaining proper business health. Think about it: you use this information every day and it serves as a leading revenue source. Knowing all that you can about your customers and prospects is the first step in maximizing sales because you can segment and target more precisely. This is what makes batch appending your data so important. Without having updated, appended data, you’re losing money by not being able to identify new customers and up-sell opportunities. We recommend appending your data at least once a year in order to stay on top changes and opportunities.
One more strategy to give your business a check up is monthly benchmarking. Take a look at your industry’s statistics and evaluate where your rank within those parameters. A benchmarking evaluation is a simple way to rate your business against others just like it, and it can assist in identifying areas where attention is needed. If your business’s performance is below the industry average, you can determine what the factors are causing that result. If there are areas where you’re ranking higher, you’ll know to continue with the behaviors that will support positive performance.
The overall goal of completing a regular business check up is to ensure that your business is doing all it can to achieve success. While performing a regular check-up, you may uncover issues that you didn’t even know were there, and you’ll be one step ahead of fixing them. Pulling your own credit report, appending your data and benchmarking your business are great first steps in achieving business health.
To schedule your 3-step business check up with a Cortera representative, click here.