In business terms, an emergency fund is typically referred to as “retained earnings.” When conducting a health check, make sure that you have adequate retained earnings and that they’re properly set apart from the rest of your money. (If you have an inadequate emergency fund, use these tactics to replenish.)
Analyze Your KPIs
Hopefully you have a set of key performance indicators (KPIs) that you’re tracking. Assuming that’s the case, take the time to analyze your KPIs and look for any areas where you may need to improve. Good KPIs to track include operating cash flow, gross profit margin, and leadflow.
Conduct an SEO Audit
It used to be that online visibility was a nice-to-have. Today, it’s a must-have. And whether you run an online business or an offline one, you need a strong internet presence. This starts with search engine optimization (SEO). You can get a feel for how you’re doing in this area by conducting an onsite SEO analysis.
A good SEO analysis – or SEO audit as some call it – will look at onsite factors, indexing, backlink profiles, crawl reports, and even competitor analysis. While you can conduct an audit internally, it takes a ton of time. This is something you’re better off outsourcing to a company that specializes in SEO. Regular audits can also ensure you avoid the search volatility so inherent in today’s shifting online rankings.
It’s impossible for the CEO or business owner to have an objective vantage point. If you really want to know how your business is doing under the hood, talk to the people who know.
When gathering feedback, you want both internal feedback (employees and staff), as well as external feedback (customers, investors, and outside stakeholders). Avoid getting too caught up on the extreme feedback (good or bad). Instead, be on the lookout for the common threads.
Keep Your Business Healthy, Wealthy, and Thriving
In order to encourage continued growth and profitability, you should stop and perform the occasional health check. Use this article as a starting point for analyzing your business and wrapping your mind around different integral elements of success. Feel free to add and subtract as you see fit. In the end, any probing you do will yield beneficial results.