“What is a Business Health Check?”

We have recently been asked by a prospective client, what a business health check is and why they need one?

Our answer is quite simple - to check on the financial health of your business.

And right now that's never been more important!

The actual health of your business is more than just the profit and how much is in the bank.

“What is a business health check?”

A Business Health Check reviews the financial health of your business.

Just like you would see a doctor to check on your health, so too a business health checks on the financial health of your business.

A business health check includes:

Review of:

• Revenue and Income streams,

• Key Expenses and Cost Controls,

• Assessment of the Financial Performance of the business,

• Business Analysis of key financial indicators,

• The liquidity position of the business, and

• Capacity for future growth.

Identification of:

• Key financial indicators,

• Ratios and trends,

• Financial Strengths and Opportunities,

• Risks and Areas of Concern.

After explaining the key areas the Business Health Check covers, our prospective client then asked, "What are the main benefits of the Business Health Check?"

The key benefits include:

• It provides you with clarity on the financial position of your business,

• It gives you confidence that you are across the key financial issues in your business,

• It identifies the areas to watch and improve,

• It provides a baseline from which to grow and develop the business into the future.

To me, this is one of the most important reviews a business owner can undertake on their business.

Let me know if you'd like to discuss how it would work for you.