There are 6 areas of a business that are the fundamental building blocks of a business. These building blocks connect one to the other, like in the game of Jenga where one weak point can undermine overall integrity. Review the list of statements below within each of the 6 areas and select the 3 declarations that most resonate with you… the 3 statements you feel best pinpoint the weaknesses that are sabotaging continued success.
For each of the 3 statements you have selected take the self-assessment one step further… ask yourself the What (What exactly is the issue and what is the root cause?), Where (Where does this issue show up in the business?), Why (Why has this unmet challenge or un-leveraged opportunity persisted?) and How (How do I eliminate this issue as a roadblock to business success?). Once you have high integrity and strong building blocks across all the 6 areas of business you will have a business positioned for continued and elevated success!
1) Strategy, Planning & Goal Setting
- I do not have a business plan or robust strategy; I manage the business day to day and week to week.
- I organize my business around me or my people rather than around the key business processes.
- I don’t view business holistically, as an integrated set of systems interacting with each other.
- My business does not have a well-defined vision and mission; there are few if any common goals for my team.
- I don’t have a clear picture of what I want my business to look like 5 years from now.
2) Marketing & Business Development
- My business has not established a laser focused description of our ideal target market.
- My business does not clearly communicate a unique value proposition.
- I don’t examine the impact that my business has on my customers; I don’t measure customer satisfaction.
- My business does not know the return on our marketing investment or the cost of customer acquisition.
- My business does not have a steady flow of qualified leads from multiple sources of lead generation.
3) Sales & Customer Service
- My company prospects & sells “by the seat of our pants” rather than by applying proven sales strategies.
- My business does not have a managed sales process with scripts and tools to nurture & convert leads.
- My business is not proactive in post-sale communication rather simply reacts to customer issues.
- My business does not have a high degree of customer retention or loyalty.
- I have a poor track record of converting leads at a high rate securing desired customers at desired price points.
4) Operational Efficiency & Productivity
- I don’t have an enterprise that produces consistent, predictable results with best-in-class product / service.
- I don’t know our overhead costs or product margins; I don’t aggressively manage costs of the business.
- Time management is a major challenge as there always seems to be fires to fight or distractions to handle.
- In my business we do not measure process efficiency or overall effectiveness.
- My business is in chaos. I lack a way of doing business that works. Processes are not documented.
5) Leadership & Team Building
- I don’t have a system for recruiting, hiring & training a high performance team.
- I play the role of boss rather than that of leader which leaves me little time to work ON the business.
- I wear too many hats and have no plan for freeing myself from the technical work of my business.
- In my business there’s confusion about who is responsible for what; accountabilities are not always clear.
- I work too hard with too little reward; rather than afford desired lifestyle my business consumes my life.
6) Profitability & Cash Flow
- I don’t budget and track expenses and revenue to plan.
- In my business I do not know which customers or products / services are responsible for most of my profits.
- I don’t have an effective process for monitoring profitability and for managing cash flow.
- I don’t have a good feel for how much or how fast we are improving; I don’t track financial ratios or KPIs.
- My business does not generate the profits & cash flow to pay me adequately and to support business growth.
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