The concept of Business Health goes beyond Finance, Cash and Sales. VSigns was created with this in mind bringing together 7 critical Vital Signs which need to be functioning in unison to create strong, long lasting business health.
One of the most important Vital Signs, which reflects symptoms, the cause however may sit elsewhere. Maintaining a healthy profitability, ROI, liquidity, ROE are all essential to business success, and indeed dependent on the health of other Vital Signs.
A frequently neglected Vital Sign. Quite often the engine room of any business, specially the SMEs. Without the right people business health can suffer. How often do business owners keep this fundamental truth in mind?
Operational efficiency and effectiveness are key for business survival in many industries. Is capacity and resource being utilised optimally?
Are Business Risks identified and mitigation plans put in place? How good are the controls? Too strong or too weak?
How well do we know our competition? Have we identified the target markets? How effective are the marketing campaigns? Is there a Sales and Marketing strategy in place?
Without technology growth and improvement are very challenging. Data is the new oil. It is extremely important to nurture and grow this Vital Sign.
Weak Innovation and Business Continuity plans are serious threats to businesses surviving, especially when unexpected events occur. What succession plans, growth and innovation planning focus exists in a business?