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How Healthy is Your Business? It’s Time for a Business Health Check

Posted by: Glenn Sharp on

For many business owners, the pandemic has disrupted ‘business as usual’. Budgeting and business planning have been put aside, while businesses scrambled to adjust to changing regulations, lockdowns, and fluctuating demand. With vaccination targets reached, and business as usual returning, now is a good time for a business health check. 

What is a Business Health Check?

A Business Health Check encourages business owners to review expenses, debt, inventory, and cash flows to assess the overall health of a business. This can help to identify key opportunities for growth, reduce costs that aren’t necessary or aren’t providing a return, and streamline operations. Essentially, it helps identify issues early – before they become bigger problems. 

Ordinarily, we would encourage businesses to conduct a thorough and comprehensive health check annually. However, any significant disruptions or challenges should also act as a trigger for businesses to undertake another health check. If you haven’t yet assessed where your business is after all the changes over the past 18 months, it’s time. 


Undertaking a Business Health Check

Your business health check should help you identify issues that might be a warning of larger issues to come. You should ask and answer questions that help you assess four major areas within your business. These will vary depending on the maturity of your business, your goals, and your market, but common questions include:

Check Your Financial Health

Ask and answer: 

Check Your Cash Flow Health

Ask and answer:

If you need to improve your business cash flows, read our blog post on the topic.

Check Your Operational Health

Ask and answer:

Check The Health of The Market

Ask and answer:

Ask Sharp Accounting for a Comprehensive Business Health Check

A Business Health Check offers insights and highlights opportunities to help businesses grow, while reducing unnecessary expenditure. It is a key exercise for businesses that want to thrive in the short and long term. 

At Sharp Accounting, our knowledgeable team of accountants regularly helps business owners assess the health of their business. Our Business Health Check services help you assess where you are, and where you need to go. 

To find out more, contact us: 

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