This Is Guernsey

By Tony Brassell

FOR the purposes of this article, we will assume you have an existing business and all seems well. Business is good, isn’t it? You are working all the available hours you and your staff have, cash is coming in and the bank balance is healthy, so everything is fine - or is it?

At least once a year, it is important that you take some time out to ask yourself a few questions and analyse just how well the business is going and what you can do to keep it profitable.

In our guide for established businesses, we have included a health check.

It is set out as a list of 26 questions you should ask yourself about your business and how it is performing.

For example, what is your return on capital employed, what is your strongest unique selling proposition, do you have a well visited, vibrant, topical website and when did you last try a marketing initiative, mail shot or customer survey?

Questions like these will help you understand your business a lot better and show you where you are profitable and where you are wasting money. Some operations have highly successful activities that subsidise areas of the business that lose money. Maybe it is time to cut out the dead wood and improve efficiency? Only by taking time out and looking at the business in detail can you identify where improvements can be made.

The final question is, do you have a personal exit strategy? As mentioned in the last article, this is the vital question which will help you maximise the return you get when you decide it is time to retire. Spend some time thinking about how you can turn your business into a retirement plan - it may seem years away, but these things have a habit of creeping up on you and you need to be prepared.

Once you have established that all is well and the business is on the right course, you can get back to work, happy that you have a competitive and vibrant business which will provide for your future.

Remember, if you would like copies of our guides or you would like to meet to discuss your ideas, do not hesitate to contact the Guernsey Enterprise Agency.

You can contact us on 710043 or email info@guernseyenterpriseagency.com. We will talk to anyone considering establishing a business or anyone with an existing one, whatever the issue.

So why not pick up the phone and give us a call - what harm could it do?

Who knows, your business might become more efficient as a result.