Getting A Physical For Your Business

Why do many of us still get an annual physical even when we feel perfectly fine? The answer is obvious. As the New York Lotto ad says, “Hey, you never know” because sometimes the symptoms of some problems just aren’t evident. Well, the same can be said for your business!

Yet most small business owners would have to admit that the thought of doing this for their business never crossed their mind and they probably wouldn’t spend the money anyway. It’s easy to fall into the routine of your business – especially when things seem to be humming along nicely.

I have heard many potential clients say, “Hey, I’m doing just fine” when I offer to do an independent Operational Review. Sure things can appear to be ‘just honky dory’ but you never really know what untapped potential or insidious situation might exist because you are often ‘too close to the forest to see the trees’. However, this isn’t a commercial to sell a physical for your business. Rather it’s simply a reminder to get one – at least annually—and to tell you that there are many ways OTHER THAN hiring a paid consultant to do it.

Attending mastermind groups (groups of other small business owners who serve as a sounding board), being active in trade associations, having a mentor who understands your industry, getting your CPA to take a deeper look into your financials and your operations more than just a cursory chat about the P&L or balance sheet (e.g. comparing your stats to industry stats). Another way would be to step outside of your business as if you were not the owner and taking a very candid and critical look at EVERY area of your operations and asking yourself, “How could this be improved?” Even if you don’t know how, just acknowledge where the areas of potential improvement could be.

For inspiration, read Good to Great and Built to Last: Successful Habits of Visionary Companies by Jim Collins (each is available for under $6 on Amazon). Your mindset about this subject could make a huge difference in unlocking the full potential of your business as I say in my book, Set Yourself Free – How to Have A Thriving Small Business… And Enjoy It.

I hope you will take a moment to read more about it. Feel free to call me at 518.369.7101 or email me at: stan@fambizdoc.com

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