Do you know how healthy your business is? Even if your business is growing nicely and everything seems to be running smoothly, it’s still a good idea to take stock of your situation. Even a profitable company can go under if it doesn’t balance its day-to-day financial needs with its overall business strategy.
Finances. Do you have up-to-date financial statements? These offer a great overview of how your business is faring, and they show whether or not you’re able to meet your obligations on time. QuickBooks is a user-friendly tool many small businesses use to make their bookkeeping faster and easier.
Marketing. Know your audience. Make sure you have a clear understanding of who your customers are and what they want from you. Decide which media will let you reach your customers best, and start firing away. If you use online marketing, Google Analytics and other online data trackers are invaluable tools in helping you improve your online marketing strategies.
Inventory. Inventory management goes along with both healthy finances and strong marketing. You need to balance your inventory needs so you won’t waste money on idle products, but you also need to have enough inventory to fill customer orders. By using inventory analysis, you can improve your customer service, which helps you keep more customers and not have to spend so much attracting new ones to replace old ones.
Employees. How are you doing at attracting and keeping top talent? You know something needs to change if you have a high employee turnover rate. Try conducting surveys and studying what other successful companies do. Make sure you’re meeting your employees’ needs so they’ll be more motivated to meet your customers’ needs.
Of course, there are other aspects of running a successful business, but these four are foundational. You can’t have a business without money. You can’t get customers without telling them about your products. You need products to sell. As you grow, you need hired help to meet new challenges.
If you would like help with your inventory management, you can use inventory management software. It’s designed to integrate with QuickBooks, which makes the accounting and inventory management tasks even more interconnected.