“It is critical to do a Business Wellness check-up annually, as well as quarterly check-ups to continue to monitor progress and increase your potential for success. Just like your doctor would encourage a once-a-year medical exam, your business should undergo the same type of an annual check-up as well. How can you possibly gauge the effectiveness of your business operations or your marketing campaigns without an in-depth analysis of the overall ‘health’ of your operation?”
Here are five quick benchmarking questions you should be asking yourself in order to know and analyze your business’ vital signs:
(1) How do your sales for 2009 compare to 2010?
(2) What percentage of your business comes from repeat customers?
(3) How long has it been since you offered a new menu item or promotion?
(4) Do you consider your marketing program an expense or an investment?
(5) Are your employees happy and what is their turnover rate?
After considering these five questions, how would rate your restaurant operation on a scale of 1 to 10? Where do your customers rate you? Just as important, where do your employees put you on a scale of 1 to 10? Anything below a 9 means there is need for improvement and you are losing customers to a competitor that takes the overall health of the business very seriously. How do you measure up against the competition?
A successful restaurant doesn’t just happen; it’s planned for and executed. A thorough analysis of both your finances and your company website is a great place to start—at Synergetic Finance, we do a thorough analysis of your web and financial data to identify opportunity and risk. We provide business intelligence resources necessary for long-term growth and success. Unless you know how well you’re doing in comparison to your competition, you are putting your business at risk. In today’s economy, customers are finicky—if you’re not attracting them and retaining them, someone else is!
Do you currently do anything in your business to keep track of its health on a regular basis? When you own or operate a business, you can’t ignore aches and pains. You need sophisticated reports showing where they come from and how to prevent them from coming back.