To evaluate your company’s health, the financial factor is the one you will most often assess. It is essential, but there are other factors that you should pay attention to. Following are a few questions you should ask yourself in order to develop and maintain stable company health.
Evaluate your company’s financial health
You know that a company’s success is based on positive financial results. It is an essential step, not only for your company’s survival but also for future projects. It would be complicated to initiate a collaboration with a partner or a new client if the finances are in the red.
Does your company have a good auto-financing capability? Can it reimburse its debts? How is your revenue evolving? Is your pay rate increasing each year?
Regularly ask a complete report to your financial services to know on which areas to focus on, the topics to improve and the actions to correct. You can find the KPIs that are essential to follow in the subsequent article.
Follow your commercial performances
Keeping an eye on your commercial performances is very important to understand which direction your company is taking. These performances are measurable through multiple indicators.
The most important one is the conversion rate, which represents the number of new clients compared to people you have prospected. The higher it is, the better will your company’s commercial activity be.
The conversion rate is calculated at each step f the prospection channel. You will then see which step of your conversion tunnel bring you the best results and which points are to improve.
Acquiring clients is something, keeping them is another. The client retention rate allows you, in an eye glance, to deduct your offer’s quality: a satisfied client does not search anywhere else, which ensures your company’s sustainability in the long-term.
Globally, to understand how your company is doing, you should focus on the global image your company projects and its notoriety. Are you published in any news? Do you have positive critics?
Favor your employees’ well-being
Simply focusing on financials and numbers without any regards to your employees’ well-being is a significant mistake that any CEO cannot commit. The human side of it remains the most important factor in a company’s sustainability.
Do not neglect the well-being of the office – it includes management, workflow, ambiance and feeling useful.
Do not hesitate to appreciate your employees’ work, include them in decision processes, favor the perspectives of professional evolution. If possible, be flexible on the working hours or the working location. Reinforce team spirit and the feeling of belonging, with team building activities.
Content collaborators imply less stress, an efficient way to build loyalty and better company performance. A stronger performance means better health.
Opt for the best work tools
Building on the previous paragraph, offering the best work tools to your employees will allow optimizing productivity time and will facilitate the distribution of tasks.
Multiple IT tools allow you to guarantee solid company health. Dashboards, for example, are an excellent way (for both your collaborators and you) to have a global vision of the data you need – very practical to follow your activities’ condition and your objectives in real time.
Favor as much as possible collaborative tools to gain time: live chats, video-conferences, online office suites…
Ensuring your company’s stable health requires to concentrate on all the aspects that allow it to exist.
18 February 2019