Whatever business one is associated with- be it information technology or insurance or health care- one can now easily and seamlessly gauge where one’s business stands and what curative measures one must adopt in order to whip it back into shape and make it grow. The market is thankfully swamped with numerous sophisticated tools that comprehensively and expeditiously perform health check-ups of businesses and help them hit the ground running again. Broadly speaking, a company’s business health boils down to its consumer base, working capital and IT systems.
In order to boost the sales of any product, it is essential for business owners to penetrate the awareness of their target customers, substantially gaining their trust and credibility. An effective, streamlined and integrated marketing action-plan can significantly bolster the brand reputation of any organization. In this age of globalization and IT, business owners are increasingly falling back upon smart, nimble web-marketing tools including search engine optimization, email marketing and Facebook as well Twitter market in order to build brand reputation and rope in prospective clients. However, for both smaller and bigger business organizations, conventional and age-old marketing tactics, including advertisement with renowned publications and distribution of marketing flyers as well as brochures, work just fine.
Working capital is crucial to the management of funds in any organization, as it reflects its ability to pay its debts or short-term liabilities on time. Successful and timely achievement of an organization’s long-term and short-term goals essentially reflects its sound business health and calls for effective working capital management. Poor liquidity or working capital can spell disaster on the health of a business, making it increasingly difficult for it to cope with its day-to-day expenses. Hence, it is of utmost importance to monitor and hold a vigil on an organization’s amount of working capital, including its accounts receivables and payables. Moreover, every organization must make a conscious effort to keep its working capital ratio as low as possible in order to maximize its profitability margins. A business owner must stay abreast of the latest trends of the target market and strictly avoid tying funds in fixed assets and stocks that are an anachronism now.
Due to absence of hindsight, business owners often miserably fail to judge the enormity of risks, associated with their businesses, hampering their growth in the process. Lack of smart action-plans to ward such risks off also contributes to the failure of businesses. This holds true for most SMEs (small and medium enterprises) that comprise the lion’s share of private sector enterprises in almost all the countries of the world. Failure to access modern, easy-to-use online tools accounts for the collapse of most of the businesses. What business owners do not realize is that they are just one click away from solving problems that need to be addressed immediately. There are certain integrated online tools such as Google Analytics, Omniture that can perfectly identify the reasons behind the sudden shift in traffic across the web. Web tools, including Alexa can work to the advantage of a company, giving it valuable information about its position in terms of web-traffic, traffic detail pages, related link pages and what people are primarily searching on the web. Alexa site audit, like webmaster tools, can crawl and analyze websites, giving in-depth visibility to search engines and insights into optimization, monetization and overall health status of business websites.
A business will jeopardize its own growth, if it loses sight of its consumer base. That is where a good PR campaign comes in handy. A business can flourish only when it accurately gauges the expectations and demands of its consumers. PR can do its tricks in different ways. Apart from traditional advertising, sales letters and face-to-face selling, well-executed PR tools can include press releases, guest columns, media interviews, workshops, seminars and public speaking engagements, which are highly instrumental in promoting and bettering the health of businesses.
Last but not the least, a small yet significant component of business health is Information Technology that handles all kinds of data, eventually paving the way for information. Infact, IT and business intelligence work hand in hand in order to accomplish all data related tasks that an organization is assigned with. IT is crucial to all the processes associated with Business Intelligence applications that primarily collect, preserve and extensively analyse business data. Infact, mission-critical BI applications can expertly churn out insightful information about new revenue generation opportunities from crude data they have at their disposal and target network expenditures at the most lucrative service areas. BI tools significantly slash unnecessary expenditures that business organizations stumble upon, improving their profitability margins and operational efficiency. BI is also effective in keeping a track of the performance levels of people across the entire organization, right from finance and HR to sales.