One of the most difficult things for companies to do at the end of the year is a physical fitness review of the past 12 months’ performance in order to right what was wrong and re-invent what was status quo.
Key areas to check include:
1. Corporate Health: How well did your company’s purpose, position, differentiation and brand awareness work this year? Is it sustainable throughout next year? Is your leadership position strong enough to withstand competing forces? What is preventing growth? What do you have to do to accelerate revenues for 2013?
2. Financial Health: Are your cost and retail prices flexible enough to withstand volatility in the economy and a possible tax increase, along with consideration for the introduction of Obamacare? How will you offset health insurance costs especially if you have more than 50 employees? Is your financial picture stalling or accelerating your growth?
3. Employee Health: Your employees are your most important assets and can provide much-needed feedback. How do you enhance morale? Are employees and management on the same wavelength? Are you marketing your company to attract the best staff possible? Which employees are under- or over-achieving?
4. Customer Health: What do your customers say about you? Would they recommend you to others? Does your advertising speak to them? What great experience are you giving them that they would never expect? How are you maintaining their loyalty between their buying cycles? Do you know your most frequent customers by name?