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7 Questions to Start the Year

You just might have been caught up in the biggest quarter of the year for many companies, with the majority of their sales coming in the Christmas rush.  Now that all that is over and you may have had a chance to catch a breath with family and friends over the holidays, it’s not too late to take a look at your business to understand where you are today and where you want to be in the future.  Here’s a short list of 7 questions to ask yourself and your management team.

7 Questions

  1. Do you have a business plan?
  2. Are you looking to grow your sales & profits?
  3. Is your management team satisfied with your engineering group?
  4. Are you effectively using technology in
    1. Sales?
    2. Operations?
    3. Office?
    4. Engineering?
    5. Human Resources?
    6. Marketing?
    7. Finance?
  5. Are you comfortable with where you are relative to new and existing competitors?
  6. Do you fully understand government requirements and market driven constraints?
  7. Do you have risk management plans in case of business interruptions?

Count your number of “yes” answers.  While there are 7 questions, 1 of them has 7 parts, so there are a total of 13 potential “yeses.”  Here’s a brief assessment of your company based on your responses.

11-13     Exceptionally prepared

8-10       In good shape—for now

5-7         Action needed

2-4         Major turnaround needed now

0-1         How long will you be in business?