{"id":7612,"date":"2016-08-19T10:01:33","date_gmt":"2016-08-19T10:01:33","guid":{"rendered":"http:\/\/rb.dev.caspianmedia.com\/uncategorized\/2016\/08\/19\/not-sure-whether-your-firm-is-a-healthy-one-heres-how-to-keep-the-corporate-doctor-at-bay\/"},"modified":"2018-10-08T07:41:23","modified_gmt":"2018-10-08T06:41:23","slug":"not-sure-whether-your-firm-is-a-healthy-one-heres-how-to-keep-the-corporate-doctor-at-bay","status":"publish","type":"post","link":"https:\/\/realbusiness.co.uk\/not-sure-whether-your-firm-is-a-healthy-one-heres-how-to-keep-the-corporate-doctor-at-bay","title":{"rendered":"Not sure whether your firm is a healthy one Heres how to keep the corporate doctor at bay"},"content":{"rendered":"
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Image:<\/em> Shutterstock<\/a><\/p>\n

Some of us will have readMichael Gerbers E-Myth , which shows how processes are the key to working on your company, instead of in your company<\/a>. But although it may be one of the most popular business books of all time, there is one point of advice that many have butted heads with: Youll be able to read your firms health chart by the flow of the numbers .<\/p>\n

Indications that your company is built to last are a bit more complicated than a healthy balance sheet. Numbers don’t chronicle morale, low ethical standards or obsolete technology. But if thats the case, then how do you know you’re on the right track <\/p>\n

To determine our own health, we go to the doctor and get a check-up. Doctors will often look at key indicators like blood pressure and heart rate. With the same concept applying to firms, we unveil seven factors to keep an eye on.<\/p>\n

(1) Corporate values<\/strong><\/p>\n

An article from the Harvard Business Review once suggested companies enjoying enduring success have a core purpose, as well as values, that remain fixed while strategies and practices endlessly adapt to a changing world<\/a>.<\/p>\n

Core ideology is the glue that holds a company together as it grows and changes,” it claimed. Core values are essential and enduring and purpose is said to be the organisations fundamental reason for being. The second component of the vision framework is the envisioned future. A company must identify bold stretch goals; then it should articulate vivid descriptions of what it will mean to achieve them. <\/p>\n

It may have been written in 1996, but each mentioned component is equally as important for the modern business. The articles biggest message: clear goals allow everyone to understand the purpose of the company and their roles within it, which results in a healthy culture.<\/p>\n

(2) A little bit of conflict <\/strong><\/p>\n

Healthy debate and constructive criticism are essential to a companys growth. It may sound odd, but having a culture of yes men will cause the business to stagnate and inhibit innovation. <\/p>\n

Instead, it’s been said that great companies have the ability to handle conflict well . Leaders of such firms expect, want, and respect conflict and debate. But that doesnt mean the office should be open to brawls and careless words. A deliberate structure for conflict should be created. For example, by appointing devil’s advocates to challenge decisions. <\/p>\n

Conflict is the mechanism through which most businesses do the best thinking, and if youve mastered the art then you’re definitely on the right track.<\/p>\n

(3) A good reputation<\/strong><\/p>\n

The reputation of a business is essential to its survival the trust and confidence of the consumer can have a direct and profound effect on more than a companys bottom line.<\/p>\n

Indeed, while an intangible concept, having a good reputation can benefit a business in a multitude of ways including support in times of crisis or controversy and influences the future value of the company in the marketplace.<\/p>\n

Acing this sector requires listing to what your customers are really saying and getting in on the conversation via social media. If theyre satisfied with your offering, then you are resonating with your market and have a strong base for the growth of your business. Repeat business from the same customers speaks even louder than social media praise.<\/p>\n

Continue to find out how engaged staff and varied clients will boost your company’s health.<\/strong><\/p>\n

<\/p>\n

(4) Engaged staff<\/strong><\/p>\n

Fostering enviable company culture is achievable in a few steps, and once youve got a handle on it staff turnover will decrease and word of mouth praise will spread. The miracle solution Employees need to feel like they really matter. They arent just people filling tasks, they are the culture, systems, ethics and language of your company.<\/p>\n

From the top to the bottom, people need to communicate and they need to feel respected a clear-cut sign that your business is in good health.<\/p>\n

More importantly, the journey towards true engagement is ongoing, so leaders need to provide the tools employees need to get there as it will give them a powerful reason to stay and work to the best of their ability.<\/p>\n

(5) Varied clients<\/strong><\/p>\n

While it doesnt hurt to have that one major client on-board that can wow others when you bring it up in a conversation, what happens when you suddenly find yourself sans said client <\/p>\n

As such, you will want to see a client list that includes consistent, new clients coming in, combined with repeat clients. That way, if there is ever a drop-off in one aspect of clientele there will still be enough clients to sustain the business through the downturn.<\/p>\n

Its a bad sign if all the clients for a company comes from one single segment so spend your time proactively spreading your risk by diversifying. Also ensure you dont fall hostage to currency fluctuations by focusing on one specific part of the globe.<\/p>\n

(6) Technology that isnt outdated<\/strong><\/p>\n

From your PCs to the office printers, your technology is fundamental for virtually every aspect of your day-to-day operations. So it wouldnt hurt to stay up-to-date, not necessarily with the latest trends, but to ensure your business doesnt crash because your system can’t handle a certain amount of users or because your computers were just plain old.<\/p>\n

Regularly review your IT systems and ensure youve got a handle on cyber security.<\/p>\n

Furthermore, groundbreaking technologies are being developed almost every day, and it would surprise you how affordable most can be.<\/p>\n

(7) Caring work environment<\/strong><\/p>\n

Thriving companies have employees who enjoy going to work each day, and those employees feel as if they are making an impact with their contributions to the company.<\/p>\n

If you want to know if your employees are satisfied, ask questions, get feedback and remember to implement some of their ideas.<\/p>\n

The bottom line is that your team must believe in the mission and goals of your company. An employee who gets discouraged and loses faith essentially gains the will to move on. Meanwhile, employees who feel valued and appreciated by their leaders are infinitely more likely to go above and beyond for the business.<\/p>\n

The health of workers is just as important though. In fact, some 34 per cent of Britains workers are frustrated with employers and have pointed fingers at businesses for adding to the risk of obesity among employees<\/a>, according to findings from Willis PMI Group.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

While running your own business may seem like “the life,” it’s not all fun and games. With it being easier than ever to make a nose-dive after garnering success, it’s important to step back and assess the health of your business from time to time.<\/p>\n","protected":false},"author":7,"featured_media":7613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[11014],"tags":[2018,2019,2020,2024,2021,2022,2023],"class_list":["post-7612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interviews","tag-company-health","tag-debate","tag-employee-engagement","tag-interviews","tag-reputation","tag-technology","tag-values"],"views":976,"_links":{"self":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/7612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/comments?post=7612"}],"version-history":[{"count":0,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/posts\/7612\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media\/7613"}],"wp:attachment":[{"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/media?parent=7612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/categories?post=7612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realbusiness.co.uk\/wp-json\/wp\/v2\/tags?post=7612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}