Evaluate Your Business Performance With These Business Health Checks And Readiness Program
Just like individuals need a health check and our vehicles need regular servicing and sprucing, a business needs a routine health check-up too, to evaluate the business performance.
Once an entrepreneur starts a business, he gets busy running the business, managing the daily operations and working on the numerous aspects of the business. But it is necessary to work ‘on’ the business too along with working ‘in’ the business else the business can become susceptible to problems whether financial, operational, or any other.
A health check of the business performance is essential for busy entrepreneurs to identify areas of improvement and work on them to increase the business revenue. But first, it is vital to understand what a business health check implies.
What Is A Business Health Check?
A business health check refers to a comprehensive evaluation of the business performance and the crucial elements of the business. A health check assists entrepreneurs to question and examining the various aspects of the business to identify the areas of improvement and helps entrepreneurs to concentrate on and implement remedial actions to strengthen these areas of the business. In short, a health check provides a comprehensive diagnosis of the business and provides tools as remedial steps to strengthen and improve the business.
The health check to evaluate a business helps to look at the following and assist with the-
- Performance of business
- Develop strategies to improve the business
- Analyse the business risks and control them
- Evaluate legal requirements and compliances of the business
- Track past and present loans
- Assess loan readiness of the business
- Appraise the marketing strategy
After assessing all the above areas of a business, the health check also helps with ways to improve the overall business performance.
DeAsra, with its aim of helping small businesses grow and expand, has several tools to assess the performance of the business. These tools help entrepreneurs conduct a thorough health check of their business. These tools are described in brief below and can easily be accessed to conduct a health check for your small business.
Business Performance Evaluation Tool
- The Business Performance Evaluation tool is for small entrepreneurs with an annual turnover of Rs lakhs to Rs 1 crore.
- This tool helps determine problem areas via an evaluation at periodic intervals and take suitable precautionary actions.
- The tool also helps to set up a structured business, thereby saving time and resources in the long run.
Funding Readiness Assessment Tool
- The Funding Readiness Assessment Tool is for any business owner, whether existing or new, who plans to raise a business loan.
- The tool helps entrepreneurs identify gaps in their loan proposals that future funders might pinpoint and object against. These gaps can adversely affect the approval of the loan for the business.
- Subsequently, the tool also provides suggestions and solutions to bridge the gaps in the loan proposal and helps entrepreneurs attain a funder’s view while preparing a business loan proposal.
The Business Loan Readiness Program (BLRP) offered by deAsra further helps evaluate and assess whether a business is ready to raise a loan and helps them put everything in place in order to raise the funds that they need. The BLR Program is a group session with a limited number of participants that helps businesses prepare themselves for funding by having a personalised interaction with experts discussing crucial aspects and basics of funding, learning about how to establish business identity, and achieving financial formalisation and digitisation of business.
The Program has the following features-
- Helps businesses learn everything about funding including the sources of funding, the process of applying for funding, and the creation of loan proposals.
- Additionally, the BLRP assesses each business individually to evaluate its readiness to raise funding and suggests ways to improve the creditworthiness of the business.
- In the end, the experts at the Business Loan Readiness Program help businesses take the necessary steps to establish a financially fit business identity.
The USP of the Business Loan Readiness Program is that it has been designed in consultation with experts from Banks and NBFCs (Non-Banking Financial Companies) thus bringing in the years of experience from these professionals in evaluating the creditworthiness and credit readiness of a business.
This Program is for all those entrepreneurs who have their own business and who want to raise funds for their business by evaluating the business performance and readiness of the business to apply for funding. The comprehensive program educates entrepreneurs all about funding and helps them make their businesses ready to apply for loans for their business.
Business Compliance Assessment Tool
- A vital assessment of the business performance of any business also includes checking whether the business is adhering to the basic compliances required for the business.
- The Business Compliance Assessment tool helps understand what are compliances and what rules like certification, standard, registration, specification, or law a business needs to follow as stipulated by the Government.
- The Business Compliance Assessment also ensures that the business is aware of the compliances related to business entities, human resources, trade and recurring compliances and conforms to the necessary compliances. The mandatory, as well as necessary compliances required for a business, are listed in detail here.
- The Business Compliance Assessment can be taken by small business owners across India.
Marketing Plan Assessment Tool
- The Marketing Plan Assessment tool can be used by existing small business entrepreneurs whose business has been operational for more than a year.
- This tool can also be used by businesses that are facing marketing issues.
- This tool improves business performance by familiarizing the business with components such as customer segmentation, product positioning, competition, pricing, etc.
- The tool also helps businesses understand the seven basic components of marketing.
- It also helps them evaluate their marketing plan and inculcate changes to deliver the expected result.
- Entrepreneurs can access the Marketing Plan Assessment tool easily to evaluate their business performance.
These are the MSME tools that can help businesses conduct a health check to gauge the business performance and to further strengthen and improve the business by identifying the problem areas.
Experts from deAsra can help you with your business health check too.