The beginning of a new year is a time when many of us will make
resolutions, some resolutions are intended to improve aspects of
our personal life and some are professional life-based
resolutions to achieve certain goals. Among the personal and
professional resolutions you may be making, consider a
resolution to improve the health of your business.
Business wellness is just like personal wellness, when your
body, mind and spirit work together to maintain complete health;
likewise, business wellness happens when all elements of your
business including income, receivables, cash flow, debt and
taxes are working together to keep your business at optimum
health so you can sustain growth and profitability. And, just as
the best way to maintain personal health and wellness is to
exercise, eat well and take time to relax, there are keys to
planning for and maintaining business wellness. Two important
planning tools to maintaining business wellness are a financial
snapshot and a business roadmap.
Financial Snapshot The first step toward business wellness is
creating a complete and accurate view of your business'
financial position; knowing the financial health of your
business right now allows you to begin the process of planning
for its future. A financial snapshot includes your sales,
expenses, debt, leases, insurance, taxes, etc. It's important
you know the core costs of your business, where every dollar is
coming in from and where it's going. The snapshot is the initial
step to know where your business is financially, at this moment.
Business Roadmap From the numbers that determine your financial
snapshot, you can then create a cash flow model for today and
into the future; this is your business roadmap, your financial
plan. Your business roadmap enables you to project and plan for
how your business should perform in future weeks, months and
years. It enables you to plan to buy new equipment, hire staff,
restructure debt, apply for capital or expand your location. The
business roadmap is vitally important to the success of your
business.
Achieving Business Wellness The financial snapshot and business
roadmap are the key tools you need to be knowledgeable and
informed about the financial health of your business, where it
is today and where you want it to be in the future. These tools
enable you to meet your goals confidently and with peace of mind
about the stability and success of your business. Here's to
business wellness in '06!
About the author:
Monte Zwang is a principal of Wellness Capital Management,
providing cash flow and financial strategies to businesses in
the wellness industry. Monte has been a consultant for more than
25 years, teaching entrepreneurs and company leaders in health
care, real estate, food and beverage, day spa, resorts and
hotels, and retail industries the strategies of cash flow
management. For more information visit:
www.WellnessCapital.com
