Much has been spoken about the economic downturn that has come as a result of the COVID-19 outbreak. In our opinion, the key to operating a successful business and making money in an economic downturn or recession is to know where your business performs well and where it can improve.
The ‘signs’ of a healthy business are sustainable profits and strong trading cash flows. Whereas, the ‘symptoms’ of a business underperforming and at risk of being ‘infected’ by a recession or downturn, include declining sales and high fixed costs.
People who care about their health visit an expert – their Doctor. Business owners who care about their business should similarly visit an expert – their Business Adviser to complete a business health check.
If you haven’t felt the impact of COVID-19, all the better as prevention is better than cure!
To ensure your business remains healthy and continues to prosper in these uncertain times, you should undertake a business health check to protect your business from the full effects of a potential recession and better prepare you for recovery. MGI South Queensland can assist you with a business valuation and evaluation technology which includes a Risk and Value Driver Assessment Questionnaire.
The Questionnaire acts like a health check and grades your business in terms of its risk and pinpoints opportunities for value improvements.
Below is a sample of the many topics covered in the Questionnaire:
The team at MGI South Queensland have specialists available to help you with all aspects of business growth. Contact us to provide you with a copy of the ‘Risk and Value Driver Assessment’ Questionnaire as a starting point and we will help your business thrive, not just survive.
Disclaimer: this information is of a general nature and should not be viewed as representing financial advice. Users of this information are encouraged to seek further advice if they are unclear as to the meaning of anything contained in this article. MGI South Qld Pty Ltd accepts no responsibility for any loss suffered as a result of any party using or relying on this article.