BUSINESS HEALTH ASSESSMENT
Business Health - What is it?
- A highly engaged and productive workforce
- A customer focused and collaborative culture
- A commitment to continous improvement, innovation and adaptablity
- Strong leadership and staff development practices
- Strategic alignment across all levels
- Robust financial performance
- A strong brand reputation
Why does business health matter?
The healthier your company, the more competitive advantage you have, the more engaged your team members are, the happier your clients are - all which fosters growth and resilience.
A business health assessment is an important tool for companies to understand how well your business is functioning as a whole, areas that are constraints to growth, and a means to identify areas to focus in on – and why.
Top Graph: The outcome of the assessment is a Business Health Index (BHI) that represents the department average score of 8 key departments every company can be broken down by (whether a start-up or Fortune 500).
- Human Resources
Each of the departments listed will have their own unique BHI and similar chart for quick view of areas requiring attention.
Bottom Graph: In addition, every question is categorized by either People, Process, Purpose, or Performance. With this detail, deliberate strategies and actions can be developed to improve departments and overall health of the business.
The following areas are evaluated:
Leadership: This includes assessing the effectiveness of the company's leaders in terms of setting a vision, communicating goals, performance and behavior traits, and leading by example.
Communication: Evaluate the effectiveness of communication within and between departments, as well as with customers and suppliers.
Culture: Assess the company's culture, including values, norms, and behaviors, and whether they support the company's goals, and the department sub-cultures that may exist and whether they are nested within the company culture.
Risk Management: Evaluate the company's risk management practices, including identifying and mitigating risks related to operations, finances, and legal issues.
By evaluating each of these areas and gathering feedback from employees, customers, and other stakeholders, you will gain a comprehensive understanding of your business health and quickly identify areas for improvement.