How is your business doing? Many business owners, no matter how long they have been in business, have a difficult time answering this question because they are unaware of how to measure the true health of a business from an outside perspective. Just like your personal health care, business owners should sit down at least once a year and perform an unbiased appraisal of their business and its finances.
The Small Business Development Center at Grayson College recommends that business owners perform a “Business Health Check-Up” on a regular basis. The process includes completing a basic questionnaire to identify issues that may have been overlooked or are outdated, reviewing a list of warning signs of a troubled business, measuring business performance year to year and using important financial ratios to see if the business is financially stable for the long term. If problems are identified, the next step should be working with a business adviser to locate resources which will address those problems.
The Bonham Chamber of Commerce in conjunction with the BEST/FEST Small Business Committee will host a breakfast meeting from 8 a.m. to 9:30 a.m. on Feb. 28 in Bonham at Cappy’s Café. The meeting is open to all Fannin County businesses, and Karen Stidham, director of the Grayson SBDC, will present a “Business Health Check-Up” presentation. For more information or to register to attend the meeting, contact the Bonham Chamber of Commerce at 903-583-4811 or by email at email@example.com.
The Small Business Development Center at Grayson College is a cooperative program of the Small Business Administration, Grayson College and the State of Texas. SBDC’s provide free one-on-one consultations and free or low cost training programs to small business owners and entrepreneurs who want to start or grow a business.