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East Midlands Chamber News

Health for Wealth

The Government firmly believes small to medium sized businesses are the powerhouse of the British economy. That is why they are funding a free independent service, using a Business Performance Diagnostic to help you gauge how your business is shaping up and what you can do to improve it. Part of the Business Performance Diagnostic is the diagnostic review, which is the first process and will be undertaken by your Business Link Adviser – this is the first step to getting your business checked out and developing a tailored programme for improvement. There are four main steps to improved performance: 1.Benchmarking – A rigorous exercise measuring 78 areas of your business and comparing performance in strategy, planning, financial controls, sales and marketing, HR, against other, similar businesses. 2.Strategic Action Plan – your adviser will help you develop a structured plan that links your business’s goals with practical solutions, detailing resources and milestones you will need for progress. 3.Support Specification – In some cases you may require outside help, your adviser will refer you to specialists who can work with you to implement your plan. This may involve some cost but can easily be written into your action plan. 4.Strategic Review – 12-18 months later your adviser will come back to conduct a review session, access your performance and review progress. This is an excellent opportunity to benchmark your business again. Terry Anderson, Managing Director from Pinxton based ECS Engineering said, “I run a business in Derbyshire employing 90 people. We’d been in touch with Business Link over a number of years and decided on a diagnosis to get a third party view on how effective our marketing was and how we could improve our profitability”. “The outputs were very good. Most importantly they’ve helped us improve profitability and the effects haven’t just been short term, the board now tracks and reviews the targets we set on a monthly basis and we plan to use the diagnosis as a regular part of our internal processes”. This process will take time and commitment from the participant but the outcome will greatly benefit your business and aims to increase your bottom line. If you feel that your business has the capacity and resource to undertake the Business Performance Diagnostic and would benefit from taking part, please contact Business Link Derbyshire on 0844 443 2150 for an appointment with a business adviser.