Just like we maintain our fitness by taking antibiotics when required, we need to administer antibiotics to our Business to ensure the good health. Every once in a while, businesses suffer from loss of momentum due to various reasons. That is something every business owner should get used to.



When a business slows down, it is usually due to an internal infection. It is an indication that the business needs proper administration before the infection spreads and becomes serious. Like our body, the business too shows signs that indicate a poor health.



The below points explain how to maintain business health step by step from identifying the disease to deciding the right medication and confirming recovery:

Symptoms of Inflammation or Infection: The first step is diagnosing the disease through observing the signs and symptoms. Like human beings, frequently appearing symptoms in a business may be alarming. For instance, increased borrowings, inability to reduce the debt obligations and constant reminders from the creditors, etc. are all the symptoms of poor financial health of the business. This is the sign of a serious problem that needs to be answered on the dot.



Identifying the Parts Affected: Taking same example from the above point, poor financial health impacts not only the economic condition, but also other areas of the business. For instance, when there is sudden rise in requirement of a product in the market, a financially weak business will find it difficult to increase the production and fulfill the consumer demands. As a result, the business is at a high risk of losing ground to the competitors. Thus, business owners need to identify areas that have been subsequently affected as a result of bad financial condition in order to take appropriate measures.



Finding the Correct Antidote and Antibiotic: Taking wrong medication can result in serious side-effects. Similarly, if a business implements wrong solutions, it is likely to suffer damages. The above two steps can be performed by the business owners using their in-house resources. However, these next four steps are recommended to be carried out by a specialist business consultant. Like a physician, the consultant will examine the illness that the business is suffering from. He will then suggest the right antidote and preventive steps, without disrupting the ongoing business operations.



Deciding on the Dosage: Overdose of antibiotics has harmful effects on the health. Similarly, a good consultant will never suggest improvements more than required. For example, Businesses having a poor financial health, need to borrow additional funds in order to recover from losses and resume the business operations. The consultant examines the financial position of such businesses and suggests the right amount of funds to be raised. He then warns the business owners to not borrow funds beyond the permissible limit in order to save the business from the burden of debt in future.



Deciding on the Duration of the Treatment: Like dosage of medicine, the duration of treatment also determines how quickly a business will recover. Even after the consultant’s service period is over in the organization, the healing process of the business continues. The consultant outlines a map explaining different stages of treatment and the time duration of every single activity to be carried out. However, if the improvement process is performed longer than required, it will increase the expenses, consume time and interrupt the business operations. Therefore, business owners are advised to stick to the suggested duration of improvement process.



Confirming Health Recovery: Once the business begins to accelerate and returns back to the normal working condition, it is confirmed that the consultant’s solutions have successfully worked. For example, financial health recovery can be confirmed by looking at the financial statements and analyzing the financial ratios such as liquidity ratios, solvency ratios, profitability ratios, and return on investment.





To Sum Up, Every business goes through tough times due to severe competition, unpredictable market conditions and various other reasons. All a business owner needs to do is introduce a methodological approach for problem solving that helps resolve the issues without disturbing the current business operations. In case of serious complications, it is always recommended to hire a specialist business consultant.



Businesses should implement these steps during both the good times and the bad in order to maximize the profits and minimize risk. Using these steps can help the business to emerge in a much improved condition, which will likely lead to long-term growth.





About the Author



Anand (@ananddamanica) is a Serial Entrepreneur and Startup Advisor with over 20 years of experience in the Manufacturing Sector, International Trade, Custom software, Web & Mobile App. Development. He has provided IT integration guidance to over 200 SME & Startup Clients across the globe. A Chartered Accountant by education and an Entrepreneur at heart, Anand has a knack for simplifying 'complex' problems. He shares his expertise in business and management, and also writes about his passion– Yoga, in his blog: www.ananddamani.com/blog



He believes Yoga is not just exercise for mind & body but a Philosophy, that should be applied in life as well. You can reach him at: anand@ananddamani.com.