Every business owner wants to ensure that their organization is in good health. They want a healthy business. But what exactly does that mean? And how do you give a business a “check up”?
At Fox & Partners, we take an approach that will seem familiar – that of a general practitioner. When you visit your GP, they will:
- Assess your overall health by conducting an exam
- Run diagnostic tests, such as a blood test
- Explain your results and any diagnoses
- Discuss any areas for improvement
- Prescribe medication or advise lifestyle changes
- Refer you to a specialist if necessary
How is this similar to our approach? We act as a “business GP” in a few ways:
- Examining any current financials that we can get a baseline understanding of a business’s current state.
- Identify areas for improvement, such as a new organizational and reporting system for your financials.
- Accessing our network to connect you with other great resources.
- Forging a long-lasting, trusted partnership so that we can help your business thrive both now and for years ahead.
Read on to learn more about our methodology.
Conducting an Exam
Just like your doctor would in your annual visit, we give your business a general examination to assess its overall wellbeing. We take the temperature of your business by running tests, but instead of using a thermometer or blood pressure cuff, we do this by diving deep into your financials.
Your monthly financials can tell us a lot about the state of your business, so we take the time to get your statements in order so that we can see the full story. This gives us a great overview and baseline of your company’s financial health so that we can formulate a well-informed strategy.
Helping You Understand the Test Results
When your doctor shares the results of your tests and exams, they likely give you the context to understand exactly what they mean. If your doctor draws your blood and discovers that your cholesterol is 180 mg/dL, for example, your doctor will let you know if that’s a little high, low, or just right; they won’t just give you the number and leave it at that.
A GP may also share the significance and reliability of a specific metric. For example, they may discuss your Body Mass Index (BMI) with you, but also explain that it isn’t always the most reliable metric and that more information is needed to make a proper health assessment.
We do the same when we share your updated financials with you. For example, is your EBITDA good or bad? We’ll walk you through the reports, helping you to gain a full understanding of the numbers and what they mean. This will help you see the full picture of your financial health.
Diagnosing Problem Areas in Your Business
If your doctor orders blood work and sees that your cholesterol is a little high, they may give you some advice to improve your diet, an exercise plan, or maybe even medication. They’ll also use your peers as a benchmark to determine what is common for someone of your age and sex.
We take a somewhat similar approach. With the information we get from our “exam,” we can see what areas we need to focus on. We’ll see what systems need improving, and what the best course of action is. We also take your industry, size, and location into account.
This can take many forms, such as freeing up channels of cash flow that have been previously untapped or setting up a database so that every item on your balance sheet clearly ties back to to correct source documents.
We also act as a sounding board and provide feedback along the way. We partner with really great, smart people who often know the solutions to their problems, but still need someone to talk things out with. We’re happy to provide that support.
Forming a Long-Standing Relationship
Most people want to find a doctor who they can forge a long-standing, trusted relationship with. We have the same approach with our clients. We don’t want to limit ourselves to organizing your financials and then leaving the rest to you. A doctor understands and respects what test results mean on a human level, and more than just numbers on a page. We see your financials with a holistic understanding of their impact.
Additionally, visiting the doctor can be daunting. The rooms are often cold, the lighting is harsh, and the whole process can feel overly clinical. But if you can find a doctor who puts you at ease and introduces an element of warmth to the experience, your visits will feel much more positive.
That’s why we make a concentrated effort to become true partners for a business who will help them find success for years to come. Sometimes this means once again accessing our network to find a great addition to a client’s team, or other times it can mean leading fundraising efforts. It can even be as simple as recommending a great book that will lead to new ways of thinking. We make a point of introducing that element of warmth and putting you at ease, making a potentially “clinical” experience much more human.
Whatever that looks like for the specific client, we want to find ways to add value and forge a lasting partnership.
Referrals
If your general practitioner sees that you have a complication with one specific area of your health, they’re likely to refer you to a specialist such as a cardiologist or dermatologist. We do the same.
While Fox & Partners prides ourselves on being a great, well-rounded resource for your business, we also know that some problems need a very specific skill set. That is where our excellent network comes in. Whether you’re looking for a new hire or just a temporary advisor, we can introduce you to the right person to help you with any specific, niche business challenges. And we don’t just connect you and run; we foster those relationships, making introductions and acting as a bridge while you form your own connection to ensure things go smoothly.
If you want to learn more about our approach and how it can help your business, please set up a call with us today.
