The New Jersey Redevelopment Authority, in collaboration with state, regional and local partners, will host a virtual workshop to evaluate the health of your small business on Sept. 12, from 10 a.m. to 12 p.m.
“The Wellness Check – How to Evaluate the Health of Your Small Business” course is designed to provide small business owners with practical knowledge and skills to assess the overall health and performance of their ventures.
By focusing on key performance indicators (KPIs) that measure growth, profitability, and resilience, participants will gain valuable insights and strategies to enhance their business operations.
Guest speakers for the virtual workshop include: Rose Marie Iskowitz, CEO & Digital Revenue Strategist, ClickStartBiz; Alex Rivera, Director, Center for Economic & Workforce Development, Innovation & Social Entrepreneurship, John S. Watson Institute for Urban Policy & Research; Wayne Staub, Chief Business Officer, New Jersey Business & Industry Association.
By the end of the course, participants will be able to achieve the following learning objectives:
- Understand the concept of business health and its significance in driving success.
- Conduct a comprehensive assessment of their small business, evaluating various aspects including financial, operational, marketing, and customer satisfaction.
- Identify key performance indicators (KPIs) relevant to their specific industry and business model.
- Analyze and interpret financial statements, such as income statements, balance sheets, and cash flow statements, to assess financial stability.
- Implement strategies for improving cash flow management, reducing costs, and increasing profitability.
- Develop a marketing evaluation plan to analyze the effectiveness of current marketing efforts and explore opportunities for growth.
- Utilize data analysis techniques to identify trends, patterns, and potential risks in their business operations.
- Evaluate the competitive landscape and conduct a SWOT analysis to identify opportunities for differentiation and expansion.
- Create an action plan based on the evaluation outcomes to address weaknesses, capitalize on strengths, and explore new avenues for growth.
- Embrace a culture of continuous improvement by implementing feedback mechanisms and monitoring progress over time.
Goals:
- Equip small business owners with the skills and knowledge to assess the overall health and performance of their businesses.
- Provide tools and techniques to identify strengths, weaknesses, opportunities, and threats within their business environments.
- Enable small business owners to make data-driven decisions by understanding key performance indicators and relevant metrics.
- Foster a proactive approach to addressing potential issues and challenges in small business operations.
- Promote the importance of continuous improvement and adaptation to enhance the sustainability and growth potential of small businesses.
To register for the virtual workshop, click here.
