What’s Your Wheel of Business Telling You?

In this post we’ll show you how you can use a Wheel of Business to quickly assess your “own” overall business operations performance.

As a business owner – whether it’s technology services, management consulting, or coaching – sometimes it helps to see how you are balancing the different aspects of your own business!

We are all making tools and frameworks for our clients, but often our own business needs the same love as well.

So it helps to take stock of which areas as being overlooked and may need some love.

What’s a Wheel of Business?

As you can imagine, a business has many aspects:

1. Returns – revenue, costs, profitability
2. Marketing – raising awareness, prospecting, selling
3. Financial planning – making budgets, forecasting, reporting
4. Accounting – paying bills, receiving payments
5. Client service (the core) – doing what you promised clients
6. People – culture, skills, satisfaction, motivation
7. Operations – insurance, IT management, managing contracts
8. and so on.

Not even established businesses can get everything working well at the same time!

The first step to reduce overwhelm is to take stock.

That’s where a Wheel of Business comes in. It’s a simple tool that you not only use with your clients, but also for your own business!

It gives you a snapshot of your business and helps you plan the short & long term goals.

For example, if you see that you really need to optimize your brand building efforts then you can set those goals and track them.

How Do I Use It? Is It Free?

The Wheel of Business hosted by us here is a free tool if you want to use it for yourself. It has 10 simple spokes that you can assess your business on.

If you want to make changes to it to better reflect the unique aspects of your business, or need to make the 10 spokes more detailed by adding sub-dimensions, you can sign up and simply customize the wheel. The advantage of doing that is that the tool will be dedicated to your business.

Here’s how to get started with the free version:

1. Take the assessment
2. Analyze your results
3. Set goals for yourself
4. Track your goals
5. The system will keep you accountable.

When you want to come back to view your results, check your goals and enter updates, simply click on “view your results”, authenticate yourself and you’ll be in!

To track your performance over time, you can take the Wheel every quarter, or the period of time you feel is reasonable for you to show tangible results. The system will allow you to see before-and-after pictures.

Now take the Wheel of Business for a test ride!