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 overall business operations performance.

A Wheel of Business is an adaptation of the popular Wheel of Life tool.

It is a deceptively simple tool used by coaches and consultants to collect data and deliver insights.

As a business owner, sometimes it helps to get a big picture view of how you are balancing the different aspects of your own business.

We make 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 attention.

What’s a Wheel of Business?

As you can imagine, a wheel of business gives you a birds eye view of the many aspects of a business:

  1. Financial – revenue, costs, profitability
  2. Marketing – raising awareness, prospecting, selling
  3. Planning – making budgets, forecasting, reporting
  4. Accounting – paying bills, receiving payments
  5. Customer service – doing what you promised clients
  6. People – culture, skills, satisfaction, motivation
  7. Operations Рinsurance, IT management, managing contracts
  8. Innovation – improving how we perform and sell
  9. and so on.

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

So, the first step to reduce overwhelm is to take stock.

wheel-of-businessThat’s where a Wheel of Business comes in (try it here).

It’s a simple and effective tool that measures your satisfaction with the various aspects of your business. Once you have a visual, you can then decide to take the right actions as per your preferences, priorities, and constraints.

You can use this with your clients too.

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

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

Using the Wheel of Business

The Wheel of Business template hosted by us here is meant as a template for subscribers.

But, it can also be used as a free tool if you’d like to use it for yourself. We just don’t offer advice or coaching on your results. We also may edit the questions over time as improve the template, and your data is only retained for 90 days. You cannot customize the wheel too (e.g. change the questions). So it’s best used as a one-time snapshot if you don’t have a subscription.

If you subscribe to Evalinator (view plans here), then you get to customize the wheel and use all the features.

Here’s how you would use it:

  1. Tailor the assessment
  2. Take the assessment (and get your team to take it)
  3. Analyze your aggregate results
  4. Set goals for yourself
  5. Track your goals

When you want to come back to check and update your goals, then you can simply authenticate yourself and you’ll be in!

As a subscriber, the wheel (and other assessments) will be dedicated to your business. You can make changes to the wheel to better reflect the unique aspects of your business. You will also have other complimentary assessments available to you (such as the software security assessment).

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 snapshots.

Take the Wheel of Business for a test ride! See plans here if you’d like to sign up for a free 14 day trial.

 

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