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Episode 2: Business Health Check

Review and Renew: The Jersey Business Podcast

Wednesday, February 17th, 2021 - 17 minutes

Welcome to Review and Renew, a brand-new series of podcasts brought to you by Jersey Business. We’ll discuss how we can do business better, how we can achieve our goals, and make our businesses more resilient. In each episode, we’ll be talking about one aspect of business today, drawing on the knowledge and expertise of local business leaders.

In this episode, we are going to find out more about giving your business a health check – an exercise to help you understand where your business is right now. Joining us is Daphne East and Kenny Sillars.

Daphne is currently the Commercial & Operations Director for Easenmyne, heading up the sales, marketing, and purchasing teams. Daphne has been in foodservice for most of her career, first as a Head Chef working all over the world, and then in the retail and commercial sector. She is a former Town Centre Manager for St Helier and was instrumental in the establishment of the Jersey Retail Association. 

Kenny is Head of Business Advisory Services at Jersey Business. He has spent 15 years in Jersey’s finance industry working primarily in Corporate Banking and Relationship Management for some of the UK’s best-known High-Street banks. He has a significant knowledge and understanding of the financial needs and pressures businesses may find themselves under.

We hope you enjoy this recording and find the series informative and inspiring. 

Would you like to refer back to any of the questions? For ease, below are the key questions and time stamps.   

1.    Who should be taking a Business Health Check? – 01:30

2.    Hospitality and retail are two of the industries hardest hit by the pandemic. Is this the sort of thing those types of businesses should be focussing on right now? – 02:20

3.    When are the best times to undertake this sort of review? – 03:30

4.    What is actually involved? What sort of information do businesses need to have to hand to make it valuable? – 04:15

5.    Is this something you should do on a regular basis? – 05:20

6.    Are Directors aware of their legal duties in relation to the health of their business?  – 06:10

7.    What’s the best way to go about conducting a health check? And how much time should it take? – 07:20

8.    Is this something you can organise internally, or is it better to get a pair of outside eyes on the job? – 08:10

9.    What sort of things are typically being thrown up during a Business Health Check at the moment? – 08:50

10.    A lot of business owners or managers may not want to know what the health check reveals. What’s the advice to them? – 10:30

11.    Is there a cost to doing this? – 11:40

12.    Who, in the business, needs to take part in a review like this? – 12:15

13.    Once you’ve got the outcomes of this type of review, how do you go about communicating the results to the company as a whole? – 12:40

14.    Is the health check as relevant in good times as it is in crisis? – 15:25 

For further support, advice, and useful resources, visit the Jersey Business website.

Listen to the other podcasts in this series on the Jersey Business website, through Channel 103, Spotify, or on Apple Podcasts.

 

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