Monitoring the mood of your business

When we think of audits, we often think of accounting but in your business, there are a great many areas that should be regularly audited to ensure a positive ‘mood’ within your business.

What do we mean by ‘mood’? There are many factors that go into a successful business – good governance, innovative product, and services, engaged employees, to name a few. Checking to see if the basics are being handled well and processes in place are the first step of checking the ‘mood’ of your business.

Key areas to check as part of an internal audit should include:

  • Franchise and royalty audits
  • Process audit to assess various business functions
  • Compliance audit to provide assurance all regulations were being met
  • Corporate office audits to ensure all areas relating to finance are operating correctly
  • The ‘basics’ – something as simple as ensuring territory maps for franchisees are up-to-date and correctly drawn. Something as simple as the wrong boundary could cost your business precious time and resources, and impact on your franchisees.

Aside from these critical areas, it is important to look beyond just the policies and processes.

An important part of this is talking to employees and key stakeholders to determine insights into how your business is running and what improvements should be made. Confidential, one-to-one interviews can be the missing piece in the puzzle of something may not be working or provide insights into how it could be improved.

Once these checks and interviews have taken place, it is now important to determine how you can run your business more effectively, digitally and with a holistic approach – vital to ensuring the ‘mood’ of your business is forward-focused and positive.