Articles

Taking time to assess your business

July 19th, 2012

When did you last take a moment to stop & reassess your business?

I’m not so much talking about your business plan, but an overall assessment in a number of key areas.   If you’ve been in business for a number of years then this is just as relevant, in fact probably more so, than for a start up.   Start ups tend to ‘grow’ into their business & sometimes areas can be overlooked, or bad habits gained.

In assessing any business I review a number of areas that I see as key.   Similar to the balanced scorecard in earlier articles the assessment looks across the business as a whole, not just in one particular area.

So what areas would I look at if I was assessing a business?

  1. Structure
  2. Governance
  3. Staff
  4. Advisors
  5. Strategy
  6. Internal analysis – sales & marketing
  7. Internal analysis – people
  8. Internal analysis – Systems & IT
  9. External analysis – Customers
  10. External Analysis – Competitors
  11. External Analysis – Suppliers
  12. Risk
  13. Facilities
  14. Disaster Management
  15. Succession planning
  16. Immediate issues

As you can see the list is quite extensive but by looking at these areas in more detail opportunity & risk can be identified & dealt with.  It is much better to have a clear understanding of what impacts on your profitability & also where your activity should be focused.

If you are interested in completing a full business assessment  contact PlanA Consulting for further information.

 

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