Process of Business Assessment in Small Business Consulting
The first step to a successful business is to assess your opportunities and find ways to deal with problems that hinder the growth of your firm. There are several business assessment tools available to assist in your evaluation.
The tools should provide you with a scorecard from which to rate different perspectives of your business including People, Sales, Marketing, and Operations among others. The scorecard is essential in measuring the challenges, results, and available opportunities.
The results of your rating are used to lay the groundwork for the development of your strategy. The strategy on the other hand enables you to give priority to areas that allow you the biggest return on your investment.
Steps In Small Business Assessment
1. Analyze Your Company Performance
Avail copies of your profit and loss statements and balance sheets for the last two years to your consultant. The consultant uses the information to create a benchmark for which the firm must reach.
2. Focus On The Company Challenges And Other Issues
Write down a list of challenges that the business is experiencing along with other issues that are impacting on your business performance. In addition, provide background information of each challenge to assist in giving insight into your business workings and the cause of your challenges.
3. Develop A Forward View Perspective
Put together a list of the desired results you envision for your business. Your set goals and dreams of your business provide a foundation for searching for opportunities that match with your business. Discuss these ideas with a business strategist or advisor and look for ways to maximize the use of your resources to achieve the set goals.
4. Consolidate The Challenges And Visions To The Scorecard
Go back to the scorecard that was created at the start of the business assessment. Add all the challenges, opportunities, and visions on the scorecard. Remember to cover all facets of your business inclusive but not limited to operations, production marketing and financial. The scorecard should provide an all-round and insightful overview of your business.
5. Review The Scorecard
Sit down with your business advisor and review the challenges, opportunities, and other issues affecting your business. Create separate lists of your strategic and tactical goals. Moreover, strike a balance between the core functions of each department as it relates to People, Operations, and Marketing among others.
From the analysis, look for areas that require greater attention. Look for gaps in the performance of each of the departments and look for ways to bridge the gaps. In the same breath put in place strategies to move the firm from its current standing to the desired position in future. Cap the business assessment process by looking at actionable ideas that you can pursue to achieve the strategies that you have set in the earlier steps.
Call (762) 448-9049 for Small Business Consulting.
