How a business review can keep your business strong
Starting up a business can be easy, but keeping your business successful and profitable in the long run can be challenging. This is where a business review can help.
A business review should be undertaken on a regular basis, monthly or at least quarterly, to assess the current business situation. A more thorough and in-depth review should be undertaken probably once or twice a year. By implementing a business review strategy you will be able to identify problems early, before they escalate into real issues. This will help you and your managers address them quickly.
Defining the business plan
A business review can help improve business performance by pin-pointing problems, as well as opportunities. A review should include all aspects of the business, so that a total overview of the business can be had, from finance, human resources, marketing to operations it should also be part of the overall business plan.
The business plan should outline the overall strategy of the business, including specific financial goals. However, it should not be written in stone and businesses should review the plan on a regular basis. Sometimes a new business opportunity may arise and then the plan would need to be adjusted.
Other business review resources
It is possible to undertake a business review on your own, but there are also many resources in the UK to help business owners. Many free resources can be found on the internet. However, sometimes it makes sense to hire professional business consultants, who can not only bring expertise to the table, but in many cases can bring a different point of view.
A simple tool to assess the current status of any business is to undertake a SWOT analysis. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. Just by jotting down on a piece of paper the aspects of your business that fit each heading, you can see where your business stands. At this point, a professional business consultant can help outline a strategy to address some of the issues you have pin-pointed during the SWOT analysis.
The SWOT analysis is also a good tool for businesses that are encountering difficulties. This simple analysis, especially by focusing on ‘Weaknesses’ can be a good starting point in developing a turnaround strategy.
Assessing why your business is not doing well, is the first step in figuring out what you can do to turn it around. Your business problem could be internal or external, or a combination of the two. Internal business practices can be improved by conducting a business review. External business pressures can include analysing your business sector – who are your competitors? What are they doing? Why are they performing better?
All these aspects of the business review can help in formulating a business strategy and since the business keeps changing, it is important to keep the business review and strategy current.
DISCLAIMER This blog / article is for information and interest only. It is not a substitute for full professional advice, which will take account of the specific and individual circumstances surrounding your matter. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information.
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