Partnership to Profit: How We Approach Business Analysis

Entering the world of entrepreneurship doesn’t come with a manual, but it does come with the ability to achieve gratifying success if the right steps are taken. As a start-up, you not only believe in your product or service, but you are committed to the challenge of growing an organization into a profitable and reputable entity.

Utilizing the methods and goals of fellow industry leaders may be helpful to a certain extent. However, your product or service is unique to you and your business and following the steps of a successful founder may not provide the best results for your company.

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Knowing Where to Tap

There’s an old story about a sawmill operator whose sawyer one day reported that the powerful saw no longer worked and production halted. Frantic, the mill owner contacted the saw’s manufacturer, even though the warranty was long over, and the manufacturer sent in an expert.

The expert looked at the saw for several minutes before taking a small hammer and giving it a few taps. The mill owner received a bill for $1,000. Outraged, he demanded an itemized statement. The revised bill came back, saying, “Tapping with a hammer, $25. Knowing where to tap, $975.”

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Performing a Business Analysis

A business analysis is a detailed description of a business; identifying problems and working out solutions. It may also include suggestions about process solution, organizational change, strategic planning, and developments in policy.

It is not just talk or speculation. The analysis includes aspects of systems engineering. It usually involves extensive data collection, documentation, analysis, establishing validity, critiquing software and making adjustments to meet systems requirements. A true business analysis can not be taken lightly. If it is done well, it might identify conflicts or inadequacies at the heart of your business, and may suggest radical solutions that can stave off business disaster.

There are several well-known forms of business analysis. These are three important ones.

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Business Advice: Two Heads are Better than One

When it comes to getting and giving business advice, there is no one-size fits all.  There is no one key to a successful business; why? Because a business is not a single entity, it is not a manufactured thing with one mind and one purpose. A business is a group (small or large) of individuals with a plethora of ideas, problems, feelings, etc. So what is one of the many pieces of business advice that can actually help a group of people who are working together to create a business?  One idea is to remember that two heads are better than one. Here are some ways you can utilize this way of thinking:

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