Business Analysis: A Starter Pack for Improving Business Practices

When you started your business, you probably had a very clear idea of what you wanted that business to be. However, as they say of the best laid plans of mice and men, your perfect vision of your business may not have turned out exactly the way you expected.

Don’t be discouraged by this — it’s the nature of every project. Plans go wrong, deadlines aren’t met, wildly unexpected things appear to throw a wrench in the works. The true mark of a successful business isn’t how close they get to that perfect vision on the first try, but how they’re able to correct for mistakes and how quickly they get back on course when these inevitable mishaps occur.

That’s why business analysis is so critical. It forces you to pause and take stock of where you are and where you’re going, and, most importantly, what you can improve.

To that end, we’ve outlined some brief questions that help foster a meaningful, effective business analysis to make your company more like the one you envisioned when you started out.

Ask yourself this:

  • Do I have clear, actionable goals for my business?
  • Does every process that my business undertakes support those goals?
  • Have I, thoroughly and recently, investigated other processes that may be more efficient in helping me reach my goals?
  • Do I have consistent, repeatable evaluation standards in place for each process that my business uses?
  • Are all of my business’s needs being met? Are there areas being underutilized or aspects that are underdeveloped?
  • Have I effectively prioritized resources to optimize results?

If you realize that you don’t have answers to any of these questions, then you’ve pinpointed areas that merit further investigation. Even if things are going well right now, an insightful analysis can find subsurface problems in your business before they turn into a full-fledged crisis.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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