As many of us try to keep ourselves afloat while working from home, some businesses are doing exceptionally well, while others are at the brink of extinction. The difference? Those that question their progress and assess their business holistically are the ones that prevail. The organisations that recognise what works in their business and work on what doesn’t are the ones to survive in the long run. Too many times were are told of the benefits of a business assessment and SWOT ↓ Analysis. But this time the necessity of getting it done, is critical.
Today’s never-before-seen times are bringing to the foreground a massive shift in macroeconomics. And this shift is widespread. Fundamentally, it crosses all categories, including the geopolitical environment, economics, unemployment and inflation rates. And the frightening factor is, most of these are not in our control. Critically, these shifting factors can have the potential to either sky rocket or diminish the very foundation on which a business was built on.
But there is something you can can control. That is, what you can control, is how you prepare and review your business. And importantly, also how you react to these factors. Crucially, when business activity is slow, this is the crucial time to evaluate and assess. Use this time to go through, with a fine tooth comb, your business processes and operating models.
10 Critical Questions to Save Your Business
But before you get the all-important Independent Business Assessment, you can find out for yourself the current position of your business. Fundamentally, you can get a glimpse into the functionality of your business. Basically, it involves you conducting your own self-assessment with these 10 critical questions.
- Has working remote become a “new norm” for you?
- ARE MY TEAMS PLAYING TO THEIR STRENGTHS?
- How can your business become more resilient with uncertainty in the market and workplace?
- HAVE YOU DONE A SWOT ↓ Analysis in the new norm?
- Do you have visibility into the health of your processes, activities and workforce?
- Are there additional opportunities to automate your business process to optimise remote work activities?
- What do you need to do to set up your operations and people to “wow” customers in the ever-changing (remote) market?
- How would your employees describe working at your company?
- What about your customers, how would they describe doing business with your company?
- How can you better train your people to perform activities virtually, as needed?
ARE MY TEAMS PLAYING TO THEIR STRENGTHS?
One of the most valuable aspects of an effective SWOT Analysis is it can also be done your team. Team SWOT Analysis’ can do the same for Leaders and Managers wanting to assess the productivity of their employees. It provides insights based on behaviour strengths and weaknesses. Additionally, it also sheds light on what challenges the team may face. And subsequently, it also reveals what opportunities are present but perhaps are underutilised.
Benefits of Independent Business Assessments
Business Assessments are crucial to the growth of your business at any time. But more so, business assessments are critical during uncertain and changing times.
In the context of our current global situation, every business will need to consider ways to optimise costs. Additionally, to look at ways to be more operationally efficient in order to better prepare for unforeseen factors.
POWER OF PROACTIVE PLANNING
Proactive planning can help you become more resilient as an organisation. But it will also help you establish a solid advantage over your competition!
A detailed business assessment is the most valuable tool in proactive planning. Basically, it provides a thorough and clear representation of the current capabilities of your business. More over, an effective Independent Business Assessment should be across all your core business functions, holistically covering:
- Governance, Direction and Risk
- Strategy, Planning and Succession
- Culture, Leadership and Management
- Marketing and Sales
- Business Development and Customer Service
- Organization Design and People Management
- Operational Management and Productivity
- Business Systems and Information Technology
- Legal Compliance
- Measurement, Monitoring and Reporting
- Financial Management and Performance
- Self-Assessment Questionnaire
As the first step in any business transformation, assessments are ongoing. It is essential to do one now to help your company through the current climate of uncertainty and continuous change. But remember, business assessments are critical pandemic or not. Ask yourself, “Do I want to be better prepared for the next macroeconomic challenge?”. If the answer is yes, then a business assessment and SWOT Analysis should be part of your business operations. Call the 1300 833 574 or email firstname.lastname@example.org to get your Independent Business Assessments with SWOT Analysis Workshops booked in.