Review of a business can be seen from different perspectives – from the customers’ perspective and from the business owners’ perspective.
Both points of view are however very important, and this is the art of review – just a few words of sincerity aids the growth and drives
You should review your business always to be certain about how well your performance is, know if you are getting the most out of it.
Making use of market opportunities, know the direction it is moving to – if it is still maintaining the original path you created and to know if it is being responsive to market demands.
The beauty of review is how it drives your business to another level entirely. When self-reviewing your business it is important you ask yourself the following questions;
What is my direction? You compare where you are to where you want to go and the strategy you intend to use to get there.
What are my markets? Which market should I compete in now and in the future? How will they change where I am now and what do I need to get into these sectors?
What resources do I require to get into the success lane? The skills, finance, assets, relationships, facilities and technical competence needed to compete.
What are the changes since I started? Market advantage? How can my business perform better than the competition in the chosen
What is the business environment I am competing in like? What are the external factors that may affect the business’ ability to compete?
How can I measure success? How have I been measuring success? Measures of performance change as your business grows.
The answers to these questions aid a more effective review – the compilation of the review would be from the customer aspect and your side – if you have a team, you should involve them in answering these questions to gain a wider view and perspective.
A business review should help you assess the efficiency of your operations – the best option is to balance your ability to respond quickly with a clear overall strategy.
You should therefore inquire if there are internal factors holding you down especially from getting to the top in the competitive market.
Get to know your financial position – a lot of businesses fail because of poor financial management and you do not want this happening to yours, therefore, it is better to have a clear view.
Conduct a competitor analysis to have a clearer view of your competitors, what they are up to and their next move in the market.
Conduct a customer and market analysis – in some aspects of this is where your customers come in to play.
The intended market you have decided to sell to – your target audience – allows you to assess your customer base and market positioning as a key part of the process.
Through your review, you should note the changes in your market, changes in customers’ needs, new and emerging services, and changes in competitive activity and external factors.
This artistic method helps you to redefine your business goals, from where you are now to your destination and how you will navigate your way there.
It brings in the creative aspect to help you determine the model for your strategic analysis (SWOT Analysis) and breaking down your strategic review.
With the inputs of reviews bringing out the creative and design approach, you can say it is definitely an art that helps business grow.
Featured Image: thestaffingstream
Don’t miss important articles during the week. Subscribe to cfamedia weekly digest for updates.