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Manage business more effectively, save resources, and increase overall profitability. Regularly planned business assessments in several areas can help your company meet all of these needs.
Assessments are important for any small business aspiring to grow and succeed. They help measure the direction in which the business is headed. Following are several examples of areas that can benefit from assessments, thereby strengthening the business.
The SWOT analysis
The SWOT analysis is a method that is used to assess and review the Strengths, Weaknesses, Opportunities and Threats faced by a business across its operations or in a particular area. The SWOT analysis reveals how well the strengths and weaknesses of a business align with the opportunities and threats it faces in the market. When reviewed, SWOT reveals the:
Conducting the SWOT analyses helps identify key elements that contribute to better business planning. It assists in establishing objectives and goals that are realistic and achievable. SWOT analysis can also help businesses gain an understanding of their performance in relation to competitors.
Small businesses may be completely dependent on their IT infrastructure for several reasons. It may be a critical component to their own operations or to the services provided to clients. Regular reviews and assessments are necessary to keep IT performance optimized. IT assessments should include steps to –
Sales or Business Forecast Assessment
Sales forecasts help small businesses make important decisions, especially regarding investments. Forecasting tools identify and provide business owners with insight such as information revealing that a business is on track to meet 25% of its annual sales target in a specific month. Armed with this information, business owners can choose an appropriate course of action, including ramping up infrastructure to meet service or product needs, or hiring additional resources if required.
Sales and business forecast assessment are particularly important for start-up businesses or companies which lack historical data.
Business Continuity Assessment
Ensuring growth is a continuous process. Business continuity management is a practice that must be addressed if a company aims to expand in the near future. As a business grows, measures must be implemented to ensure that a company’s existence is not dependent upon a single individual. A business continuity assessment should evaluate areas such as process documentation, planning, strategic development, communication and training, and emergency contingency planning.
Analytix Solutions can assist in providing your business with assessments in all of these areas. For more information, please contact us at email@example.com or at 781-503-9002.
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