Business Needs Analysis

The business Needs Analysis is the cornerstone to your strategic plan. This overall strategy will then need to be worked into a detailed strategic plan.

Conducting this analysis, you need to focus on the following:

• Operations
• Financials
• Marketing
• Human Resources
• Product Development
• Production Processes

Now, Review your market and competitors and combine the data into a one page SWOT Analysis to highlight your business strengths, weaknesses and external opportunities and threats.

This overall strategy  is then worked into a detailed strategic plan. Every component such as marketing, advertising, sales, OHS, and others, need to detail how you are going to achieve your goals.

You also need to understand which KPI’s  you are measuring. This allows you to adjust accordingly if your goals are not being met. It certainly does come back to “measure, measure, measure…” Document everything you measure in your plan and you will be halfway to reaching your goals.

Accountability & Strategy Execution

Everybody in the organisation should be accountable to the strategic plan.

Implementing a balanced scorecard for your organisation and then reviewing all KPI’s for the business from the tangible to the intangible is the most accurate way of measuring the engagement level of the organisation.

Have I ensured that my people know where the organisation is going? Do they know the Mission and Vision? Are they as committed to the business as I am?

Communication is the key component to accountability. Put simply, as a business owner you need to use effective communication and work towards engaging the whole organisation.

The most effective way to measure this is through the establishment of KPI’s and monitoring their achievement on a regular basis

Cash flow

Development of better cash flow strategies can involve everything from increasing your leads and conversion rate, to reducing the amount of tax you pay or even working from home. Do you know all these strategies?  Do you know how to implement them or to determine which ones will work for you?

As with everything we have discussed to date, there is a need to “measure everything”.  Cash flow strategies are imperative to understand your business and its’ potential. You not only need to see what your current “Cash flow status” is but also to show what strategies are in place to move forward. There are many ways to improve your Cash flow position. Here are just a few:

• Collect debtors quicker (reduce terms from 30 days to 7 days)
• Increase Prices
• Stop Discounting
• Upsell
• Educate on value, not on price
• Increase profit margins
• Spread creditors
• Manage your inventory more effectively

Ready to perform your business health check?

Contact us to schedule your appointment.