For many years, we usually started with our small business clients by doing a Business Assessment as an integral first step of a project such as Strategic Planning or developing new Marketing Strategies. We are now offering Business Assessments as a separate service to help B2B firms get a better understanding of the state of the business, what’s working, what’s not, the challenges ahead, and possible steps to move forward.
If a small business is not performing as planned, it’s not always immediately clear what the root causes are and what should be done to turn the situation around. A business assessment is very helpful to understand the current situation and the key areas for improvement.
A comprehensive business audit identifies the strengths and weakness of all important aspects of the firm, such as sales & marketing, product mix, target markets, finance, product development, differentiation, competitive position, product pricing, and operations. As a result of the business audit you’ll be able to make sound decisions about where you need to focus to improve performance, both for the short-term and the long-term.
We use a comprehensive process for information gathering and diagnostics to identify strengths and weakness, potential opportunities, and challenges ahead. Our independent perspective and experience as strategic business consultants on a broad range of engagements across various B2B industries enable us to provide you with an unbiased opinion about the state of the business.
Armed with the results of the business audit and our high-level recommendations you can make informed decisions about what to do. For instance, the Business Assessment can be followed by a Strategic Planning initiative or a project to develop competitive Marketing Strategies.
Key Elements of a Business Assessment
Our Business Assessment process can be customized to a company’s particular situation. Typically it covers most, if not all, of these topics:
- Goals and objectives
- Management interviews
- Product portfolio
- Target markets
- Differentiation and positioning
- Quick Insight Interview & Analysis
- Strengths, Weaknesses, Opportunities, Threats (SWOT)
- Strategic Competencies
- Competitive analysis
- PESTLE analysis
- Suppliers and the supplier market
- Major trends that may impact the business
- Sales & marketing processes
- Marketing collateral and website
- Organizational structure, roles & responsibilities
- Customer interviews or surveys
Benefits of a Business Assessment
A comprehensive, independent business audit can provide quick insight into the state of the business to support smart decision making.
- Better understanding of the state of the business
- Well defined length and scope of the engagement
- Short duration, quick turnaround
- Independent, fresh perspective