When did you last review your business?

The business is up and running, you are focused on the day to day activities but do you know where the business is heading, or what is happening in your market sector. When was the last time you looked to the future?

The need to review your business is obvious, but is often put off, a lot of owners and directors will come up with a list as long as your arm as to why they can’t find the time to. Personally I think that is short sighted, having worked with and advised over 450+ businesses, the vast majority felt that standing back from the business and considering how the business was performing was critical. The review process helped them identify the strengths and weaknesses of the business, along with giving them clarity on what they needed to do to improve the business’s performance.

A key benefit of the review is that it will identify the gap between where your business is now and where you want it to be in say the next three years. Knowing and understanding what that gap is will help to identify what your business needs to do to achieve your goals.

A review is particularly useful when you can’t answer one or more of the following questions:

  • Just how well is the business performing?
  • What is happening in our market?
  • What will this business be doing in three years’ time?
  • What staff/skills will we need to meet the goals of the business?
  • How are we going to fund the future?

The list could go on (and does, but I will spare you that for now).

As someone once said to me “think of a review as the point in a journey when you stop to check your bearings.”

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