If you are planning to grow your business in 2014, then you should review how your business operates and see where you can make improvements.
The business review should analyse how efficiently your core operations are functioning, how well management and employees perform, if you are losing or gaining ground to your competition and how well your business communicates with your customers and the outside world.
To conduct your business review, here are some questions you should answer before you start making plans for the next year.
1. StrategyDoes your business have a business plan for at least the next year?
Do you know what your key goals will be for the next year?
Do you know the biggest challenges facing your business?
Are you aware of the biggest opportunities for your business?
2. Planning & Performance ManagementDo you have a performance management system in place with specific targets like a budget?
Do you have a set time each year when you analyse the results and base decisions for the next few months on this review?
3. ManagementDo management understand the strategy and the long term objectives of the business?
Do management know what is expected of them and what role they have to play in the success of the business?
Can management communicate the business strategy and objectives to their staff and motivate them?
4. Human ResourcesDo you know if your staff are happy?
Do they feel like they have a future in your business?
Could the business survive if you lost a couple of key members of staff?
Could the business survive if you, the owner or director left?
5. Financial ControlDo you have sufficient money to keep the business going?
Do you need additional funds to achieve your goals?
Are you getting the right information from your financial teams to manage your business?
6. OperationsDo you think the business could be run more efficiently?
Are customer complaints taking up too much of management or staff time?
7. MarketingAre there marketing channels that you cannot measure performance?
How can the business improve marketing return on investment?
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