Once your business is established and running well, you may be inclined to let things continue to run as they are.
However, it's actually time to plan again. After the crucial early stages, you should regularly review your progress, identify how you can make the most of the market position you've established and decide where to take your business next. You will need to revisit and update your business plan with your new strategy in mind and make sure you introduce the developments you've noted.
This guide takes you through this essential process, detailing the stages you should go through to assess how well your business is performing, highlighting your strengths and areas that could be improved and suggesting the actions you need to take to implement the improvements that you've identified.
Why it's vital to review the progress of your business
Assess your core activities
Assess your business efficiency
Review your financial position
Conduct a competitor analysis
Conduct a customer and market analysis
Use your review to redefine your business goals
Models for your strategic analysis
Breaking down your strategic review
Why it's vital to review the progress of your business
It's easy to focus only on the day-to-day running of your business, especially in the early stages. But once you're up and running, it can pay dividends to think about longer-term and more strategic planning. This is especially true as you take on more staff, create departments within the business, appoint managers or directors and become distanced from the everyday running of the business.
Reviewing your progress will be particularly useful if you feel:
uncertain about how well the business is performing
unsure if you're getting the most out of the business or making the most of market opportunities
your business plan may be out of date, e.g. you haven't updated it since you started trading
your business is moving in a direction different to the one you had planned
the business may be becoming unwieldy or unresponsive to market demands
Answers & Comments
Answer:
Once your business is established and running well, you may be inclined to let things continue to run as they are.
However, it's actually time to plan again. After the crucial early stages, you should regularly review your progress, identify how you can make the most of the market position you've established and decide where to take your business next. You will need to revisit and update your business plan with your new strategy in mind and make sure you introduce the developments you've noted.
This guide takes you through this essential process, detailing the stages you should go through to assess how well your business is performing, highlighting your strengths and areas that could be improved and suggesting the actions you need to take to implement the improvements that you've identified.
Why it's vital to review the progress of your business
Assess your core activities
Assess your business efficiency
Review your financial position
Conduct a competitor analysis
Conduct a customer and market analysis
Use your review to redefine your business goals
Models for your strategic analysis
Breaking down your strategic review
Why it's vital to review the progress of your business
It's easy to focus only on the day-to-day running of your business, especially in the early stages. But once you're up and running, it can pay dividends to think about longer-term and more strategic planning. This is especially true as you take on more staff, create departments within the business, appoint managers or directors and become distanced from the everyday running of the business.
Reviewing your progress will be particularly useful if you feel:
uncertain about how well the business is performing
unsure if you're getting the most out of the business or making the most of market opportunities
your business plan may be out of date, e.g. you haven't updated it since you started trading
your business is moving in a direction different to the one you had planned
the business may be becoming unwieldy or unresponsive to market demands