Your business might be profitable, your market share might be stable and everything at your company might seem to be in good order, but is your company truly as productive, efficient or as profitable as it could be?
Could your sales or customer satisfaction levels be higher? How about employee morale–could it be better? Is there anything you can do to help your employees work better, faster or smarter?
You cannot possibly know the answers to these or other critical questions unless you conduct a periodic strategic analysis of your entire enterprise, evaluating it thoroughly from the top down to determine which processes and systems can be optimized further to boost your company’s performance. Continuous process improvement is not possible unless your firm takes a critical inward look at its systems and procedures from time to time.
A Focused Analysis of your business should examine each and every aspect of your enterprise, including operations, finances, workflows, inputs and outputs, efficiencies and inefficiencies, client satisfaction, employee morale and more. This analysis will reveal any gaps, bottlenecks or sources of waste that might require the application of additional internal or external resources to address.
There is nothing wrong with admitting your company has some processes or some systems that require modification to become more efficient or more effective; every company has some weaknesses or gaps. It is the wise business owner who faces this reality takes proactive steps to implement cycles of continuous improvement. Company leaders who actively monitor the health of their companies and strive to optimize their processes can help to boost productivity and profitability.