While this is a medical term its every bit as relevant in business and how to prognose a business❓
✅You conduct a business assessment
As we know, things change so much these days. In fact the only constant is change and it’s important to embrace the change. However knowing what to change is key.
A business assessment is something that should be conducted regularly to ensure your business is delivering on it’s promise to its customers and ensuring it can continue to do so, knowing all the internal and external risks that need to be continually mitigated against.
It sure can be a juggling act at times, but no matter how much things change, or how bad things seem. There is always something that can be done. The strategy for business assessment usually starts with a deep dive
The 6 pillars I like to target are
✅Leadership
✅Strategy
✅Internal Operations
✅Customers
✅Suppliers
✅Sustainability
Look for what
✅Is working well
⛔️Is not working well
🌀 Needs to change
Once you do that deep dive, proceeding assessments become simpler as you have created a baseline from then on it’s about tweaking the dials. This will also have you prepared for substantial fluctuations in the marketplace
E.g. the things we have seen over the last number of years
💥I often get asked why should sustainability be a major bucket to assess apart from being the right thing to do
💲When worked on effectively, there are substantial savings to be made not just with your business, but also your supply chain
I don’t usually put Finance as a pillar as its elements stretch across all
💥Financial results are an output of the assessment
I’ve often gone into companies, I’ve talked to multiple key stakeholders and when I ask what are the top 5 problems today. I get completely different answers . That’s why one of the first activities I do is a business assessment
So I can back what I need to do next with data. Yes I could easily just listen and do what they ask me to. But that wouldn’t necessarily be the right thing to do. Whatever you need to do in your business should always be backed up by data
Create a business assessment strategy in your business
Iterate by data and you will never go far wrong
#futurestateacademy #systemsthinking #business #sustainability #leadership #supplychain #strategy #change #businessanalysis #finance
