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.
It's easy to focus only on the day-to-day running of your business, especially in the early stages.
When it comes to your business' success, therefore, developing and implementing sound financial and management systems (or paying someone to do it for you) is vital.
Updating your original business plan is a good place to start.
The best option is to balance your ability to respond rapidly with a clear overall strategy.
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This will help you decide whether the actions you take are appropriate or not.At the same time, it is important to remember that while reviews of this kind can be very effective - they can give your business the flexibility it needs to beat off stiff competition at short notice - it is important to think through the implications of any changes.In the new phase of your business you'll need to plan your finances and resourcing carefully at all times.From that strategy you would have been able to produce a marketing plan to help you meet your objectives.When you're reviewing your business' performance, you'll need to assess your customer base and market positioning as a key part of the process.Premises Businesses often fail because of poor financial management or a lack of planning.Often the business plan that was used to help raise finance is put on a shelf to gather dust.Questions you might want to ask include: It's doubtful whether you will be able to answer these questions on your own - involving your professional advisers, your fellow directors and your senior staff will all help to make your review more effective.A good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide.At this stage you should ask yourself if there are any internal factors holding the business back, and if so, what can you do about them?Consider the various aspects of your business in turn.