Quick Guide to Doing a Strategic Business Review

A Strategic Business Review is an audit, or health check, of a company’s current financial and operational position.

The aim of a business review is to find areas in the business that need to be corrected and then work out ways to do it.

By carrying out your own business review you can look into areas that are concerning you and develop real, workable solutions to the problems before it’s too late.

It is part of working on your business rather than in it.

Gain valuable insight into your business with a business review

Identifying, understanding, and solving problems in your business is critical in delivering sustained growth and profitability.

A systematic analysis of the key areas of your business can help to highlight performance issues, helping you to understand what your problems are and why it is important to fix them in order to drive the success of your business.

What areas need to be covered by a business review?

A thorough analysis of the following key aspects of your business should be undertaken:

Management
Marketing
Finance
People

The review should also examine other critical issues that may affect your business, including:

Competition
Market dynamics
Creditor and stakeholder expectations and objectives
Legislation affecting the business and industry in general
Lender considerations

Identifying and understanding the issues in your business is the first step in its transformation. The next step is creating the step-by-step plan, process and action solution needed to solve those issues.

The business review plan

Once you have completed the business review you need to create the plan on how you intend to address and fix the issues found in each of the key areas.

Fixes may include updating your marketing plan, developing a cashflow forecast, or applying for finance to invest in new equipment.

The plan should detail how the fixes will be applied, who will manage them, the resources required, and when they will be done by.

Need help to review your business?

If you want some help to carry out a business review get in touch today. Email [email protected] or call us on 0800 975 0380

Make a strategic change in your business

Whether your business is treading water or advancing but without direction, our free Business Analysis will help you take stock, diagnose issues, and identify a strategy for the future.

Quickly examine the 4 core pillars of your business and identify the areas that are holding your business back.