When was the last time you reviewed your business? Have you ever actually undertaken a full review of your business?
Whilst you might be hitting your income and profit targets now, the market around you is evolving and this impacts your clients’ needs and the competition in which they can obtain your services from.
By regularly reviewing your business, you open your business to the opportunity of cost savings, increased efficiencies and increased staff retention, all whilst future proofing your business.
Cost savings from a business review come in many forms . They can be obtained from simply smarter supplier arrangements and purchasing habits, effective workload allocations, generating work practice efficiencies and creating effective structures and resourcing levels.
Without reviewing your business, you may not realise that money or time spent is being wasted. For example, at one organisation I reviewed, an administrator was ordering the same stationery and office amenities on a weekly basis without taking stock. This resulted in a store room filled with items that were out of date and in over supply. A change in ordering processes resulted in a $60,000 saving in the first year.
Whilst looking at your work practices to increase efficiencies can lead to a restructure and save costs, it can also provide the opportunity to increase revenue. By freeing up time in your staff, your staff can generate more revenue and develop further skills in any new areas in which you would like to expand.
Undertaking a review of your business allows you to identify both high and low performing staff, uncover what is frustrating your staff as well as what your staff value. It gives you the knowledge to reward your staff appropriately, challenge them where they need to be challenged, allocate workloads appropriately and provide them an environment that is conducive to the success of their own goals in line with the success of your business.
If we look back at our own life, we can see significant changes in technology, fashion, politics and much more. Similarly, over the life time of a business, the approach of staff and management, technology and market trends, competitors and competitor offerings, policies and other key success factors of an organisation change and evolve. By regularly reviewing your business and the market it operates in and acting on the knowledge you obtain, you become more agile and create a future proof business.