If you’re like most entrepreneurs, you’re moving at a mile a minute. With so much to do to run a successful business, and even more to learn, it can be challenging to find time to develop the key strategies to move your business forward. Even if you did have the time, would you know what projects would move your business forward? A business assessment can help identify the business growth and development opportunities in your business.
A Business Assessment Delivers
There’s more to a business assessment than meets the eye. Some entrepreneurs assume a business assessment points out what’s wrong with their business. Although that’s one perspective, we prefer you use the business assessment as a tool to identify opportunities to grow your business rather than as a weapon against yourself or your business.
More importantly, a business assessment:
- creates clarity
- helps you learn
- allows you to plan
- promotes strategic use of your time
- identifies business areas to strengthen
- provides a foundation for smart business decisions
How to Use a Business Assessment
One of the greatest challenges with running a small business is taking the time to step back from your business in order to objectively evaluate what’s really going on. A business assessment provides the fair and impartial vantage point needed when making sound, strategic decisions about the direction of your business.
Select a business assessment tool that identifies insights for your size business. All you need is to run a google search for “business assessment” and you’ll have a plethora of assessments to choose from. Or, you can download the Core Business Assessment we created for service firms with less than $500,000 in revenue or manufacturing companies with less than $1.5 million in revenue. Even if your business has receipts greater than $500,000, it might be worth conducting the business assessment to uncover any opportunities to shore up your business.
Be truthful when evaluating the condition of your business. Although it’s natural for the always-optimistic entrepreneur to see the current status of their business through rose-covered glasses, it’s really in the best interest of your business to be objective during the business assessment process to get a clear picture of what’s really going on in your business. And, if you’re unable to maintain impartiality, admit it and engage a trusted advisor to assist.
Make note of your progress. Pay special attention to the elements of business development already completed. Give yourself credit for your achievements. Remember, a business assessment is not to berate yourself but rather to identify the next piece of development that awaits you. Growing a business is an ongoing learning opportunity. Your business assessment helps identify the learning on your horizon.
Identify the next best piece of business development. Although you’re likely to identify several focal points of business development available to you, it’s overwhelming to focus on too many aspects simultaneously. Select the one opportunities you can achieve within the next three months. By remaining focused on "the one thing," you'll find it easier to evolve and grow your business while maintaining the business you currently have without adding unnecessary stress to your life.
Repeat the business assessment process quarterly. Building a business assessment practice into your quarterly planning guides you through the growth and development of the essentials needed to grow your business to success that is sustainable and predictable.
A business assessment ensures your business has what it needs to deliver on your goals. It helps you expand and grow your business in a way that is smart and strategic. It provides a solid foundation for making sound decisions.
Most importantly, the real power of a business assessment is the process itself. It’s the time when you put your business on pause, step back from the day-to-day grind of running your business, to objectively evaluate what your business needs to make sure it’s headed in the right direction.