A business without a review routine is like a ship without a rudder. It is adrift.
Numerous articles have been written which define the merits of defining the elements of a “Business Plan.” In comparison, little information is available which defines the elements of a structured “Business Review.”
A business review makes possible the evaluation of the performance of a business and provides the basis for course corrections that align a business to its vision. Ideally for maximum effectiveness, it is a companion to a Business Plan; however, it can be conducted in advance of a Plan and as part of the process of developing one.
As a plan, a review also has its logic. The most effective process begins with an analysis of the present, proceeds with a look back into the past at both actions and financial performance and then looks ahead into new opportunities, emerging economic conditions and competitive activity.
Out of this perspective, key programs can be evaluated, actions can be defined, schedules can be set and priorities can be assessed. With actions set and assumptions made, a sales forecast can be made for the next quarter or quarters. This process in total allows the resources of the business to be aligned to the vision of the business much like that of a more encompassing plan.
Total Business Care offers guidance in conducting reviews. A “rolling” format which offers fluidity best fits young businesses. A more structured review tends to be best for more mature businesses. In either case, monthly reviews followed by more detailed quarterly reviews give owners and managers an ongoing perspective by which to guide their businesses.
If you wish to strengthen your role as captain of your ship and increase its performance, call TBC today to begin quarterly reviews with the guidance of one of our seasoned professionals.