How to Assess Your Business to Develop Better Strategies

A Business Assessment Should Not be a Personal Assessment

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How do you assess your business and what do you do with that information? Do you update your business plan only when there is a crisis? How do you develop and implement business strategies? If you have advice to share to help other business women struggling to keep their own businesses going please share your tips, advice, anecdotes, and resources.

How to Assess Your Business

The most important rule when assessing your business is to completely separate the business from yourself. A business assessment should look at the strengths and weaknesses of your business - not your own or that of your partners and employees (those assessments should done be done independent of a business assessment).  

A more personal assessment on how your business decisions will affect you and your family (i.e., whether or not to stay in business or to make personal financial sacrifices to keep your business afloat during hard times) is an assessment that should only be made after you have determined the viability of your business.

To begin your business assessment, make a list that includes three columns:

• Column 1 - The Positives: List successes and things that are working well. This column is your "balance" column. An assessment or list that only contains the negatives is not focusing on the big picture.
• Column 2 - The Reality Check: List business goals that have not been met, specific challenges, and set-backs. This is your "reality check" column and should not contain personal statements that begin with "I." You are not looking to reinvent yourself, but ways to improve your business.
• Column 3 - The Assessment: In this column you will try to identify key reasons for challenges and divide each issue from Column 2 into two main areas: Things you can change; and things you cannot change.

For example, if you are trying to sell something consumers simply are not buying, you may not be able to change consumer trends, but you can change your product line.

Read the full article at:  womeninbusiness.about.com

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

Financial strategies for small business.

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