As someone who operates in the business sphere, you’re likely familiar with the concept of a business assessment report. Typically delivered by a professional analyst in either oral or written form, it outlines the goings-on in your company. Further, it gives you an in-depth look at your company’s overall health and performance.
But have you ever actually taken the time to schedule an assessment?
If not, you shouldn’t put it off any longer, especially given how COVID-19 may be affecting your business.
Why Getting a Business Assessment Report Is Important
The primary purpose of getting a business assessment report is to learn how your company is actually doing.
You may be thinking, “That seems like something I should be able to do on my own. Why would I need to bring in someone else?”
The reality is there may be issues in your company you’re just too close to see—issues that could be getting in the way of your success. Additionally, various problems you’re experiencing could be traced back to something you wouldn’t expect. Furthermore, external influences (such as the current economic crisis surrounding COVID-19) can get in the way, making it difficult for you to see how your business is performing in the midst of the chaos.
Ultimately, having a professional analyst conduct an assessment of your company allows you to get an outside perspective. It reveals the true health of your company.
And with that knowledge comes the opportunity to…
- Make positive changes
- Improve on existing strengths
- Eliminate weaknesses
How do you know when it’s time to get a business assessment report?
Truthfully, you should schedule an assessment every year. Think of it like your annual physical—a way to stay on top of your company’s health and resolve issues that might otherwise become larger concerns.
However, circumstances may arise that call for more immediate action…
7 Signs You Need a Business Assessment Report Now
If you’re unsure as to whether a business assessment report is necessary, take a look at the list below. If any of the following apply to your current situation, you’ll likely benefit from a professional analyst’s insight.
1) Your Company Isn’t Expanding at the Rate You’d Like.
Like any business owner, you have a strong desire to drive growth and reach new heights with your company. However, doing so is no easy task.
There are several possible reasons your company may not be expanding at the rate you’d like. If your efforts to grow the business have proven unsuccessful up to this point, there’s probably some issue holding you back. Unfortunately, pinpointing and addressing the issue can be difficult if you don’t have a firm grasp of how your company is doing overall.
When growth has come to a standstill, getting a business assessment report is the next logical step. Otherwise, you run the risk of your company never reaching its full potential.
2) You’ve Become Stressed and Overworked.
Although wanting to do everything possible to make your company succeed is commendable, it can become problematic. Working too hard and attempting to handle everything on your own not only causes stress but also leads to inefficiency. As a result, your company could start to decline rather than improve.
Understanding where your focus should lie, what you can delegate, and how you can manage your time better is key to a healthy work–life balance.
With a business assessment report, you can get the insight you need to shape your role in the company, become more productive, and even rediscover your passion for your profession.
3) Your Staff Isn’t Meeting Your Expectations.
The quality of your staff has a huge impact on your company’s success. If your staff isn’t meeting your expectations, it could drag down your entire business.
The root cause of your employees’ failure to perform could be any number of things. For example…
- They may lack the proper training to do their jobs well.
- There may be problems with communication.
- There may be a feeling of entitlement among some employees.
Without knowing exactly why your staff isn’t delivering, there’s no way to resolve the issue.
That’s why getting a business assessment report is in your best interest, as doing so can tell you where your staff-related problems stem from so you can start building a stronger, more effective team.
4) You’re Worried about Your Company’s Future.
No one knows what’s going to happen in the years to come. However, if you’re worried about your company’s future, it’s likely because you lack a long-term plan.
For your company to move forward, you need to have a solid plan in place—one that keeps it viable and sets it up to survive hard times. If not, you wind up leaving a lot up to chance. Further, you risk your company falling apart once your time there ends.
By bringing in a professional analyst to conduct an assessment, you can discover the true health of your company, which allows you to make better decisions for your company’s future.
5) Several of Your Company’s Goals Have Gone Unreached.
Achieving both short-term and long-term goals proves that your company is on the right path. But if several of your company’s goals have gone unreached, it signals that something isn’t working.
For example, it could be the result of…
- Ineffective marketing
- Poor staff performance
- Improper pricing
The truth is that narrowing it down to one cause is difficult without a broad view of your company’s health. And if you can’t address the cause, the goals you set will continue to go unreached.
That’s why a business assessment report is so valuable. It can give you the information you need to make adjustments for greater goal-reaching success.
6) You’re Losing Revenue Every Year.
If you discover that you’re losing revenue every year, there are two possible explanations:
- Your market is dwindling.
- Your company is losing its share of the market.
With the former, you’ll likely need to readjust your business model. With the latter, however, you must determine why your company is missing out on sales.
In either case, it’s important to address the larger issue before you have no choice but to close down shop.
With a business assessment report, you’ll get key insight into whether your organization is performing at the highest level. If so, you can start thinking about restructuring your business model. If not, you’ll be able to target the cause of your company’s declining revenue and fix it.
7) Your Customers Are Leaving.
Your customers are the lifeblood of your business. So, if your retention rates have fallen and customers have started to leave in droves, you have a serious problem on your hands.
The reason for your customers leaving could be due to…
- Poor customer service
- Outdated or disappointing products/services
- Value issues
It may even be a combination of things. However, if you want to turn things around, you need to figure out which part of your business isn’t working as it should.
By enlisting the help of a professional analyst and getting a business assessment report, you can equip yourself with the knowledge necessary to address your customer-related issues and increase retention.
Bonus Sign: You’re Struggling to Navigate the COVID-19 Crisis.
There’s no question that we’re living and working in a period of uncertainty. However, that doesn’t mean you should let your business suffer. If you’re having a hard time figuring out how to navigate this crisis and adjust to the “new norm,” it’s well worth it to enlist outside help.
Getting a business assessment from a professional now can assist you in seeing what you could be doing differently. For example, you may need to reevaluate your business model or change up your marketing approach to hit on problems that are relevant now. As a result, you’ll be better equipped to not just survive this crisis but thrive in spite of it.
Although it’s recommended that you get an evaluation of your company’s health every year, there may be times when immediate action needs to be taken.
Right now, for instance, you should consider bringing in outside help to ensure your business makes it out of the current crisis in good shape.
Rest assured that getting a business assessment report from a professional analyst will put you in a position to make your company stronger and better able to weather any storm.
If it’s time for your company to undergo an assessment, don’t hesitate to reach out to the experts at Smart Business Doctor LLC.