Analysing is the first out of 4 key steps to grow your business. It is the root of any strategic approach. External analysis leads to the identification of new opportunities and threats. Internal analysis provides a diagnosis that emphasises the company’s main strenghs and weaknesses. Confronting the potential of a company’s environment and its potential brings the possibilities and options for action.
WHERE IS YOUR COMPANY TODAY? WHERE WILL IT BE TOMORROW?
- How can I make my company more successful?
- What conditions encourage my company’s development?
- What is our best environment for growth?
Use your business model to generate value:
Reinventing your business model doesn’t require new technologies or the creation of new markets. Innovation alone can lead to change in reply to the following questions: What products or services should we offer? When is the right time to make a decision? Who makes those decisions and why?
Identify your groxth opportunities:
The ability to generate and identify opportunities is one of an entrepreneur’s most important skills. This need to produce new, useful ideas means that creativity is the foundation of the entrepreneurial process.
Define your objectives :
SMART objectives are key to positive growth. All successful companies have specific, measurable, achievable, realistic and timely goals to help determining what their future looks like.
Define your key success factors :
Before focusing solely on your future growth, you need to make sure you are on the right path. Make sure that your company is viable and profitable. Forecast results for at least the next three years.
This analysis also called strategic diagnostic is used by managers and leaders to assess their investment projects and validate their growth strategies. This diagnosis implies a deep environmental analysis and a serious consideration of the competitiveness of the companies’ field of activities. It is a periodically but necessary exercise for every business and should never be exclusively conducted in-house. It can only be achieved with an external actor, acting in confidentiality and without pre-conceived notions.
Find the next step (2/4) by clicking here.