How to get the most out of regular business reviews

The initial business plan that was used to launch your business is probably hopelessly out of date by now as continual changes to your business’ vision are updated. You should consider meeting with The Business Minder to discuss new strategies to meet the challenges ahead. As your business grows, different problems and opportunities arise and demand different solutions. What worked a year ago may not the best approach today. All too often, avoidable mistakes can easily weaken your business. Every business needs to be alert to new opportunities. There are obvious risks to relying solely on existing customers. Diversifying your customer base spreads those risks. Continuing with the same business model, but bigger, is not the only path to growth.

There may be other strategic options that could provide better growth opportunities. It's important not to assume that your current success means that you'll automatically be able to take advantage of new opportunities. Every major move needs planning in the same way as a new business launch. By reviewing your business we can include improvements in your overall business plan while keeping focused on your initial business concept. Sometimes even that concept has to be restructured and revised with a significantly altered business plan. These changes and updates are not difficult to make. They just require some intelligent thought, planning and new decision making and can be done on a quarterly basis for best results.

Regular reviews create certainty about the direction of your business. I recommend this to you as it will reassure you that your business is running at its peak level of efficiency and ensure that you remain very much in control. You have to take charge as soon as you notice that your business is slowing down. You have the opportunity to rectify any downward trends and pull your business up from the inevitable threats and weaknesses that all businesses experience. Factors like a weak economic climate, customer base, supplier relationships, competitor activity, sales team conversions and marketing effectiveness can be analysed and measured.

I recommend quarterly reviews with annual SWOT planning reviews to help you to keep on track. In order to get the most complete, objective results, a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats matrix) is best conducted by a group of people with different perspectives and stakes in your business and by discussing together with The Business Minder. Management, sales, customer service, and even customers can all contribute valid insight. If you are a business owner you may well be wearing a number of these hats yourself. The SWOT analysis process is an opportunity to bring your team together and encourage their participation in, and adherence to your business planning strategy.

I suggest that we conduct a brainstorming session with you and your team to identify the factors in each of the four SWOT categories. As we work through each category, don’t be too concerned initially about the detail. Start with bullet points that can be expanded on later. Once we are finished brainstorming, we create a final, prioritised version of your SWOT analysis, listing the factors in each category in order from highest priority at the top to lowest priority at the bottom.

Developing Strategies from Your SWOT

When we have identified and prioritised your SWOT results, we can use them to develop short term and long term strategies for your business. For example, look at the strengths you identified, and then come up with ways to use those strengths to maximise the opportunities (this is a strength-opportunity strategy). Take a look at how these strengths can be used to minimise the threats you identified (this is a strength and threats strategy).

Continuing this process, use the opportunities you identified to develop strategies that will minimise the weaknesses (weakness-opportunity strategy) or avoid the threats (weakness and threats strategy).

Once we’ve developed your ideas and included them into your strategic plan, we will schedule regular review meetings. I use these meetings to talk about why the results of your strategy are different from what we planned (because it always will be) and decide what your team will do going forward.

Recognising and overcoming the threats associated with growth is essential if your business is to continue to grow and thrive. You need to ensure that the steps you take today don't create problems for the future. Regular reviews and effective leadership will help you make the most of your opportunities, creating sustainable growth for the future. Your business can improve operations and profits with a SWOT Analysis review with the help of outside expertise like The Business Minder. The Business Minder operates in locations throughout Asia with clients in Singapore, Indonesia and Malaysia.