“If you know the enemy and know yourself you need not fear the results of a hundred battles.” - Sun Tzu
Regardless of size, industry, or value, 75% of businesses face the same challenges. While there’s no one-size-fits-all formula for solving your company’s problems, there are certain patterns that are detectable via business assessment.
A business analysis tool can help you identify the key factors that make or break your business. With this knowledge, you are better equipped to clean up your operations, rethink your goals, and fine-tune your strategic plan.
Fortunately, there’s no shortage of data and business analysis tools to choose from when diagnosing the health of your company. Below are a few of the top assessment tools for identifying the pain points of your business.
Perhaps the most intimidating aspect of business assessment is analyzing data. The following programs organize your business’s numbers into visual representations of what is and isn’t working.
Want additional insight? Download Setting KPIs for Business Success now to learn more
Of course, it’s a lot easier to automate data than it is to analyze it. While any one of the aforementioned tools could help you tighten your operation, none can actually tell you how your business is doing, which brings us to our next tool...
TAB’s business assessment tool is the key to unlocking objective insights about your current business that will help you revisit your goals and align priorities with team members.
We like to think of BBB as an MRI for your business,” because it helps you:
For any owner that wants to improve the valuation of their business, TAB partners with an assessment program called The Sellability Score. This 15-minute program rates 8 important dimensions that buyers look for when evaluating the value of a business and compares your results against the combined average of your industry. As the name implies, the Sellability Score lets you objectively determine how attractive your business would be to a potential buyer and how to improve the valuation. Even if you don’t intend to sell your business anytime soon, it is important to do this kind of assessment early to put you on a path to improve the value of your business.
At The Alternative Board Tulsa, members revisit the Sellability Score annually and discuss strategies for improving their results for the following year. “Business valuations are usually just numbers,” says TAB Tulsa Coach and Certified Facilitator Jean Cook. "The Sellability Score takes the intangibles that impact the value of your business and makes them tangible by giving them a score."
While Cook believes TAB Business Vantage offers a more comprehensive view than The Sellability Score, she appreciates that the two assessments complement each other. “When we find a low score in an area using The Sellability Score, we dig deeper with TAB Business Vantage."
You’ve probably heard that knowledge is power. As a business owner, that’s true now more than ever. Don’t lose employees, customers, sales, or revenues to easily remedied gaps in your business. The first step to attacking your weaknesses is knowing what they are.
Looking for more information on Business Coaching? Check out TAB's PULSE Survey on the Value of Business Coaching and see what other small business owners are saying about the process.
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No matter of the economic conditions thrown at you and your business, there are steps to help safeguard your business so that you not only survive, but thrive. Download the whitepaper to learn more here
