Saturday, July 18, 2009

Basic Concepts For Business Analysis

Survival of the fittest is the motto nowadays for those companies who want to make it out there. Many start ups are finding it difficult to sustain their business in this worldwide economic crisis. While some are closing down, others are striving to make it work. A review of the needs of the business and their customers can pull the company back on its feet.

The business analysis will lay the foundation for re-visiting the business strategies adopted till now by the company and will provide elements for identifying opportunities for improvement or restructuring of existing methods of work or for targeting new approaches to optimize resources and profitability in the medium / long term.

Data gathering
Your first and foremost task would be to gather data from everyone concerned with your business including the management, employees, existing customers and competitors. This will enable you to tap in the positive and negative aspects of your business. Remember that the data gathered can both be qualitative and quantitative. Suggestion: Data gathering can be a tedious and lengthy task. Focus Group Discussions can quicken the process.

Analysis of findings
Following this step, new ideas or concepts or products or services or management practices will crop up. You may be surprised to find out that some already exist in your company and you just need to improve on them. In some other cases like new products or services, it may be necessary to carry out a market survey so as to identify the market. Suggestion: While going through the analysis, keep in mind that your uniqueness depends on how you differentiate yourself from your competitor.

You task does not end with implementing new concepts for upgrading your business. The hardest part is to market your upgraded / new system and simultaneously acquiring new customers while retaining current ones. Proper customer relationship management practices like creating a customer database, targeting the customers and building relationship programs with them can be an added value to your business.

Linus Orakles
http://www.authorclub.info/

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