The Importance of Business Review to Develop Business

A good business is not simply profitable business activity. Also, a business without profit does not mean they are a failed business. In running business activities, you must determine target in a specific time period.

Business Review can be used as a parameter to evaluate activities. By doing review or evaluation regularly, you can make a correct decision for business development.

Why Business Review is Needed?

Doing checkup  on your business may seems like a pile of work. But there are several reasons you must consider to do business review periodically.

1. By doing review, you can apply change quickly, like order new equipments, recruit and training employee, or launch campaign.

2. Do not postpone an action due to critical change, especially when competitor hasn't take a step.

3. Find innovative idea about yearly plan, such as identify challenges and prepare for change of strategy mid-year.

4. Offer opportunities to gain control of company culture development and how to motivate employee to give their best.

5. Anticipate opportunities that may be lost. Usually mid-year is a good time to evaluate products and services while gaining new customers.

How to Make Business Review

In general, you can determine a right period to do business review, it could be monthly, quarterly, or every 6 months. But you need a correct process to create a review of ongoing business process. These are 4 ways to review your business.

1. Ensure the alighment of customer value proposition

Reviewing business value proposition is a good way to determine your relevance in solving customer's problem. It is important to make adjustment on your product to keep fulfill customer's needs.

Doing customer research can give you a clear and measured feedback about your product's benefit. It can be used to drive sales by retention. Maintain product differentiation from your competitor and alway remind your customer about your product's strength.

2. Maintain Business Profitability

You also need to understand profitability for business success. Profit must be used to secure opportunities for product development. Do analysis so your business can make money. Start with profit/loss report or create detailed list on how to gain income and spend funds.

Also consider to review the price to understand if you have enough margin for profit. Try to eliminate wasteful business process and focus on income-generating opportunities.

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Spend some time to consider resources availability for your business model. Make sure you have access to the right person who has the same goals to achieve company's objective. Therefore, customer satisfaction can be earned.

Also consider the capability and demand management from customer, so you can manage your resources. It is crucial to establish resource availability and being realistic to the demands and your business capabilities to fulfill them.

Understand the role and skills that you need. After that, simplify employee and business's communication, and to other stakeholders. That way, you can keep your supply chain running optimally.

4. Simplify and Optimize Process

Business process is running everyday. To make this efficient, it's necessary to review and maintain reasonable series of process with technology updates and constantly improving market demand.

Any disruption in the process can cause communication problem, increasing cost, or customer dissatisfaction. Make some of the considerations in this process an important step to review in order to help streamline your business tasks and activities.

In general, business review will help you to determina long-term steps for the company. As business review can have many purposes, business process must be regularly evaluated so your business can adapt with recent situation.

Business review will help you to determine long-term steps for the company, so you can plan thoroughly. Also, you can apply various business concept by taking economical factors, industrial environment, business aspects, and management into account from our Business Development Planning short program.