To assess your business’s health, you need to gain insight into the critical components of your business, comparing against recognised good practice. Obtaining these insights is a vital part of monitoring the performance and progress of any business.
Here is what our Business Insights tool is telling us. Initially, we’ve taken a look at the following areas,
- Markets and Competitors
- The Analysis
Customer Satisfaction – 83% of businesses do not have a recognised method of assessing customer satisfaction levels.
Just like personal relationships, it is essential to cultivate and nurture customer relationships. When organisations develop strong relationships with their customers, it can lead to loyal clients, positive endorsement and increased revenue. To not have a method of doing this hinders the improvement of a business’ growth potential.
Wellbeing Programme – only 33% of businesses have a well-defined and functional Wellbeing Programme
Resource Plan – 67% of businesses lack a comprehensive resource plan
Assessing Team Competence – 67% of businesses do not have a method of evaluating their team’s competence and capability levels
People management, particularly development, influences productivity via its impact on staff morale and motivation. It is critical during periods of transition, uncertainty and change. It is the key to the success of any business or organisation.
Markets and Competitors
Competitor/Market Analysis – 100% of businesses do not undertake competitor or market analysis
USP (Unique Selling Proposition) – 67% of businesses have not identified what their USP is
In understanding your market, your customers and your competitors are essential in building a successful business. Finding out what your customers want, will help you improve your products and services to meet their needs.
Having a good USP streamlines your strategy by allowing you to communicate how you want your market to perceive your product and brand and focus on its benefits. Having a well conceptualised USP defines your company’s product or service and gives you an edge over your competition.