Business Assessment
A business assessment is an objective and unbiased analysis of your business that’s designed to provide a clear picture of where your business is, where it’s going, what factors are impeding growth, and what factors can help you get from where you are to where you want to be. It’s important to note that an assessment is not an audit.
An assessment refers to an evaluation. It is an estimate of what is going on with a certain process and whether there are new risks or benefits to be considered.
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Creates clarity.
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helps you learn.
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allows you to plan.
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promotes strategic use of your time.
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identifies business areas to strengthen.
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provides a foundation for smart business decisions.
Financial Analysis
A business assessment process can utilize different financial analyses. These types of analyses are usually handled by business management or finance firms. They assess a business’s financial performance, the returns on a particular investment, future financial projections, etc. Financial analytics processes are a broad scope that is best left for another article. Shown above is a vertical analysis, a method of analyzing a company’s financial performance.
Customer Satisfaction Analysis
This analysis seeks a potential rise (or fall) in customer satisfaction. This type of analysis gathers data from surveys, forms, recorded calls, etc., and diagnoses the company’s current customer satisfaction result. Customer satisfaction analysis is essential for customer support and customer success. As shown above, one metric for assessing customer satisfaction and success is the Net Promoter Score (NPS).
Marketing Analysis
A marketing analysis studies the market and target demographic and assesses current market trends for product development or marketing purposes. Marketing analysis also looks at the current marketing efforts of a business model and how they contribute toward your business goals. For instance, if you want a strong SEO performance, you’ll need to look at your content creation and engagement strategy.
Employee Performance Analyses
These internal analyses dive deep into your workforce. They aim to assess if your employees are performing as expected, if they’re happy with their job, if morale is high in the workplace, if corporate wellness is excellent, among other things. These analyses typically come in the form of 1:1s and employee performance reviews. Employee performance analyses are handy for employee experience matters.
There are loads more types of assessments you can conduct for your business. You may even create your type of assessment depending on how unique and complex your problem is.