5 Steps To Better Business Analysis
Business analysis helps to assess the processes and systems of your individual business units, but “better business analysis” goes further to show how they interact with each other and how they align with the overall strategic direction of your business.
A skilled business analyst can quantify the need and area for change and define solutions that can maximise value with the minimum amount of risk.
It is important for business analysis to complement your strategic plan, shareholders’ needs, and the aspirations of individual business and support units.
For effective analysis, all internal strengths and weaknesses and external opportunities and threats need to be considered. Known as the “SWOT” analysis, this a well-used tool for business planning.
How can analysis help my business?
Step 1 – Business Gap Analysis
We work with your managers and operational teams to identify the business units, products or service lines that aren’t on track to reach objectives. We also work to identify missed opportunities in these areas.
Step 2 – Business Structure and Resource Analysis
We identify potential reallocations in human, cash or other assets to address the gaps detected in the gap analysis.
Step 3 – Cost Benefit Analysis
Here, we determine the changes or systems to be implemented and the costs and benefits over time of implementing these changes. The real additional value is yet to be determined.
In this step, we are mindful that change can be costly to a business, impacting on cash, time, staff morale and management.
Step 4 – Business Process Mapping
In this step, we roll out models and systems into your business. In most cases a business will embark into unknown, unmapped territory and business process mapping can be a minefield of information and processes. We will help your business with the implementation of the roll out, working with management to align systems using quantifiable measures of ratios or dollar values.
Step 5 – Communication
Ongoing communication about the implementation and status of new systems helps with buy in from your shareholders, management and operational teams. Where appropriate, some communication will need to be quantified.
I am skilled in developing financial models and presenting them in usable terminology for your internal support teams to use and easily communicate to their departments.