10 Feb Balancing Your Business
When we think about planning a good system for ensuring balance lies in 4 areas. These areas are good to consider when analysing where the business sits now, where it needs to go and how it will get there. The four perspectives include:-
- Financial: Sets your financial requirements and performance.
- Customer/Marketing: Measures your customers’ satisfaction by developing strategies that align their needs with your product offering, pricing, service and communication.
- Internal Processes: Strategies that ensure your critical ‘to customer’ processes are operating optimally.
- Innovation and Learning (People): Focuses on how you educate your employees, how you gain and capture your knowledge, and how you use it to maintain a competitive edge within your markets.
These four perspectives have to be measured, analysed, and improved together — continuously — in order for your business to thrive. If you ignore any one of these four, it’ll be like sitting on a four-legged stool with a broken leg. You’ll eventually lose your balance and, potentially, tip over.
You not only have to measure these critical four areas, but also set strategies, goals, objectives, and tactics to make them happen. And while you’re at it, you have to make sure that your strategies and tactics are congruent. They have to work together and create a single thread, tying together in ways that make sense.
It sounds a little daunting however with the right support the complex can be made simple. Clarity and a balanced approach can give your business a real advantage.
If you need a hand with working through this process, to construct your plan, or would simply like a more in depth explanation call Forsythes Business Advisors & Accounting Partner Ross Holding
0409 459736 or email firstname.lastname@example.org