A company analysis is a thorough evaluation of an organization. The analysis provides insight to streamline processes and improve revenue potential. The snapshot of a company from an analysis must look at internal and external factors.To start the analysis, you must pay for software or use a template to ensure all company areas are covered effectively.
Determine Which Type of Company Analysis is Best
Determine what type of analysis works best for your company. For example, business intelligence software may cost thousands of dollars, while a less expensive method is using a free template to accomplish the same goal. Some companies have sophisticated technology integrated into the daily processes, so they may be better served with a certain type of solution to analyze the company. On the other hand, a simple business such as a nail salon may not require fancy business intelligence software to do a company analysis.
Research Analysis Methods
Research analysis methods. In order to do a company analysis, you must understand the expected outcome for doing it. The analysis should answer what is done right and wrong based on a thorough evaluation (i.e., days, months). There are analysis methods for financials, marketing, human resources and more.
Therefore, you must choose the appropriate type for the company analysis to be effective. Case in point, a solo entrepreneur should be able to avoid human resource analysis because there are not any employees. Refer to the Resources section for a description regarding types of business intelligence software.
Implement the Selected Company Analysis Method
Implement the selected method to do a company analysis. It must cover internal and external factors influencing the business. For instance, employee turmoil is never good as an internal issue. Also, poor branding is an external problem that will adversely affect sales.
A company analysis should expose these by using software or a manual method from a template. Software will show percentages and diagrams to pinpoint areas to improve, while a template requires more independent thought. A template, like a SWOT Analysis, requires the person to think critically about the competitive circumstances surrounding the entire company to complete the analysis. An example of a SWOT template diagram is found within the reference section.
Use Statistics to Support Major Findings
Use statistics to support all major findings. For instance, determine the number of people that walk in the storefront, but never buy anything. Find out the reason by doing a brief exit survey. Get insight on what your workers can do better according to the customers.
Then collect data from workers by obtaining their feedback. Ask them questions about their execution of the task. For example, a retail sales agent may not know the product well enough to overcome customer hesitation. The analysis resulting from direct contact will help determine where the company is heading.
Use the Company Analysis to Correct Weaknesses
Review the results and attempt to correct weaknesses. Use the company analysis to conclude the issues and determine possible solutions. The analysis is to give a picture of the company at a particular time, so it provides the best method of enhancing a company internally and externally.
Use analysis methods that help correct internal and external factors (i.e., a SWOT analysis).
- Use analysis methods that help correct internal and external factors (i.e., SWOT).
Jamie M. Kisner currently works as a South Florida entrepreneur of JMK Notary & Services and a Miami-Dade College instructor. During her spare time, she writes online content for a variety of sites, including eHow, Digital Journal, Bukisa and Homeless Voice. She holds a master's degree in business administration from Florida's Nova Southeastern University.