Data is a word that’s daunting to many business owners. It’s much more fun to trust inspirational quotes and the latest trends to determine your next step. However, there comes a time for every business where you have to believe the data to move forward in the right direction.
And, to do that there is a series of business analysis strategies you can use. Here are a few.
Perform a Gap Analysis
A gap analysis is a foundation of figuring out your business. When you perform a gap analysis on your business, it shows you how you are performing vs. where you want to be. A gap analysis can also show you whether or not you are using your current resources appropriately.
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Create a SWOT Analysis
One of the most fun and straightforward analysis tools you can use for your business is a SWOT analysis. When you do a SWOT analysis, you break down the Strengths, Weaknesses, Opportunities, and Threats.
This helpful tool will assist you in determining your niche market and project opportunities.
Conduct a Competitive Analysis
Want to know how to keep up with your toughest competitors or know who your fiercest competitors are? A competitive analysis will help you figure all of that out and then determine how you can use your strengths to bolster your business against the giants!
Develop a Needs Assessment
A needs assessment is simple, yet powerful. It helps you to determine what you NEED to meet your goals. With the help of a coach, you will go through your business processes, assess your current situation, and then strategically determine how you need to move to the next step and reach your biggest goals.
Now that you understand these assessments and analysis strategies, it’s time to figure out your business!
Where will you start?
If Data Overwhelms You
Contact me. These are my core services. I love solving problems and helping businesses move their ideas forward.
Jen McFarland is a business owner, business advisor, podcaster, blogger, and project turnaround artist. She’s helped hundreds of businesses and thousands of podcast listeners make better business decisions. Jen’s passion is helping women business owners overcome leadership and technology struggles.
In addition to digging into business problems and uncovering the best solutions, I host the Women Conquer Business podcast, which provides actionable strategies, business how-to’s, and real-world advice from subject matter experts and entrepreneurs to help you grow, nurture, and sustain your business. But if you want the REAL story, I am an uber-nerd who loves dad jokes, building seamless systems, and helping leaders find more joy in their work.