|Analyze Business Performance by Focusing on 8 Company Performance Areas|
Whatever the reason may be this business analysis checklist will help you accurately measure overall company ability.
Here I will explain the top 8 business performance areas to evaluate when grading a business's ability to succeed
Best 8 Business Capabilities to Evaluate
- Product and Service Development - This is the process of creating the concept and idea of a product or service to be offered for sale by a business. Here great companies demonstrait the ability to develop new and or better goods and services than their competitors. A top performing business will develop products that add value to the lives of consumers. This area of performance is extremely important to some industries such as tech, fashion, and entertainment. Far less exciting and others such as Orange juice and farming. But every market and thus every business must be comparatively adequate at this process to survive in the marketplace with its competitors.
- Product/Service Operations Quality - This ability dictates how well a given company is able to use inputs to produce outputs in the form of finished products and or ready to go services to be sold. There are many factors that need to be considered when measuring the level of aptitude a company has. How much do the inputs cost per output? How fast is the turnaround? Comparative consumer demand compared to a similar competitors product?
- Marketing and Advertising - How well can a company sell their product/service to customers? How much demand can they create for their brand? What kind of respect and admiration can they build in the consumers subconscious for their product brand? How well can they dictate how the public will see and place the product in society. Ho well can the company sell their products and how much can they make.
- Distribution - This area has to do with efficiency and accuracy. How well can a company get the right product to the right place and how can they do it right away while keeping costs below the sales price.
- Customer Service - This skill is all about maintaining a positive attitude in the customer population. Many customers are difficult to deal with. It is important that a business is able to contain blowback from problem customers while maximizing praise and positive community chatter from reasonable and great customers. This can be a tricky process. Today customer reviews are easy to leave and find. One bad review online that gets a prominent place and significant exposure can cause tons of revenue loss and missed opportunities. Customer Loyalty is huge when the competition gets fierce and can also lead to many times more referrals and word of mouth advertising then the competitors are able to generate. Thus reputation management is a huge part of customer service as well as marketing.
- Management - A business that hires the right people for the right job and is able to maintain stable, sustainable, and successful work environment will perform better in each of the before mentioned categories compared to the same company whose management style can create hostility, confusion, and chaos in the work environment.
- Business Financial Health - A business must have the adequate cash to cover expenses and other costs. both the expected and the unexpected. Also, a business should make the most of every financial opportunity it can. this means investing short-term funds in short-term interest-bearing products.
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