Business Analysis is the process of identifying a businesses needs and determining the proper solutions to these problems. These solutions often times include Software Systems Integration or Development, Process Improvements, Organizational Change, Strategic Planning, and Policy Development. Our team has the specialized knowledge to act as a guide for your business to lead you through unknown territory, to get your business to it’s desired location.
The first step is to understand the goals of the project before we can begin. Without comprehension of the goals of Business Analysis, and how it may impact the businesses goals, it can be difficult to put a value on the process, or have a context to interpret the results of the investigation.
Our team is often tasked with finding ways to improve efficiency, reduce waste, identify and implement solutions, meet project deadlines, & accurately document the necessary requirements. Due to the complex nature of most modern business structures, there is often some overlap within these Business Analysis goals – as well as who is responsible for delivering them.
However, it’s important to understand the significance of each Business Analysis goal and what the responsibility is in relation to it. The over achieving objective of a business should be to become more efficient, effective and profitable. That’s where we come in – it’s our role to determine and allocate the resources necessary to achieve these goals.
A Business Assessment is a systemized, procedural analysis and reporting of Key Performance Indicators (KPI’s) that can accurately communicate your current reality, opportunities, and the gaps in between. In short, it’s a trip to the doctor for a check-up on your business.
Business Assessment Categories
Evaluating your financial performance from a variety of perspectives will help you determine your businesses immediate, short-term and long-term health. We will create or review/revise your Balance Sheet (list of your Businesses Assets and Expenses) to see what your business is worth now. An Annual Budget will guide you in determining whether you can expect to make enough profit this year to be worth your time.
Next, a Cash-Flow Statement will help us determine whether you will have trouble paying your bills on time, which can happen even if you’re profitable. Consider whether your current levels of debt are sustainable, or whether your credit use is cutting too deeply into your profits. Examine your overhead and production costs to determine whether you’re paying the nest prices possible for goods and services.
Review your sales to check whether you need to shift your strategy, drop items or sales methods, or increase marketing. Review sakes trends for growth potential to fund your long-term plans. Examine your sales by item, profit margin, selling method, geographic area, gross profits per item and return rate. Ask yourself what will happen to your volumes, expenses, and gross profits if you change any of these factors.
Question your Production Methods, Marketing Strategies, Customer Service, Quality, and every facet of your business to determine whether you can do things better and cheaper. Ask each Manager and Employee how they would do their job differently if they were in charge of assessing your operational efficiency.
No matter how good your product or service is, your ability to make and sell it effectively depends on your people. Question your Human Resources plan and determine whether you have an adequate organization chart, effective and fair job descriptions, a useful employee policy guide, attractive compensation and benefits, high retention rates, an employee training, development and succession plan, as well as efficient recruiting, retention and termination processes.
When you own your own business, you give up the opportunity to take a salaried position with another company, or start another business. Review the hours you put in each week on your business, how much time you have for yourself, family and friends, how much you could be making elsewhere, your opportunity for personal and professional growth, and your stress levels.
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Artifice Photography & Design was founded in late 2019 by Matt McCauley. Matt’s knowledge of Business Management combined with his experience in Design, equip Artifice Photography & Design to serve small business owners through purpose-driven Brand & Website Design – creating a visual foundation for your businesses success.