Every organization has both necessities and obstacles throughout its journey. Furthermore, if you manage your business by gut feeling, you could be experiencing many concerns and obstacles yourself. These include payroll issues, your employees working less but making more than you, and increased workloads but profits falling flat.
At Belfield Management, we can conduct a thorough business analysis to help you discover why you’re facing challenges. We will issue you a dashboard to learn about our findings. Moreover, we’ll also support you in creating efficient and effective solutions to overcome them. But first, let’s examine what business analysis is, why it’s essential, and what happens throughout the process.
What is Business Analysis?
Business analysis recognizes an organization’s deficiencies and discovers solutions to their problems. It also connects with stakeholders, sharing insights surrounding structure, operations, and policies. Fundamentally, this analysis provides opportunities to discover the best solutions, enabling an organization to continue reaching its goals. Business analysis:
- Determines how your business fulfills its purposes through your functions
- Identifies the abilities required within your organization to provide products and services
- Enables you to create a plan to support achieving your goals
- Establishes how stakeholders and organizational components relate to one another
- Provides a big picture view of the current state of your business
- Allows you to identify needs and solutions
- Uncovers strategies to help your organization improve profitability
Our Role as a Business Analyst
As we like to say, it all starts with a cup of coffee or a good conversation. Our expert analysts examine, understand, and make sure an organization meets requirements for development through enhanced policies, processes, and information systems. We’ll make the beneficial changes your business needs by discerning what deficiencies you face. Then, we’ll suggest insightful solutions that boost your growth, return on investment, and capacity to achieve your goals. Finally, we’ll support you in refining your processes to serve your organization and customers best.
This is where Belfield Management goes the distance with you. We’ll stay during the implementation phase.
3 Business Analysis Techniques
Because business analysis is so crucial, let’s examine the following well-known techniques that can strengthen an organization.
1. Strengths, Weaknesses, Opportunities, Threats (SWOT)
SWOT is arguably the most popular business analysis technique. A SWOT analysis helps you establish a sound business strategy by examining your organization’s strengths, weaknesses, opportunities, and threats. Its components include:
- Strengths – attributes, actions, resources, and processes that give you an edge over the competition (or ones that you excel at)
- Weaknesses – disadvantages that hinder your growth and ability to perform at your optimum level
- Opportunities – advantageous, external factors that could make you more competitive
- Threats – harmful components that could create a disadvantage for your organization
2. Mission, Objectives, Strategies, and Tactics (MOST)
MOST is a strategic plan and development tool that helps you sustain and support your most important goals. It enables you to improve your processes and culture by examining your organization’s internal environment. The analysis technique also allows you to evaluate what you want to achieve and how you’ll get there. Its elements include:
- Mission – a statement that guides your daily decisions, actions, and commitments to reach your vision
- Objectives – specific steps and timelines required to attain your goals
- Strategies – plans and the measures necessary to accomplish your organizational objectives
- Tactics – methods to help you carry out processes and achieve your goals and objectives
3. Political, Economic, Social, Technological, Legal, Environmental (PESTLE)
A PESTLE analysis helps you attain a high-level view of factors that can influence your business. The forces and their effects on your organization include:
- Political – governmental initiatives, policies, and regulations
- Economic – factors such as economic growth, and climate, and exchange, interest, and inflation rates
- Social – trends and attitudes relating to media, culture, lifestyle, and education
- Technological – technological advancements, innovation, automation, information, and communication
- Legal – various kinds of laws, regulations, and employment standards
- Environmental – weather, climate change, pollution, etc.
Every organization has needs and faces challenges throughout its journey. But at Belfield, our team with over 170 years of cumulative experience can conduct business analysis for your organization. As a result, we’ll help you discover why you’re facing challenges and create efficient and effective solutions to overcome them. Experience the Belfield difference!