Dr. Stephie Althouse is a faculty member with Intelliversity. Her business focus is making companies more profitable and more fundable. Robert Steven Kramarz, Intelliversity’s Executive Director
Business Strategy and Status Quo – a Fresh Eyes Assessment
Have you ever wondered what a strategic audit could do for your business? Would it be useful for your company and if so, how would you do it? Most importantly, what gold could you get out of a strategic audit, regarding results that will make a positive, transformational difference to your company?
Answering these questions is the topic of this article. We begin with the traditional definition of what a strategic audit is. Next, we introduce you to a strategic audit method that is unusually effective in creating meaningful, even transformational results for your employees and bottom line.
The basis for the effectiveness of the Top-Notch CEO strategic audit is evaluating eight critical aspects of your business. Furthermore, it takes into account the perspectives of not only executives and board members but also of staff members across the entire company.
Meet the Fresh Eyes Assessment™.
Let’s begin with this question:
What is a Strategic Audit: Let’s Start with a Definition
The Oxford College of Marketing defines a strategic audit this way:
“A strategic audit assesses your:
- Current business strategy
- How suitable it is for your business
- Whether your company is in position to execute the strategy”
Of course, we agree. The bottom line is that a strategic audit, when done right, will unearth new opportunities as well as hidden challenges. These opportunities and challenges are tied to business strategy, in the narrower and wider sense of the word.
In our experience, it is insufficient to audit businesses only with respect to strategy. Using a metaphor: Strategy is like a plan to drive to a given destination, say New York City. The plan could not be developed without knowing where you are currently. You must also put your finger on the pulse what is currently happening in your entire organization. That includes team dynamics, operational routines and systems, beliefs and company culture. It includes talking to staff members who may be holding back new opportunities or who are are untapped resources.
Whether you know your company has challenges that are holding back growth or its running well, the Fresh Eyes Assessment™ strategic audit, can reveal new paths to profit and efficiency. It takes courage, a willingness to listen and an innovative spirit to step back from your company and look not only at what is working well but also at it, warts and all.
This article in its entirety can be found here. It covers:
- What is a Strategic Audit: How is our Fresh Eyes Assessment™ Done?
- What is a Strategic Audit: Which Areas Need to be Assessed?
- What is a Strategic Audit: What is the Appropriate Frequency?
- What is a Strategic Audit: The Ultimate Benefits
- What is a Strategic Audit: What to Do Next?
This article originally appeared on Top-Notch CEO on August 1, 2017