IS YOUR BUSINESS FLATLINING? MAYBE IT’S TIME FOR A BUSINESS HEALTH CHECK!

CONTRIBUTOR: Emma Castle

IS YOUR BUSINESS FLATLINING? MAYBE IT’S TIME FOR A BUSINESS HEALTH CHECK!

Wouldn’t it be great if you could book your business in for a check-up? Check its heart rate, blood pressure, fitness levels and flexibility?

Most businesses – even healthy ones – have room for improvement, whether it’s something as simple as reassessing capabilities to a major change like leveraging new technology, data agility and governance.

In business, as in medicine, preventative measures are always less painful than the alternative which is why The B Hive has launched its Business Diagnostic service.

The B Hive’s Founder Tammy Marshall explains, saying, “The Business Diagnostic is a business health check designed to capture and analyse insights that can identify the root cause of issues and the most critical areas for improvement. It also aims to improve a business’ operational performance and zone in on problems, as well as high potential areas.”

SO HOW DOES IT WORK?

The Business Diagnostic is carried out using a combination of stakeholder interviews, online surveys, data and reporting analysis, and desktop research.

The B Hive’s team sets out to understand your business in its entirety. They’ll research your competitors, talk to your suppliers and customers, and understand your industry in detail. This part of the process is call Discovery and it’s a high level review of the business in order to reveal focus areas and opportunities.

The next stage – Hypothesis Testing – is where the B Hive team come up with a number of assumptions and hypotheses around your business and then narrow down the causes of any pain points.

The third stage is the Deep Dive and involves an even deeper analysis of your business in order to make observations, identify patterns and pin down root cause issues.

The fourth stage is called an Action Plan – where you receive a high level plan detailing next steps.

This is followed up with a Final Report that includes findings, insights and recommendations; basically a prescription and a course of treatment to resolve any issues that have been unearthed.

Tammy says, “The Business Diagnostic is a great opportunity to get an outsider’s perspective. Most business people want to increase profits, identify areas for growth and operate more efficiently. The trouble is that sometimes when you’re working in the business it can be very hard to find time to work on the business. Then there’s always the challenge of objectivity. It’s easy to become short-sighted when you’re so close to things.

“We’ll help you future proof your business, streamline processes to save time and money, and highlight any opportunities for growth or profit that you might be missing. It’s easy to become complacent and get bogged down in the detail of the everyday. The Business Diagnostic is all about helping you see the bigger picture and then handing you a map that tells you exactly where to dig for gold,” says Tammy.

THE NUTS & BOLTS: WHAT’S COVERED IN THE BUSINESS DIAGNOSTIC?

The B Hive will assess and give recommendations on the following areas:

  • Vision and Strategy
  • Business Context and Competitive Landscape
  • Operational and Business Model
  • Benchmarking
  • Market and Brand Positioning
  • Financial and Cost Management Analysis
  • Performance Drivers
  • Product Portfolio Analysis
  • Customer Acquisition and Retention
  • Systems and Process Review
  • Technology Capability Assessment
  • Business Intelligence and Data Analytics
  • People Capability Assessment
  • Organisational Structure

FIND OUT MORE

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AND WHILE YOU’RE HERE DON’T FORGET

  • Find out more about The B Hive’s Business Diagnostic here.
  • Download The B Hive’s 7 Deadly Sins of Innovation & How to Avoid Them White Paper here.
  • Download The B Hive’s white paper on Collaboration in the Travel & Tourism Industry here.
  • Follow The B Hive on LinkedIn here.
  • Connect with our founder, Tammy Marshall on LinkedIn here.
  • Like us on facebook here.
  • Follow us on twitter here.
  • Follow us on instagram here.
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