The Importance of Completing a Business Review

Great marketing comes from a deep and rich understanding of your target market and their needs. Unfortunately in today’s day and age most marketers are lucky if they get to stay in a job longer than a year. These short cycle times don’t give marketers enough time to gain a real understanding of what is driving their business.

One way around that and to also ensure there is continuity of learning is to conduct a business review. Except for very large companies, most small and mid sized companies don’t have the resources/people to conduct a business review but they can be invaluable to the learning process.

1. Provides a rich and deep analysis of the business
2. Uncovers issues & problems that may not have been apparent before the process started
3. Serves as a mechanism to assess the state of the business
4. Is a benchmark for future performance measurement
5. Provides an opportunity to assess performance of past marketing programs…….what’s working & not working?

Business reviews are an opportunity to look at all aspects of the business to assess their relative strengths and weaknesses. This includes:

1. Financial Performance
2. Operations – service delivery, customer service, technical performance etc
3. Competitors
4. Economic/Political/Social & Technical environment
5. Brand
6. Industry trends

These areas cover the key forces that impact your business and could have major affects if left unattended to. Companies like RIM, Blockbuster and Corel could have avoided major changes to their business had they kept a firm eye on the review mirror while also looking forward.

Don’t get caught blind sided. Make Business Reviews an annual or bi-annual process for your organization.

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