Business Management

How to Identify the Gaps in Your Business

Analyzing business growth and gap identification every quarter or annually is routine for business owners.

Analyzing business growth and gap identification every quarter or annually is routine for business owners. Ask yourself how much of the goals have you achieved since the beginning of the year? What worked for you and what didn’t? And why didn’t something work out? By answering these questions, you’ll be able to get closer to the issues and the gap in your business operations

However, it can be difficult to articulate some of the challenges that your business faces. That is why we have identified the following gap areas for you to address and get started on improving your business functions. Here are some ways you can identify some gaps in your business.

Gaps In Corporate Identity

This gap is expertly explained in the golden circle concept by Simon Sinek. Businesses often focus on “What” they produce and “How” they produce it. They rarely focus on the “Why” part, which is the reason they went into the business. This results in weak brand identity, high employee turnover, and lack of results from marketing communication. Identify if your why is aligned with business objectives.

Gaps In Management

There needs to be a trickle-down effect in the organization from the CEO level to the worker level about the organization’s ideals and objectives so that everyone can play their part to achieve the set goals.

When the directions and expectations fail to align, then business objectives can suffer. It can lead to boardroom disagreements and different cliques and factions in the organization. Consequently, your organizational planning will suffer if you don’t identify this value gap as soon as possible.

Gaps In Process And Execution

Your business functions can seem to be working but producing little results. This can be due to inefficient use of resources and a lack of standard operating procedures in your system. This can also lead to confusion in the execution of key processes.

If you don’t have an integrated ERP inventory management system, information duplication and human error in procurement, manufacturing, marketing, finance, and human resource functions can end up costing you millions of dollars due to lack of standard SOPs and a centralized database.

Gaps In Knowledge And Expertise

This can happen in SMEs where growth can be curtailed due to a lack of knowledge and skills brought on by high employee turnover. In this case, organizational information fails to retain among employees and can lead to your projects being delayed. And your campaign budgets can blow out of proportions due to frequent engagement with outsourcing partners to address the work and human resource backlog.

A cloud-based inventory management system can help you identify business gaps and help optimize your business operations.

At AltheaSuite, we provide customized ERP software that can integrate your different business functions into modules linked up to a central database. Our cloud-based inventory management software for small businesses and order fulfillment software can help you streamline your supply chain. Get in touch with us to learn more about one of the best ERPs for inventory management.

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Innovative, modular, cloud-based ERP solution that will work on your PC/MAC and smartphone with all its features. It includes inventory management, POS, purchase management, and much more.