Assessment: New In Business

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Select your type of business

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BUSINESS NAME: {{ business_name }}

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BUSINESS ASSESSMENT REPORT

Business Name: {{ business_name }}

Below shows the summary and analysis of the assessment carried out for your business:



Sales & Business Development
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Finance & Accounting
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People & Organisation
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AGGREGATE: {{ aggregatePercentage }}%



RESULT ANALYSIS

Sales & Business Development
Your Score:
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SME Average (61.4%)

Your business demonstrates capabilities to grow and lead in the market.

A lot of work still needs to be done in attracting and retaining customers, marketing and positioning your business as a top runner in the industry. Going forward, you should take note of the following:

  • Effectively use Social Media and other Digital marketing tools to create awareness about your products or Services, engage and acquire more customers.
  • Conduct an appraisal of your business, identify areas of inefficiencies and begin to implement changes. Also, design a step by step growth and expansion plan towards being in the top position in your industry.
  • Your Customer retention rate is low. It's either you are not doing enough to satisfy and retain customers or you simply do not keep track of your customers and constantly engage them.

Your business demonstrates capabilities to grow and lead in the market, it is important. To continuously attract and retain customers and position your business as a top runner in the industry, you must make customer satisfaction a top priority as you deliver top quality products/Services.


Finance & Accounting
Your Score:
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SME Average (58.8%)

Proper Accounting and Finance is crucial to the continuity of your business.

Proper Accounting and Finance is crucial to the continuity of your business. To succeed and remain in business, you must consider the following:

  • Proper planning is crucial to realizing the goals of the Business and measuring success & performance. Without a plan, there's almost no clear direction for the Business. Write a plan for your business today, the objectives & goals in the plan should be specific and the performance of the business according to Plan must be measured at specified intervals.
  • The Business records low profits when costs and expenses are relatively high or the Income from sales is low or both. To increase profits, you must identify the reason for low income and work out a strategy to correct this. Also, conscious efforts must be taken to reduce daily running expenses and other costs of the Business. You should consider cheaper alternatives without compromising Quality of your products/Services. For instance, you don't need to employ 5 full-time workers if their services are not required on a daily basis, consider employing 2 full-time staff and others could work with you on contract basis when they are needed. Also, if Logistics expenses constitute a large portion of time and costs, you might want to consider outsourcing the service to a company to save your time and reduce costs.
  • Keeping proper records of costs, expenses and income makes it easier to create budgets, provides a basis for planning and decision making.
  • Businesses need cash to finance daily activities and make necessary payments or settle obligations as the need arises. A Business that is often cash-strapped might be experiencing such as a result of lack of or inadequate cash/capital planning. As an SME, it is important to estimate daily, weekly & monthly expenses & obligations (including annual rent) and make adequate plans to meet them.
  • Assess all functions of your company, identify the loopholes in each area of operation and set measures to address or control them. This process should be continuous as business operations are often dynamic.

The Finance & Accounting system of your business is order.


People & Organisation
Your Score:
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SME Average (54.7%)

Having the right people (workers), skills, efficient business processes and sustainable structures in place would contribute largely to the success of your business.

Having the right people (workers), skills, efficient business processes and sustainable structures in place would contribute largely to the success of your business. It is advisable to:

  • A business should operate smoothly in the absence of the owner if the right corporate culture, structure, values and systems are put in place.
  • Capital is clearly not the only requirement for running a successful business. Having staff with the appropriate skill sets required to perform their job functions, the right tools &equipment are all crucial to success of your Business.
  • Adopting basic and free tools such as Microsoft Office (Word &Excel) or official communication methods such as Slack would make working easier and more efficient. Technology speeds up processes and this could develop into competitive advantage for your business. Automate your business operations today.
  • High quality products or Top Class service delivery will ensure your customers derive maximum satisfaction and they will most likely return next time. Some Customers value quality above price but when the quality is high and the price is affordable, the business is likely to retain its existing customers and also attract several new customers.
  • The combination of efficient staff, management processes and right tools & resources will ensure success of a Business, particularly when capital is sufficiently available.
  • Enabling your business with applications & tools will help speed up operations. They make report generation easier, data processing faster, filing system becomes systematic and overall business objective is attained.

A combination of the right people (workers) with appropriate skills, efficient business processes, sustainable structures and good management would contribute largely to the success of your business.

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