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BIR business Strategy Self- Assessment Quiz
Mapping your road to success – foundation, vision, planning

Your Business and Your Strategy – 25 Quick to Answer Questions:

 

Yes /
Not Applicable

No

Maybe

Don’t Know

Strategy and Goals

Do you have the ‘fire in the belly’ to drive your business forward over the next 3 years?
Do you have a strategy for your business over the next 3 years?
Is this strategy documented for all your staff to agree and commit to?
Would your staff be able to accurately describe your strategy?
Does your strategy have measurable goals?
Are these measurable goals being regularly measured?
Is progress being made towards achieving these goals?
Would your staff be able to tell you how they contribute (in measurable ways) to the achievement of these goals?
Do you think the achievement of your strategy is being effectively and efficiently measured and managed by your senior management team?

Sales

Are you of the view that your sales function is getting the maximum possible revenue from your existing customers and products?
Are you comfortable with your sales team’s conversion rate of potential customers into actual customers?
Are your strategies to offer more products to your existing customers working effectively?
Do your customers regard your sales team as providers of solutions and valued partners in their drive for success?
Do you identify and pursue opportunities to acquire competitors or complimentary businesses to increase your existing sales?

Profits

Are you comfortable with your profitability and your return on assets from this profit?
Do you regularly identify and quantify your dollar margin by product and customer, and having done this, stratify your products and customers into strategic categories such as:
    • Hold and protect.
    • Hold or grow.
    • Grow or delete.
Do you have a commercial rationale for maintaining each and every customer and product which have below average profitability margins?
Have you determined whether all your overheads contribute their maximum value to your sales?
Are all your people contributing sufficiently to the profitability of your business?
Do you have the best finance package for your business?

Cash

Do you have enough cash in your business to both maintain current sales and act as a buffer for business hiccups such as unexpected sales growth (cash is needed for working capital) as well as temporary loss of sales (cash is needed to cover operating losses)
Is your business carrying working capital (debtors, stock and creditors) at the optimal** level given your strategy and competitive positioning?
Are all your fixed assets being appropriately or fully utilised for your current and expected sales?***
Is property on your company’s balance sheet generating a market rental return?****  (Many businesses buy their own property for security of tenure but then fail to charge the business a market rent, thereby inadvertently overstating the profitability of their business).
Do you have sufficient equity in your business to fund your business strategy?
Total Score

  • The use of Not Applicable as an answer is indicated in the relevant questions.
  • Optimal – Optimal is neither high nor low – it is a term used to describe the best level of something for your business.
  • Answer under “Yes” column if your answer would otherwise be Not Applicable.
  • See Footnote 2 above.

Scoring “Yes” and “N/A” answers = 1; all others = 0.

25 – a perfect score! – your business should be doing very well – perhaps we can use your business as a Case Studies as to what other businesses should do!  But, keep your eye on the ball as once you are there, the next task is to stay there whilst your competitors are trying to knock you off.

24 to 20 – a good result – your business just needs a bit of fine tuning but it is on track for a successful future – well done.  You should work on this fine-tuning and see if you can bridge the gap to the perfect score!

19 to 15 – a fair result – you are doing many things right but there is still room for improvement.

14 and below – there is a fair bit of work to do – and you know it!  Don’t delay.  Now is the time for action to turn your business performance around.

Call Michael Royal now on 1300 783 309 if you would like an informal, no obligation free chat about your strategy processes, or email Michael at birstrategy@bir.net.au.

In Summary

Our services provide you with the three core drivers of business success, enabling you to make better and smarter business decisions:

We also work with Solvency & Restructuring Solutions to consistently deliver the best outcomes in those difficult times when solvency and ongoing viability may be an issue.

At BIR Solutions, we are here to help you achieve the most out of your business by providing support, structure and clarity so the decisions you make for the future of your company have a positive impact.

Better strategy driving better business

 

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