Page 32 - The Indian EYE 122024

NORTH AMERICAN Newsline DECEMBER 20, 2024 | The Indian Eye 32

360 Degree Business Audit: A Must for every Businessmen

Steps:
• Analyze HR Metrics: Review turn-
over rates, training effectiveness,
and employee satisfaction surveys.
• Conduct Employee Surveys:
Gather feedback on engagement
and satisfaction.
• Review HR Policies: Ensure HR
policies align with business goals
and industry best practices.
360 Degree Business Audit
for Marketing and Sales
Definition:
• Assessing the effectiveness of mar-
Hirav Shah keting and sales strategies in driv-
ing growth.
onducting a 360-degree busi- Key Areas:
• Market Research: Evaluate mar-
ness audit involves examining By conducting thorough assessments across all aspects of the business, you can identify
ket analysis and customer insights.
Cevery aspect of your business, areas for improvement, leverage opportunities, and mitigate risks (File/Representative photo) • Branding and Positioning: Assess
not just the financials
brand strength and market posi-
Q: What is a 360-degree business ing, and customer satisfaction. and effectiveness. tioning.
audit? Conducting a 360-degree busi- Key Areas: • Marketing Campaigns: Review the
A: A 360-degree business audit effectiveness of marketing cam-
is a comprehensive assessment of ness audit involves examining every • Production Processes: Assess the paigns.
efficiency of production and oper-
aspect of your business, not just the
a company’s operations, strategies, financials. This comprehensive ap- ations. • Sales Processes: Analyze sales
and overall performance, going be- proach helps identify strengths, weak- • Supply Chain Management: Eval- strategies and performance.
yond just financial analysis to include nesses, opportunities, and threats uate the supply chain for bottle- • Customer Relationship Manage-
all aspects of the business. ment (CRM): Evaluate CRM sys-
(SWOT) as well as gaps in perfor- necks and inefficiencies.
tems and practices.
Q: Why is a 360-degree audit import- mance, strategy, and operations. • Inventory Control: Analyze inven- Steps:
ant? So, let’s understand one by one tory management practices. • Review Marketing Data: Analyze
A: It provides a holistic view of 360 Degree Business Audit • Quality Assurance: Review quality
the business, identifying strengths, control measures. campaign performance, market
share, and customer acquisition
weaknesses, opportunities, and for Financial Health Steps: costs.
threats, and uncovering gaps in per- Definition: • Map Processes: Document key • Conduct SWOT Analysis: Identify
formance, strategy, and operations. • Analyzing the company’s financial business processes and workflows. strengths, weaknesses, opportuni-
This helps in making informed deci- statements to assess economic sta- • Identify Bottlenecks: Look for in- ties, and threats in marketing and
sions for improvement and growth. bility and performance. efficiencies and areas of waste. sales.
Key Areas: • Benchmark Performance: Com-
Q: How often should I conduct a • Income Statements: Assess reve- pare operational performance • Evaluate CRM Systems: Assess
360-degree business audit? nue, expenses, and profitability. with industry standards. the effectiveness of CRM tools in
A: Ideally, a 360-degree audit managing customer relationships.
should be conducted annually to en- • Balance Sheets: Evaluate assets, 360 Degree Business Audit Conclusion
liabilities, and equity.
sure ongoing improvements and to • Cash Flow Statements: Examine for Human Resources and A 360-degree business audit
adapt to any changes in the business cash inflows and outflows. provides a holistic view of your com-
environment. Talent Management
• Financial Ratios: Analyze liquidi- pany’s health, beyond just financials.
Q: What areas are covered in a ty, profitability, and solvency ratios. Definition: By conducting thorough assessments
• Reviewing the company’s work-
360-degree business audit? Steps: force, including recruitment, reten- across all aspects of the business, in-
A: Key areas include financial • Collect Financial Data: Gather in- cluding financial health, operational
tion, and development practices.
health, operational efficiency, hu- come statements, balance sheets, Key Areas: efficiency, human resources, market-
man resources, marketing and sales, and cash flow statements. • Recruitment and Onboarding: ing and sales, and customer experi-
and customer experience and satis- • Conduct Ratio Analysis: Calculate Evaluate hiring processes and on- ence, you can identify areas for im-
faction. key financial ratios and compare boarding practices. provement, leverage opportunities,
with industry benchmarks. and mitigate risks. This comprehen-
Q: What is the difference between • Review Trends: Analyze financial • Training and Development: Assess sive approach ensures that your busi-
a traditional financial audit and a trends over the past few years. training programs and career de- ness is well-positioned for sustain-
360-degree business audit? velopment opportunities. able growth and long-term success.
A: A traditional financial audit 360 Degree Business Audit • Performance Management: Re-
focuses solely on the financial state- view performance appraisal sys-
ments and economic stability of a for Operational Efficiency tems. The writer is a well known Business
company, while a 360-degree audit Definition: • Employee Engagement: Measure Turnaround Specialist, Astro Strategist,
evaluates all aspects of the business, • Evaluating business processes and employee satisfaction and engage- and BestSelling Author.
including operations, HR, market- workflows to determine efficiency ment levels. [email protected]

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