Business Assessment Criteria
Assessing your business helps you determine where your strengths and weaknesses lie, and how you can improve your plan or operations. Many assessment tools are available for the business owner, and each targets a different aspect of business management.
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Risk Assessment
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When contemplating a business opportunity, assessing the risk involved will help you develop an effective business plan. i2E, Inc., an Oklahoma non-profit company "focused on wealth creation by growing the technology-based entrepreneurial economy," developed a business risk assessment tool to help entrepreneurs with this task. The tool identifies five key areas of analysis: product, market, business, finance and execution risk. After identifying your business' risks in these areas, the tool identifies benchmarks you should complete to surmount these challenges.
Growth Assessment
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Expanding your business can lead to higher visibility and profit margins in your industry. To maximize your ability to grow, you should have a growth strategy in place. The SBA Network, a business consulting firm based in California, developed a business growth assessment to aid you in improving your growth strategy. Three areas of your business operations are appraised: the human quotient, innovation quotient and marketing quotient. These are divided into sub-categories. For instance, the marketing quotient is determined by by rating your marketing and branding, targeting exclusivity and sales and acquisition factors.
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Better Business Bureau Rating
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The Better Business Bureau's rating is a nationally recognized standard for an overall well-functioning business. The BBB rates your business based on a plethora of criteria. Some of the criteria include the length of your operation; if you have required competency licenses; known governmental actions against your business; advertising issues; complaint volume, history, and resolution of patterns within it; if you have honored commitments to comply with arbitration or mediation in disputes; and whether the BBB can make an accurate assessment of your business based on the amount of information it possesses.
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References
- Photo Credit business colleagues image by Vladimir Melnik from Fotolia.com
