The measurement of Business performance should be a continuous process which involves checking the performance against the mission and objective of the company .It leads to compare the actual performance with the established standards.
It is one thing to have an increased profit margin and the business is not growing;It is another scenario to have a low but growing profit margin and clear indicators of business growth .
The importance of this Business Performance Auditing is not only to improve the performance, but also the productivity/effectiveness of a business entity by reducing costs and waste occuring in business.It is a good way to align the activities with the plans being established
Why Measure Business Performance?
Business performance measurement has a variety of uses. Bititci,Carrie and Turner (2002)
ØTo monitor and control
ØTo drive improvement
ØTo maximize the effectiveness of the improvement effort
ØTo achieve alignment with organizational goals and objectives
ØTo reward and to discipline
Reviewing your progress will be particularly useful if you feel:
üUncertain about how well the business is performing
üUnsure if you're getting the most out of the business or making the most of market
üYour business plan may be out of date, e.g. you haven't updated it since you started trading
üYour business is moving in a direction different to the one you had planned
üThe business may be becoming unwieldy or unresponsive to market demands
üIt is also useful if you have decided that your company is ready to move on to another level.
Objectives of Business Performance Auditing
Audits are an integral part of most management systems and are usually a requirement of external standards (e.g. ISO 9001 or ISO 14001) .
The objectives of Business Performance auditing include:
• Ascertain the employees ‘s performance in the business to deliver their goals and objectives
• Measuring the performance of business processes (efficiency, effectiveness and conformance)
• Assessing the company’s ability to meet customer requirements, and internal and external rules and regulations
• Identifying the leading competitors in your industry and probing into the
strength,weakness,threats and opportunities open to them
• Assesses understanding of the objectives, mission of company
Outcome of project
·Assessed your core activities
·Assessed your business efficiency
·Reviewed your financial position
·Conducted a competitor analysis
·Assess the potential of human capital&their personal development as an asset to the
·Ascertain the employees ‘ performance in the business to deliver their goals and objectives
·Assessed if necessary redefined objectives, mission of company
·Use your review to redefine your business goals
SDIL has a league of International certified Management consultants ,Business
Continuity Managers,certified Business system Analysts, Auditors trained to identify and resolve complex
We also have International Certified trainers,HR ,Business&Corporate Strategist trained to evaluate andoptimize performance in workplace .