The strategic audit: 10 Key Points

The strategic audit: 10 Key Points

  1. Ask the right questions,
  2. Test the current strategy and status quo
  3. Identify strategic risks,opportunities,and challenges and assessing changing resource needs.
  4. The strategic audit’s findings must lead to the implementation of new strategies to get the best possible ROI.
  5. For your implementation to make a difference,you need a plan your team supports. Your entire team must be behind the plan. To achieve that ideal scenario,get input from all stakeholders you can. You need all departments and divisions of the company represented.
  6. Establish useful metrics and accountability. Without this,new activities will not get done.
  7. Hire an outside strategic auditor,someone with the experience and talents to talk with your people and get them to share their inputs. This person provides some confidentiality to people who share.
  8. An outside strategic auditor also brings fresh eyes. No one closely connected to your business can have “fresh eyes.” YOU are too close to your own operations. Your team may or may not see brand-new opportunities. They also may not wish to verbalize what they see,think,or feel.
  9. The strategic audit must involve staff beyond the executives and the board members. You should include team members from all departments,including those working in the “trenches.” It is impossible to get an accurate,complete picture of your current status quo without it. If you don’t know your status quo,it is like starting a road trip to a given destination without knowing from which location you are starting off.
  10. A strategic audit gives management and the board plenty of actionable insights. Do it as soon as possible.executive business coach

The optimal outcome is when the strategic analysis leads to an actionable plan. That is because it finds the support of the company’s team as a whole. Creating a plan that incorporates the feedback and input of the whole team â rather than executives alone â is important!

See the complete article here:https://topnotchceo.com/what-is-a-strategic-audit-for-your-business-assessing-strategy-and-status-quo-with-fresh-eyes/

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