We all want our businesses to be more profitable, right? Clients come to us with frustration over feeling stuck or plateaued in their income without realizing they are missing out on a key strategy that would boost profits without the need to increase sales.
With a few simple tweaks in your business, profits experience an increase, AND you will have happy customers.
What is this magical strategy?
Please meet management analysis. This term is sometimes misunderstood. Management Analysis is the process of analyzing the systems and workflows in your business to find areas for improvement.
How Business Management Analysis Works
The process of performing a management analysis is completed by looking at everything. No stone is left unturned! The consultant reviews every part of the business processes, from onboarding customers and employees to delivering services or products, to post-transaction processes and beyond.
The very first step in a management analysis is usually to document every process inside the business. It’s important not to leave any part of the process out, no matter how big or small. After reviewing every process, the consultant will make recommendations to improve the overall performance. Recommendations may include automating certain tasks or creating a check and balance system so that nothing is overlooked. The goal isn’t to cut corners or eliminate any positions; it’s to improve the overall business system so that every piece of the process is accounted for and optimized.
Which Businesses Need Management Analysis?
The case can be made for almost every business to implement management analysis at some point. The business can be one year old or one hundred years old, with one employee or one hundred. If you have a business, you can benefit from management analysis. What are some signs that it’s time for this process?
Signs You Need Management Analysis
Your profitability is stagnant
You’ve experienced “growing pains” along with unhappy customers
You’ve become a bottleneck, frequently holding up tasks
You have a (growing) team and want to ensure efficiency
You’re considering a major investment
You want to analyze overall costs
If any of these signs speak to you, it’s time to find a consultant that meets your specific needs.
Why Trust a Consultant for Management Analysis
You work very hard in your business every single day, possibly for years. It’s no wonder it’s challenging to look at things with an objective eye. There are areas in your business that are great for DIY, but management analysis is not one of them. You need a trained and experienced consultant to look through your processes with an objective and unbiased lens. This consultant will be able to make recommendations based on the facts and not emotions.
Finding a Management Analyst for Your Business
At Lighthouse Advisory, we believe in serving your business with a holistic approach. Your business is unique with its own set of challenges. With that in mind, we offer a customized approach built on a proven framework. Using our expertise and experience, we’ll take a magnifying glass to your entire business and make recommendations to improve your processes. With a few tweaks, you will experience better profitability and customer satisfaction. If you’re ready to schedule a consultation, please send us a message here.
