At the same time, it is important to remember that while reviews of this kind can be very effective - they can give your business the flexibility it needs to beat off stiff competition at short notice - it is important to think through the implications of any changes.
Many new businesses work in a short-term, reactive way.
This offers flexibility - but can cost time and money as you move from getting the business going to concentrating on growing and developing it.
What you need to know The type of competitor information that will be really useful to you depends on the type of business you are and the market you're operating in.
Questions to ask about your competitors include: You will probably find it useful to do a SWOT (strengths, weaknesses, opportunities, threats) analysis.
Questions you might want to ask include: It's doubtful whether you will be able to answer these questions on your own - involving your professional advisers, your fellow directors and your senior staff will all help to make your review more effective.
A good starting point for your review is to evaluate what you actually do - your core activities, the products that you make, or services that you provide.
At this stage you should ask yourself if there are any internal factors holding the business back, and if so, what can you do about them?
Consider the various aspects of your business in turn.
Reviewing your progress will be particularly useful if you feel: It is also useful if you have decided that your company is ready to move on to another level.
Setting the direction A clear business strategy will help to answer any concerns and show practical ways forward.