BSBMGT617 Develop And Implement A Business Plan

Analysis of Business Performance

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Table of Contents

Introduction. 3

Discussion. 3

Conclusion. 6

Reference list 7

Introduction

The answers of the given questions describe how business performance analysis is important for a company. This always also describes how to review the business performances. This business analysis can help the company to develop its performance and tier marketing strategies. The business analysis is important for gathering information about the business. It describes the triple bottom line values and their works. This answer also describes a report about the business performances. The objectives of their report also describe the reports. A company needs to know about their weakness and strength for developing them in the future. It can help them to develop their future plans.

Discussion

Analysis of business performance

1. The business analysis is important for gathering information about the business. The business analysis in the form reveals performances, sales required performance, profit and loss information, product qualities, work environments and many more. Business strategy analysis is a key survival of the business (Ashrafi et al., 2019). If the company grows properly it is because of their employee growth. If the company maintains its profit and loss then it can gain more revenue in the future. As accompanied it needs to maintain its product sales, its marketing strategies, customer satisfaction and many more and it helps the company to achieve its goals. The triple bottom lines describe that the companies frameworks and the finance structures, environments and many more. TBL means the people, planet, profit and it’s important for the business.

In the business markets, the triple bottom line is important for the company. The triple bottom lines and their importance also measure the long-term profitability for the company. In the business workplaces environments are also important for the employees. Many organisations are already creating their triple bottom lines and some of the partners also share the issues about their shareholders (Abreu-Ledón et al., 2018). Many businesses notice that the non-profitable businesses are gaining more popularity and profiles because they are maintaining their environments.

2. Every business management department always monitors their employers and their market environments. This business analysis helps the company to improve its services and its management. There are many ways the business operator can review their companies performance and some of the information’s are described below:

Reviewing business finance position: Business needs to maintain the economical factors but sometimes their market strategies go down. This type of situation creates problems for their business. The cash flow, working capital, cost base and company growth is also a part of the company’s performance (Akintimehin et al., 2019). If the company perfectly reviews their account information then can find information about their lack points.

Competitor analysis: The business management and the board of directors analyse the companies SWOT analysis, PESTEL analysis and many finance analyses it helps them to find their threat, weakness, product response, opportunities and weaknesses.

Figure 1: Reviewing business performance

Source: (Akintimehin et al., 2019)

Improving marketing analysis and archives business goals: If the business reviews their performance then they find about their marketing analysing and if they did any mistakes in their marketing analysis then it can help them to improve their problem. This review also defines the business advertisements, sales, suppliers, competitors, visitors and many more.

3. In this report the business person describes the company’s performance reports. This report needs to be represented by the financier, investors, staff, and the shareholders. The business needs to set its goals after maintaining its plans (Akintimehin et al., 2019). The objectives of their report are maintaining the company’s performances through better environments, maintaining financial statements, archives profit for the company and many more. These reports describe the company’s performances and their profit for the whole year. The competitor analysis helps the business and the management to understand the market’s condition and the customer’s needs (Ashrafi et al., 2019). The financial positions help them to make their financial positions better and they also can improve their management and financial strategies. The business workplaces also develop their company’s environments for their employee satisfaction. If the employees are comfortable at their workplaces then they can also perform their tasks perfectly. Those strategies maintenance helps the business to maintain their productivities, environments, planning and many more. It helps the business to achieve its goals.
4. Develop a training program to provide the skills and knowledge

In the business workplaces, the turning process is impotent to develop the employees and the staff’s skills and their knowledge. In the business training the employees, staffs need to attend their training process to develop their skills and their knowledge about their work (Dawson & Thomson, 2018). The training can help them to choose their future path and perfect department for them. It also helps them to understand their roles and their responsibilities. They can also start to think about their own ideas and innovations (Börner etal., 2018). It also helps them to identify their attitude and behaviours toward their organisations. The training of the business culture helps to understand the business needs.

Conclusion

After analysing these answers it has been concluded that the analysis of the business performance is important for the company to develop their business. A business needs to maintain its employees’ performances, productivity, profit and many more. The analysis of the business performances can help the business to understand its weakness and threat. After that, they can also improve their mistakes and develop their companies’ environments and productivities. The competitor analysis helps the business and the management to understand the market’s condition and the customer’s needs. Those strategies maintenance helps the business to maintain their productivities, environments, planning and many more. It helps the business to achieve its goals.

Reference list

Abreu-Ledón, R., Luján-García, D. E., Garrido-Vega, P., & Escobar-Pérez, B. (2018). A meta-analytic study of the impact of Lean Production on business performance. International Journal of Production Economics, 200, 83-102. DOI: https://doi.org/10.1016/j.ijpe.2018.03.015

Akintimehin, O. O., Eniola, A. A., Alabi, O. J., Eluyela, D. F., Okere, W., & Ozordi, E. (2019). Social capital and its effect on business performance in the Nigeria informal sector. Heliyon, 5(7), e02024. DOI: https://doi.org/10.1016/j.heliyon.2019.e02024

Ashrafi, A., Ravasan, A. Z., Trkman, P., & Afshari, S. (2019). The role of business analytics capabilities in bolstering firms’ agility and performance. International Journal of Information Management, 47, 1-15. DOI: https://doi.org/10.1016/j.ijinfomgt.2018.12.005

Börner, K., Scrivner, O., Gallant, M., Ma, S., Liu, X., Chewning, K., … & Evans, J. A. (2018). Skill discrepancies between research, education, and jobs reveal the critical need to supply soft skills for the data economy. Proceedings of the National Academy of Sciences, 115(50), 12630-12637. DOI: https://doi.org/10.1073/pnas.1804247115

Dawson, J., & Thomson, R. (2018). The future cybersecurity workforce: going beyond technical skills for successful cyber performance. Frontiers in psychology, 9, 744. DOI: https://doi.org/10.3389/fpsyg.2018.00744