It is a strategic approach in which the internal factors of an organization are analyzed on the basis of different parameters. For instance, business risks, opportunities, strengths, and weaknesses are analyzed after performing an internal review.
This template covers various areas within your company and so it can be used by all internal departments to help your team and you develop strategies for success and growth.
Using this internal analysis strategy template will provide you with key insights on your organization's competency, such as informing you where your organization has scope for improvements and where its problem areas or possible threats may lie.
This template is unique in the manner that not only is it a strategy in itself but it is also made up of several strategies that fall under it. Hence, potential focus areas could be the strategies that fall under an internal analysis strategy (such as a VRIO analysis, McKinsey's 3 Horizons, a balanced scorecard strategy, or a SWOT analysis), else, focus areas can be created by departmental areas that your organization wants to focus on.
Examples of focus areas for your internal analysis strategy could be Company Strengths, Structural Weaknesses, Business Opportunities, Possible Threats, and Viability in the marketplace.
Objectives help steer your team and you in the right direction. They provide clarity and structure of expectation for different individuals within the organization.
Possible objectives for the Company Strengths focus area could be Aim to build brand recognition amongst consumers; Ensure there is an appropriate mix of necessary resources (people, money, and equipment); Transform the company environment into one of the most employee-friendly work cultures.
KPIs are important because they break down the larger objectives into smaller, more measurable, and trackable targets. They demonstrate how effectively a company is achieving key business objectives
KPIs for this internal analysis strategy could be to Increase the net retention rate, reduce carrying costs, maintain the inventory turnover ratio, reduce the number of breakdowns per quarter, reduce the annual churn rate, minimize costs, and increase code coverage.
Accomplishing projects provide motivation, focus attention, serve as a basis for managing performance, and evaluating change. Satisfactory completing a project can inform you about how your team and you are progressing on your goals and achieving your objectives.
Examples of a project for the objective for this internal analysis strategy could be recruit and hire new support reps, transfer all company and client records on the cloud and maintain data recovery (just to name a few).
5. Utilize Cascade tools to track and visualize performance.
Using these visualization tools helps teams plan and execute short, focused tasks that align with larger goals. They also provide a visual form of metric tracking, so that your team and you can easily monitor and track the progress of your goals.