Will my Business Ever Survive?

Do you know my business collapsed last year? Would you believe me if I told you I lost my customers to a new competitor? Chai, I didn’t foresee this happening to my business to be honest! Can this business be revived? These questions amongst others are what most start-ups in business in their first-three years ask after establishment. Most times, the problem is not with the CEO, co-founder, or staff working with or for them. 

The problem is with the business and the problem it wants to solve. The world at large is full of problems and people are scouting and, hunting for solutions, it would be unnecessary for a business that is supposed to solve problems to add to the list of existing problems. Hence, business start-ups are always up to build something someone wants.

 

Most businesses are doomed to fail from the outset because they didn’t go through the right channel and consultation. These consultations are what start-ups don’t consider because the of cost of money and they perceive it can be brain-tasking forgetting that the success of a business is dependent on this consultation. This consultation however is not far-fetched from what the business owner has envisaged rather it is deeper more and analytical than what the business owner had in mind. The business owner in the euphoria and floods of excitement that emanates from his idea omits important and salient issues that will determine the success of his business. 

The consultation here is the business analyst. A business analyst has been trained and equipped to help a business owner achieve his optimal prospect and success in his business. Business in itself is strategic hence a business analyst helps to take charge, find problems, and put in place strategies and, processes to solve seemingly present and future issues. An experienced business analyst instills and takes initiative plans within the operations of the business and implements them. Virtually, all companies considered successful today fly and benefit from the inputs of business analysis. A business is successful when it addresses its issues upfront. 

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If a business owner understands the efficacy of business analysis, he should be quick into buying into their ideas. There are however strategic ways through which a business analysis works for business start-ups. Business analysis works in these ways: 

• The business must clarify its goals and the needs it proposes to meet
• Identify the barricades that might hinder them from reaching their targeted audience
• Brainstorm and come up with solutions to the problems perceived 
• Ensure immediate implementation of the solutions generated.

The business consultant can take different approaches to help the business scale through hurdles. The approaches are many but one will be discussed or used as a template that is widely used by the business analyst which the business owner can follow through with and keep close tabs on what the business analyst is doing or about to do. With this, the business owner is not oblivious.  

The commonly used approach is SWOT Analysis. This term summarizes the techniques the business analyst aim to use to fine-tune your business. 

• S – Strength
• W- Weakness
• O- Opportunities
• T- Threats. 

At this point, the business analysis puts into consideration both external and internal weaknesses and opportunities. SWOT analysis is a four-quadrant analysis for a business analyst where he places the data as the answers for each quadrant. A business analyst answers the questions under each of the quadrants. The SWOT analysis stands tall among other techniques because it is easy to operate, it solely works for small enterprises or businesses. 

The wall of a business does crash suddenly, the foundation might have been built a shaky ground, but it can be restored if proper consultation is made on time and the problem the business aims to solve will be possible with the help of a business analyst and the willingness of the business owner to do the needful. No business can stand the test of time without prior analysis.

© Boluwatife Oladipo