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Internal Business Review - Helping You Assess How Well Your Business Functions
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Regardless of your business’s life cycle, you may be considering employing new tactics that will allow you to streamline the structures & systems within your business. An internal process audit could very possibly be the answer you’re looking for.
An Internal process review is a key management exercise that mitigates risk and ensures your internal practices are consistent & effective. These reviews generally occur within your business to assess the overall level of conformity & compliance to specific company processes & systems. There are three main objectives of conducting a review:
1. To determine how effective your processes are.
2. To determine how well your systems are adopted & implemented by all staff, from CEO, through to temporary contractors.
3. To determine how applicable & appropriate your current software, hardware & equipment is to serve your business effectively.
Upon the completion of the review, you can expect a thorough report detailing developmental areas within your business, and potential strategies that will you assist you to improve within those areas.
How an Internal Review Can Improve Your Business
Internal reviews are incredibly invaluable exercises for optimising your business. Regardless of your business size or stage, you will have some form of procedure in place for a multitude of things (even if it’s not necessarily documented), by regularly conducting internal reviews you’re better positioned to maintain consistent product quality & improve overall compliance regarding standard business operations, giving you a better opportunity to take control of your business.
The potential benefits an internal reviews are extensive, however, here are a number of ways your business can benefit:
● Internal risk prevention & planning
● Identify gaps in compliance & solve deficits in adoption of processes
● Identify possible financial leverages within the business
● Analyse internal practises and controls, from HR to equipment, machinery, software, finance and marketing
● Identify inaccurate or inefficient reporting and provide insightful data to improve reporting systems
● Appropriate assets in accordance with your business’s needs & requirement
● Identify potential threats to systems & processes
● Update any outdated or inefficient software applications
● Identify superfluous processes, systems, memberships, software and applications
● Implement more effective & accurate systems that streamline processes.
Why it’s Better to have a Business Consultant conduct an Independent Review
Although a number of businesses opt to conduct their own internal reviews- there are many instances in which a business consultant is outsourced to conduct an independent audit. When you hire a business consultant in Perth, to conduct an review of your business, you can expect them to work alongside you, enabling you to identify any knowledge gaps & blind spots within your business processes that are hindering your business’s ability to scale & grow.
So should you conduct the review yourself or engage an external third party auditor? It all depends on you. Depending on your specific business needs, it could prove far more beneficial to outsource a third party business consult to conduct your internal review. The most common reasons businesses engage a specialised business consultant to conduct an independent review are as follows:
● You’re time poor & don’t have sufficient time to conduct your internal review
● You don’t have the resources or ability to effectively conduct an internal review
● You lack the substantial knowledge required to analyse & streamline processes
● To ensure an objective, unbiased review is conducted
● To eradicate potential conflicts of interest between the reviewer and the processes reviewed
● To broaden & optimise operational efficiency with external professional expertise on the subject
● Ensuring your business is operating in compliance with any law or regulatory updates that you otherwise would be unaware of within the business
● Heightened internal business insights from an unbiased expert
How can Lawrence Help Your Business
If you’re considering investing time and resources into an internal business review then you’ll need to find the right person for the task. Looking for a qualified third party auditor and business advisor in Perth that can conduct an audit, and simultaneously assist you with expert advice, support and solutions regarding any internal issues is crucial to a successful assessment. Our specialised team of business advisory experts can provide you with a service that will enable you to identify potential hazards and improve your business on a consistent basis.
Call today for a complimentary, no-obligation consultation, our approachable team would be happy to have a chat about how we can help grow your business through the use of an internal process audit.
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