Auditing Business Performance
Monday, February 22nd, 2010At one level this is a relatively simple tool, requiring the management to select a key area of business activity and to audit performance in this area, comparing to previous performance levels and, ideally, benchmarking against known best practice and performance levels. The information generated by this audits will then be wont to identify unsatisfactory performance and enable measures to be introduced to bring about improvements.
The business areas that should be regularly audited, in any business, whether public, private, or not-for-profit, include: External Environment: well established tools and techniques are available and wont to scan the external environment for information on issues, events, and trends that will impact on the strategies and performance capabilities of the organization. The quality of this information, and the interpretations of it’s critical, as it’s the foundation stone of the strategic planning activity that follows. An audit of processes, tools, and techniques, and the quality of output, is essential in ensuring that the strategic planning process is furnished with superiority, relevant, valid information. (more…)
