1. Review & Reflect on Your Team
Who are your superstars?
Your people are your most valuable asset so this is a good place to start. What makes your top performers great at what they do? Can they be groomed to take on bigger roles? What retention strategy would be suitable for them?
Who isn’t performing?
It’s just as important to identify the employees who aren’t performing up to par. What is the root cause? Realistically, is this something that can be addressed? Is there a more suitable role for them in the company or should you consider replacing them?
2. Review & Reflect on Your Capabilities
Do you have the right in-house capabilities?
While your company’s core competencies are unlikely to change, capabilities, especially in terms of skills and knowledge, do need to be constantly updated. Are your current in-house capabilities sufficient to achieve your business goals? Will investing in new capabilities create more opportunities for success?
Should new skills be acquired or hired?
If new skills are required to take the business forward, an important consideration is how to bring these on board. Can your current team acquire these new skills to a satisfactory level at a reasonable time and cost investment? Or, should you hire for new skills?
We hope that our Review & Reflect Guide has provided you with some thought-starters to begin your own lookback. For more resources on strengthening your business, download The Essential Entrepreneur Exercise Toolkit here.