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How Would You Justify Spending Time and Money on a Business Analysis of Your Company? Can Such an Exercise Really Pay Off in Ways That Make It Worth the Effort?

In: Business and Management

Submitted By Kassamoi2
Words 784
Pages 4
Module: Business Analysis and Assessment
Week: 06 Discussion Question
Name: Sahr Dauda
Date: 18 July 2012

Question: How would you justify spending time and money on a business analysis of your company? Can such an exercise really pay off in ways that make it worth the effort?

Analysis, as summed up from my readings, can be regarded as a clinical and structured decomposition of a subject into its constituent parts with the aim of acquiring salient information and deeper understanding of the said subject and to offer robust solutions for improvements. It is thus a process that is inherently iterative and involves, as proffered by Williamson et al., (2004), lots of research to gain deeper insight into the business which encompasses all aspects of the business and its environment. In short, it is a holistic process that unearths the secrets of the business and identifies areas needing attention. It thus seeks to find answers to questions like where is the business now, what does it do and how does it do it, where does it want to go and how can this be achieved (Williamson et al., 2004).

Yes, it consumes time and money but insights so garnered from the analytical process leading to formation of strategies will give the business a favourable competitive position and superior profitability. To reduce time and money spent, analytical tools are used to aid in the process, besides bringing structure to it. Note here that only the right necessary tools are used, as a few too many tools might derail and probably bring the process to nought.

One cannot overemphasize the value of undertaking any process that tenders solutions to the business’s problems leading to the achievement of objectives. Most successful turnarounds and renewal activities of firms taking a nosedive or achieving growth are based on thorough research and analysis as implied by Hass, Pryor &…...

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