A LinkedIn Conversation: When was the last time you did a complete Gap Analysis?

Wayne Spivak wrote:

When was the last time you did a complete Gap Analysis?

This may seem to be self promotional, but everyone here has the ability to perform Gap Analysis without outside assistance.

All companies have issues; areas where they don’t perform well, have problems that constantly re-occur and a sense that things just aren’t working well.

Do you have a plan in place to determine how well you are succeeding against your business plan, industry or governmental standards or legal standards?

If so, do you run this program at least once a year, and if significant problems are highlighted, run it again a few months after corrections have been made?

Do you run the program for the entire universe of your company or just where you think the problem lies?

Is your Gap Analysis document based on a binary (Yes, we do it; No, we don’t) scenario?

I think each area can be a discussion point and a cross pollination of what you’ve seen work and what hasn’t.

Dr. Phaedra WeilerFollow Dr. Phaedra

Dr. Phaedra Weiler We have a corporate accountant, but you bring up a valid point. Complacency is all too common, it is best to review your policies to make sure you follow all of the rules.

Wayne Spivak

Wayne Spivak This is not just an accounting issue; this is a fully 360 degree, from every standpoint and foci. Accounting is just a single degree.

Wayne Spivak It’s more than “following the rules”.

It is looking at your operation and determining what is the ideal condition. It may be legal requirement, industry standard or the companies strategic or tactical viewpoint. Which ever is a higher a achievement.