360-Degree Financial Assessments
A 360-degree analysis is a method of systematically collecting opinions about an business’s performance from a wide range of individuals to provide feedback to the business or practice owner. This valuable service can be one of the most powerful and enlightening experiences a business owner can go through. It’s truly amazing the amount of honest feedback an owner receives when this analysis is conducted by a trusted third-party consultant. The owner will learn more than they ever imagined possible, and can then use that feedback to make internal improvements that will improve customer satisfaction, employee motivation, and by association, business revenue.
How It Works
Initially, we perform a preliminary SWOT analysis with the business owner to determine the company’s internal strengths and weaknesses, and external opportunities and threats. We extend the analysis by identifying what the customer, vendor, and other stakeholders expect from the business, whether or not those expectations are being met, and any feedback that could illuminate problems or possible improvements that need to be addressed. This is determined by a series of interviews. As a trusted business adviser and non-biased third party, Parkhurst CPA PC performs these interviews with key customers, clients, patients, employees, suppliers, vendors, and any other individual or business that has a significant relationship with the business owner. We conduct our interviews with the individuals by asking questions based on the financial goals and visions that the business owner wants to achieve. The business owner is then presented with a written report detailing the findings of the analysis as well as recommendations for improvement from the consultant conducting the analysis.
What This Means For You
Almost always, the amount of extensive feedback provided to the owner puts the business in position for significant growth. Interview feedback given by the stakeholders allows the owner to enhance his or her services and strategy to better serve stakeholder needs. The direct and honest feedback from all parties places the business at a competitive advantage from their peers as recommendations are made and new ideas documented by the third-party CPA.
By having a third party such as a CPA provide these interviews separate from the owner, the customers and stakeholders are more likely to provide the most honest and comprehensive feedback. This approach addresses typical “blind spots” that the owner has by previously having made their own perceptions and conclusions of those individuals versus receiving direct and precise feedback from the individuals themselves. This is an eye-opening experience for a business owner that can have a strong impact on the way a company is run, opening the door for greater financial success.