Business self-assessment is all about analyzing one’s business acumen and thereby, understand the prospects of one’s business. It carefully studies the business objective and policy development strategy of a company, probes into its merits and demerits and helps plan means for improvement. It is a kind productive criticism that aims at self-introspection, understanding of the company’s needs, identifying problem areas and addressing them.
Sample Business Self Assessment
Name of the company: Heavenly Perfumes Private Limited
Date of submission of the assessment: March 6, 2012
Nature of the business: The company deals with import and export of perfumes. Its major business is with the states of Texas and Pennsylvania. Recently the company has also started manufacturing its own products.
Business objective: To sell quality perfumes from across the world at affordable rates.
Target Customers: Mainly women belonging to the age group of 16-48years. However, as they began manufacturing their own products, the company is also contemplating on expanding their business so as to cater to men as well.
USP: The company’s USP is to deal with perfumes made of natural floral extracts.
Revenue earned every year: The company makes a profit of around 28% every year. However, with the launch of their own products the profit percentage has soared up to 36% this year.
- Quality product.
- Affordable price tags.
Areas needing improvement:
- The company needs to revise its marketing policies and think more innovatively to increase their profit percentage.
- The range of the target customers may be widened to yield better results.