Elements of a strategic audit
The advantages of strategic audit are as follows. Firstly, it is specific to one’ business and its operations. Secondly, strategic audit tends to rely on proven business models in order to compare the way the business functions today and would have functioned, if a different model had been adopted. Thirdly, it allows seeing the organization’s functioning from a new perspective and revisits its strategic plan accordingly (Lindblad&Media, 2014)
The strategic audit is crucial with regard to strategic planning. The strategic audit is based on comparing the current state of business with a state, possible if a different business model was applied (Lindblad&Media, 2014). As strategic audit represents an ongoing process, it serves as a tool that allows for seeing the directions of change and keeping the implementation of change continuously monitored.
As it was mentioned above, continuous strategic audit helps to keep the change continuously monitored and develop ever new suggestions regarding possible improvements. Apart from taking into consideration specific steps, already implemented by the company, strategic audit also considers continuous changes that take place within external and industry environments, suggesting ever new changes to the business models.
The sources of successful strategic audit deal with an excellent understanding of the peculiarities of a business at hand and the external and industry environment influences upon it. It is also essential hat strategic auditor continuously develops ideas that can improve a company’s performance, even if it already performs successfully.
Strategic audit provides a vision of the possible changes to the company’s strategic plans that can improve its performance in the future. Each functional unit of the business gets evaluated, and an owner of the business gets a chance to set new strategic planning and development priorities.
References
Lindblad, M., Media, D. (2014, 15 January). What is the importance of the strategic audit? Retrieved from http://smallbusiness.chron.com/importance-strategic-audit-13057.html
