In the past two weeks, you have thought about goal setting and business planning. To help you keep your finger on the pulse of your company, it is important to regularly conduct a gap analysis. This process helps you pinpoint elements in your operations that may need attention.

Specifically, a gap analysis involves uncovering areas in which your company’s current capabilities are falling short of its strategic requirements.

Typical obstacles to attaining your short- and long-term goals — i.e., gaps between where you are and where you need to be — may include:

  • Insufficient staff to meet clients’ needs
  • Lack of a customer relationship management system to collect and analyze client data
  • Need for advice from an attorney or accountant
  • Inadequate training in soft skills to enhance customer interaction and satisfaction

Based on the gaps revealed by your analysis, you can create an implementation plan for addressing them. List a specific action step to bridge each gap. Set a deadline for the task’s completion and assign a person to oversee it. Check in with that person regularly to keep everything moving on time.

Conducting a comprehensive gap analysis, designing an implementation plan, and tracking progress will help you ensure your company will not “end up someplace else” — as Yogi Berra warned us about.

To learn more about gap analyses and implementation plans, enroll in the Business and Financial Planning online courses (ON SALE!)designed to help you create a plan to succeed.