What is Gap analysis
It is a valuable tool for assessing the difference between where your company currently stands and where it aims to be. Here are some scenarios when you might consider performing a gap analysis:
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Strategic Planning: Before embarking on strategic planning, conduct a gap analysis. It helps identify gaps in your current state and informs your future direction. By comparing your existing performance with desired outcomes, you can chart a course for improvement1.
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Benchmarking: Use gap analysis to compare your company’s results against external criteria. For instance, a computer company might assess its performance relative to industry standards, while a candy company could compare its reputation with competitors2.
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Underperformance: Whenever a department or venture is underperforming, a gap analysis can pinpoint areas for improvement. It helps you understand why certain goals are not being met and guides corrective actions2.
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Complex Problems: When faced with complex issues, such as outlining a company strategy, a gap analysis provides clarity. It breaks down the problem into manageable steps, revealing gaps that need addressing3.
Remember, gap analysis isn’t just about identifying gaps; it’s about bridging them to achieve your business objectives. ????
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