If you are looking for a tool that allows your business to quickly find faults and enhance in-house processes, express business audits are your go-to solution. They are not your traditional, time-consuming, and resource-draining audits. Instead, they are designed to be lightweight, quick, and focused on specific aspects of the company.
How does it work
Every expert has their own way of performing audits. Let me share how I go about it. I usually break the audit down into two parts. The first part is a meeting, which usually takes about 3-4 hours. This meeting can be one-on-one with the CEO or involve the entire executive team, the decision-makers.
The audit doesn’t just involve the meeting itself; it also requires some preparation on the part of the company. You need to narrate the story of their business: your vision, core mission, existing plan, challenges, how their business plan is structured around these factors, key metrics, and more. This narrative serves as a foundation for asking further questions.
From my end, I’m already assessing how roles within the team might change, where there’s potential for reorganization, how business metrics are being considered, which are being overlooked, where there might be gaps, and what’s needed to fill those gaps.
Imagine me as an inspector in a restaurant’s kitchen. I can give subjective ratings on the taste of the dishes, but a restaurant isn’t just about the food. I’m there to check out the presentation, decor, and service. I want to see how things are running in the kitchen, how they’re preparing the food, and how clean everything is.
Then there’s another version of the audit for when the company is a bit unclear about its situation. In those cases, we set up discussions with top-level executives. We all sit down and talk through it together. Someone takes on the role of a business visualizer, outlining the key points and helping us create a clearer picture of the business. It’s a win-win — I get a better understanding of your situation, and you gain a deeper understanding of your own business.
How to recognize when you need an audit for your business
First and foremost, you might need an audit when, among the c-level executives, at least one person struggles to describe their business as a system — they either don’t comprehend it or lack the necessary knowledge. When another board member senses that there’s a lack of common understanding among the executive directors regarding how the business functions, it’s another telltale sign.
The second scenario to consider is when your teams aren’t meeting requirements or are struggling with their tasks. Product managers might shirk responsibility, and top management may make plans without hitting their goals. Many of our questions can be answered by looking from above: do we, as leaders, truly grasp the inner workings of our business from every angle?
The decision to conduct an express audit can arise from any doubts or issues within the organization, spanning from communication breakdowns to execution problems.
It’s not a secret that every business faces problems from time to time. Not everyone rushes to address issues when they are one-off situations, like putting out a single fire — you put out the flames, agree not to let it happen again, and get back to work. Problems become more serious when they keep happening over and over, like they’re part of the routine. Even after agreements, it appears that nothing is changing, and the system remains stuck in a loop.
How an express audit can supercharge company growth
An audit provides answers to many questions — in fact, it addresses everything you’re counting on. Remember, a company shouldn’t just be a status symbol; it needs to be profitable.
When I assess a company’s operations, my primary focus is on the effectiveness of R&D, which can be gauged by the number of experiments and their success. Naturally, I also take into account sales, marketing, and support — I need to understand the big picture and how the company’s budget is structured. However, if your R&D isn’t experimenting, you can’t truly call yourself an asset owner. You’ve essentially bought a car, a cool toy, but you can’t drive it.
How often should you conduct an express audit
If you keep doing the same thing and getting the same results, it’s a sign that something needs to change.
Here’s a practical approach: work in phases. The review of the company’s strategy should take place regularly and iteratively. There’s no need to start everything from scratch. Instead, reflect on what’s in the strategy and how it’s being put into action. This doesn’t mean you have to do a big strategic session every time. Keep these meetings more informal and frequent to easily track progress. Set goals for each quarter and have regular check-ins to see how you’re doing. Take a step back and look at the whole picture — how the organization is responding to its goals. Some goals may have already been met, while others might show you’re heading in the wrong direction. If you can’t get together and talk about the plan more often than once every six months, that’s a red flag.
Key Takeaways
You can engage in as many extensive strategy sessions as you like and hire coaches who crack jokes and lift your spirits. But there’s nothing quite like a straightforward and honest audit, where you can openly share your thoughts. If you ever find these meetings getting repetitive, with everyone just playing their parts and resisting change, consider bringing in a consultant. In just a few hours, they can help clear the air and foster a culture of radical honesty. This will help lift the fog from your eyes and provide a clearer perspective.
