Internal Analysis or Internal Audit using the PRIMEFACTTM Checklist
When devising a business strategy, businesses and organisations in the creative sector
need to be aware of their own strengths and weaknesses by conducting an Internal Analysis or Internal Audit.
(To undertake an External Audit of opportunities and threats,
use the ICEDRIPSTM Checklist.)
A useful technique for undertaking an internal audit is to use the PRIMEFACTTM Checklist.
PRIMEFACTTM invites us to assess the strengths and weaknesses of our own business or organisation using
nine headings as follows:
P People. What are the strengths and weaknesses of our people? Employees, directors, members, associates, advisers and other stakeholders.
R Reputation (or Brand). What is our reputation with our target customers? What are the strengths - or weaknesses - of our brand or brands?
I Intellectual Property. What intellectual property do we have? How is it protected? How easily can it be turned into income streams?
M Market Information. What information do we have about market segments and market trends? What do we know about individual clients and their specific needs?
E Ethos (or Values or Culture). What is our ethos, our values and our organisational culture? Do all stakeholders subscribe to this same ethos?
F Finances, ie money. What is the current state of profitability, cashflow and assets? How much money do we have to invest or can we borrow?
A Agility (or nimbleness or change-ability). Are we agile enough to seize new opportunities. Are people prepared to change and ready for change? Or are we unable to change?
C Collaborators (Alliances, Partnerships and Networks). What are the strengths and weaknesses of our associations with other businesses and organisations?
T Talents (competencies and skills). What are our core competencies. What skills do we have available and what gaps are there? Are we able to learn new skills?
Tip: the best way to use the PRIMEFACTTM checklist is to jot down lots of ideas quickly - maybe in a group - and without
pondering or challenging them at first.
Afterwards you should sift through them to identify the most important
few factors from the trivial many. (According to the Pareto Principle, it is likely that
about 20% of the factors will represent 80% of the potential effect on your business.)
Note: This web page is not intended to provide comprehensive coverage of the subject, merely a brief introduction to provoke thought and to lead to a more in depth understanding and application of the topic, either through further reading - or from me as your management consultant, executive trainer or personal coach in a consultancy project, training course, workshop or seminar.