Free Template for Gap Analysis
We also talked about the link between the business strategy and the gap analysis process and how to create gap analysis report.
However what makes huge difference between effective gap analysis and any other typical business analysis is the execution part.
Business managers are generally capable to clarify their strategies and their current business models. They understand what works and what doesn’t work. However when it comes to implementation or execution of a strategy (the main purpose of any gap analysis) most managers can easily fail.
This is where the gap analysis template will help. However before we go in details about the gap analysis template let’s review its real purpose first.
In order for any gap analysis to be effective it has to be based on real facts, data and information. Why? Because you want to define the current state of your performance, define the future or desired state of performance and be able to close the gap.
Data is important to define the gap analysis and its current and future states. In addition, equally important is to be able to track these two states as you execute the strategy.
In the previous example we had a $5M gap in sales growth. In order to track the progress we will need to track the sales performance month after month and we learn how good we execute our strategy. This helps us know if we are on target and more importantly help us adjust our approaches, tactics and process.
Even the simple example of sales growth used earlier will require tracking of more metrics and KPIs compared to just tracking sales. Tracking sales will tell you the actual results but tracking the appropriate metrics will tell you why certain sales level happened. This leads to uncovering alternatives for improvement.
The best gap analysis template you can use is the report that compares the actual vs target KPIs and metrics. Comparing the current state and the desired state is the foundation of your gap analysis. However by using this kind of template you’ll be able to track your execution and progress by using facts. As a result decision making based on facts will be more effective decision making.
Now download the gap analysis template excel and easily compare and track your actual vs target values.