When one marvels at the Golden Gate Bridge, it strikes the mind - what led to someone thinking, “These pieces of land need to be connected over the turbulent strait”? It is not that someone couldn’t just row through the waters (they tried, for sure, and succeeded too). But connecting two entities nudged open a greater purpose and advantage that the layman’s eye couldn’t envision.
Believe it or not, the Golden Gate, or any other bridge for that matter, is a blueprint of how one can trim, fix and expand their business. If you are wondering how, then your answer lies in an incredibly useful technique called the “gap analysis”.
Most of the entrepreneurs have at least a rough vision of how successful their business should be. But sometimes, knowing where to begin and how to reach the end goal can be challenging. This gap between the desired and the actual outcome indicates that it is time to perform gap analysis; a strategic tool defining where you are today, but most importantly targeting where you want to reach and how to get there with minimum deviations. It is a standard procedure practiced by managers who are motivated to succeed and turn their projected vision into reality.
What is Gap analysis?
Let’s set the stage with an example.
When a new product, budget, functionality, or sales campaign is launched, it has a few end targets and goals. However, the team’s capabilities might not be on par with the end goal. This shows that there is a gap between the current and future state of the organization.
There are several reasons for this gap such as incompetent staff, issues with budget formulation, poor communication, missing functionality, or a mix of all these factors. Whatever the reason, gap analysis tries to bridge the two states by exploring why the business is not living up to its expectations and adjusting the projection of goals going forward.
Why does Gap analysis matter?
Knowing where you are going is the first step to getting there. - Ken Blanchard
At heart, gap analysis considers three aspects — where you are, where you want to go, and what you need to get there. And for this, it is important to assess where you stand today, something that gap analysis determines. Let us understand the importance of gap analysis in a bit more detail:
Show real-time strengths and weaknesses
A gap analysis is designed to look into what is happening today and define the gaps immediately rather than waiting for the project to hit a dead-end. It is not about analyzing what was but looking ahead to make improvements wherever necessary.
Enhance the project qualities
A gap analysis can help improve the overall process whenever the business is underperforming. This brings a rampant shift in the operations making them better and more suitable for the work culture. For instance, if your accounting team fails to pay invoices, followup with a gap analysis to identify improvement opportunities.
Reallocate the resources smartly and more competently
If done right, gap analysis sheds light on the current use of resources and how they can be put to optimum use. This helps managers and business leaders to reassess their resource allocation in order to meet the performance goals more competently. Through gap analysis, changes can be implemented right away, thus leading to more advanced allocation and execution. In other words, it can be called a catalyst for growth.
Make informed decisions
Gap analysis helps in providing a rich picture to the managers, by mapping the current scenario. This understanding helps them make better decisions and steer their business towards positive results.
Get objective perspectives
Gap analysis is all about even-handed assessment. With the insights gleaned from this, raw processes can be implemented to improve the overall performance of different departments in the future.
Gap analysis templates - For a structured approach that goes a long way
No gap analyses are alike. They have a lot of variables that make their application different and inevitably unique. It can be as intense as 100 pages or with a small scope of only 20 pages. To cater to this one-size-fits-just-one scenario, it is a good idea to look at a series of real-world examples such as the ones designed by our experts. These templates consist of complex gap structures suitable for banking and finance, moving on to more multifunctional designs for small to medium-sized organizations. Check out these designs and get inspired!
There is no cookie-cutter approach to the gap analysis. Each one of it has its own purpose, value, and scope. A quick look at this prefabricated PowerPoint bundle helps in personalizing the process in many ways. A large part of the details is covered in this bundle, thus helping you focus on the data presented. One of the great features of this template is that it can be used in a diverse set of conditions and by every industry vertical.
Conducting a gap analysis can be quite complicated. That is why we have designed this template to make its principles fairly simple and the application more effective. This animated bundle helps you assess complex projects with goals, purposes, processes, etc, which are multifaceted. It also helps the organization in evaluating the aspects that are underperforming to conduct an effective gap analysis right away!
This template can be used when there is an apparent gap between the current and future states of your organization. It helps in conducting a gap analysis with a clear and structured action plan, which ensures that all the underperforming areas are analyzed and dealt with in the best possible way. It also provides a prefabricated framework with all the key fundamentals neatly presented in the form of slides.
Use this template to analyze your company’s historical performance and correct the gaps. It explicitly captures the current state and the future state of the organization, thus helping the managers decide on their further plan of action. The biggest feature of this creative bundle is that it can be used to make assumptions about both qualitative and quantitative data, depending on your needs and requirements. As it is pre-equipped, it acts as a baseline to set benchmarks, which can be analyzed from time to time.
If creating a gap analysis presentation that includes all the major details is the biggest challenge for you, then this template is the most suitable set you can include in your arsenal. This is a pretty straightforward template that can be used by any manager to improve his overall framework and operations. Not only is it easily accessible but also highly adaptive to any presentation, depending upon the needs and requirements of the user.
If you are seeking to improve your gap report, then this pre-designed template is an ideal choice to go for. It provides a well-structured framework for identifying and optimizing business opportunities. The biggest feature of this template is that it can be adapted to any business setting or department where gaps occur and need to be addressed.
This is another complete deck that can be used to address operational and strategic gaps in your organization. Comprising slides on various topics like growth share matrix, product matrix, SWOT analysis, and many more, this is a perfect bundle for managers and executives. It can be used and applied in various settings like banking and finance, IT, etc. The choices are endless, so download this design now!
This template provides a framework for the managers to collaborate and create a well-structured strategic plan. With 57 fully-editable slides that complement every presentation and delivery style, this is a great design to include in your arsenal. Not only are these slides fully-editable but also induced with invaluable information on various analytical topics, making it a handy bundle.
This complete deck provides a quick solution to all your gap analysis problems. Not only it is easily applicable but also well designed with high-quality visuals, icons, etc. Therefore, it suits every presentation style and design. It all depends on the needs and requirements of the user.
This template with 17 slides, is well-designed and layered strategically for your convenience. Therefore, you will face no difficulty in using it for any of your departmental gap analysis projects. All in all, it is a multi-functional template that suits every setting. Therefore, without any further ado, download it now!
Final advice on Gap analysis
A business is in flux most of the time so there is no such thing as a perfect performance. There is always a scope for improvements and if that is done with well-defined techniques, then any aspiration can become a reality. The beauty of gap analysis is that it can accommodate any turbulence in the organization, no matter how big or small, thus making it a powerful and versatile tool! All you need is to build your own Golden Gate and cross it over to the other side of excellence.