A gap analysis template is a tool used by businesses to better plan for the achievement of targets or goals. This tool has formatted in a way to assist the comparison process. Mostly, used created using MS Suite tools such as Excel and Word.
All the developing and developed businesses set certain goals to achieve. These goals are set to improve multiple factors of the business. However, gap analysis can be used to compare the two states of the company. Businesses can compare the existing state of the company with the ideal state to devise the best strategies for achievement.
Usually, a gap analysis template is used to make a comparison between two states of a company. However, a business can add a milestone or an intermittent state. The current state of the business is referred to as a present state. Moreover, the goals or the ideal state of a business is referred to as a target state. You may also like the Training Needs Analysis Template.
The purpose of this comparison is to make strategies for bridging the gap between the current and ideal state of the business. The gap is assessed and then the company defines the steps for bridging it.
There are many other terms used for the gap analysis such as need analysis, need assessment, and need-gap analysis.
Gap analysis isn’t a single tool. It is a group of tools that are used collectively to assess and bridge the gap between the current and ideal performance state of a business.
How To Use Gap Analysis Template?
The visions and goals are set by the companies. However, it is important to efficiently track the performance of the company. Either the company is heading toward the goal or away from the goal.
The gap analysis can assess the gap between the states of a company with its competitor as well. After comparison, the results of the analysis can be used to achieve the goals.
The gap analysis follows a five steps method for implementation:
- Identification and Analysis of the Company’s Current State
- Identification and Setting of the Goal of Future State
- Compare the Company’s Current State with the Future State
- Find the Gaps between the two states
- Create and Devise the Strategies for Bridging the Gap between two states. You should also check the Client Information Sheets.
Important Tool of Gap Analysis Template
A company can use a set of tools for bridging the gap between the current and ideal states. There are different tools available for this purpose. However, the most recommended one involves the following:
- SWOT Analysis
- Ishikawa Diagram
- Mckinsey 7S Framework
- Nadler-Tushman Model
- PEST Analysis
SWOT analysis is the most common tool used in the gap analysis. SWOT stands for strengths, weaknesses, opportunities, and threats. It is used to analyze both the internal and external factors of a company. You may also see Employee Training Schedule Template.
The use of a gap analysis template is recommended by the professionals. As it is useful for all the business regardless of the business scale. Also, it allows the business to follow a stepwise approach. So, nothing gets ignored during the implementation of the approach.