Free Simple Gap Analysis Templates (Word, Excel, PDF)

gap analysis

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 the 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.

Frequently Asked Questions (FAQ)

What is a gap analysis?

A gap analysis is an examination and assessment of your business’s current performance that compares the current state of business with the ideal state and informs you where you would like to be and highlights the opportunities for improvement.

Gap analysis provides you various benefits to your business such as it improves the efficiency of your business, your product, and your probability. It allows you to pinpoint the gaps present in your business. Once these gaps are filled out you can easily focus on your resources and energy.

How can you differentiate between SWOT and gap analysis?

SWOT analysis and gap analysis both are used for evaluating purposes in the businesses but in different aspects. SWOT analysis is often used by businesses while gap analysis is not used frequently.

  • SWOT analysis is used for long-term goals while Gap analysis is to identify short-term threats and needs.
  • Gap analysis evaluates internally to determine business performance deficiencies. On the other hand, SWOT analysis evaluates a business against its companion.
  • SWOT analysis is frequently a huge study that evaluates many aspects and competitors while Gap analysis can be a very easy way for fine-tuning one process.

What do gap analysis and duration analysis identify?

The purpose of duration analysis is to identify the sensitivity of banks to the liquidity risk while gap analysis is used to identify the sensitivity of bank to the interest rate movements.

What is the importance of gap analysis?

Gap analysis provides various benefits to your businesses that are discussed below;

  • A gap analysis helps you in finding shortcomings that need improvement.
  • It will improve the efficiency of your business. It highlights any unexpected things that are going on.
  • It will improve the efficiency of your business. It highlights any unexpected things that are going on.
  • The gap analysis tool provides you an entire overview of your business or company. It allows the employers or HR managers to analyze either company has enough resources or not to meet its mission.
  • Gap analysis is also used to compare performance with potential.
  • With the help of the gap analysis process, there is more data on how to improve.

How to perform/conduct gap analysis?

Let us discuss step-by-step how to perform/conduct a gap analysis;

Step#1: Firstly, you have to determine the current state of your business. Before making a strategy to reach your goal you have to know that where your business or organization currently. The most important thing at this step is to analyze the root of your problem.

Step#2: Secondly, determine the ideal future state. Once you have identified your company’s current state now it’s time to become more idealistic.

Step#3: Once you have done with the above steps then it’s time to compare both your current and ideal future state and identify what’s missing between your performance and potential. Then, find solutions to fill these gaps effectively. How to fill that gap will depend on your company’s and team priorities.

Step#4: In the end, make an effective strategy and implement it to bridge the gap.

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:

  1. Identification and Analysis of the Company’s Current State
  2. Identification and Setting of the Goal of Future State
  3. Compare the Company’s Current State with the Future State
  4. Find the Gaps between the two states
  5. 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 the 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.

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