Turnaround firm Vantage Performance has announced a new free resilience assessment tool that any Australian business can use to check their viability.
The Vantage Resilience Index (VRI) is a unique non-financial metric that is an “accurate predictor” of future performance and business success, utilizing the firm’s two decades of experience in the realm of business growth and turnaround.
Company leaders need only answer and complete 50 yes/no questions in less than 10 minutes, with no need to disclose financial data. They can then access a VRI dashboard which shows the strengths and weaknesses of their business, benchmarked against traits that all highly successful and profitable enterprises have in common.
Vantage Performance CEO Michael Fingland said that the VRI tool is already in use across hundreds of businesses to identify initiatives that will make their firms more resilient and profitable.
Fingland added that the metric has been validated with the turnaround and business improvement projects Vantage has successfully completed. The firm has an 85% success rate, which it touts as one of the highest in Australia.
“We know it works; we’ve seen it in action for a decade. With the VRI we’ve taken key traits of highly successful businesses and turned them into initiatives SMEs and larger businesses can implement to improve,” Fingland said.
The VRI works by collecting responses from questions regarding all aspects of business including purpose, internal communication, tracking of gross profit, governance and accountability, leadership and culture, and working capital cycle.
The responses are then weighed, with the results creating a dashboard that shows how the business is tracking on key success metrics alongside a VRI score ranging from very low resilience (0-14) to very high resilience (44-50).
Fingland also recommends that businesses complete the free VRI review quarterly in the first year, then at the six-month mark, and finally annually once they are addressing business resilience and viability gaps.
“You can regularly assess your score at no cost: as it improves, so does your revenue, cashflow, profit and resilience,” he said.
Citing Vantage’s long history of working with businesses around Australia to solve critical challenges, Fingland said that the use of the VRI tool does not require a company to become a client, and that the results can be used to work with the firm’s own trusted advisers.
“Running your own business is tough. This is our contribution to improving business success rates in Australia,” he said.
Property insurer FM Global also recently released its 2023 resilience index, its yearly tool that ranks countries on 15 measures of economic, risk quality, and supply chain resilience.
What are your thoughts on this story? Please feel free to share your comments below.
