Business diagnostic test
About this good practice
The Business Diagnostic Tool consists of 2 main elements - a questionnaire that reveals maturity in 6 different areas and a comparison of financial indicators with Lithuanian SMEs.
The 6 parts of the questionnaire are product, sales and marketing; management of finance; strategy; processes; innovations; and human capital.
The questionnaire is based on scientifically valid methods, such as business maturity measurement scales, but has been adjusted and expanded to take into account the nature and challenges of SMEs.
The compilation of various company data is automated when information about the company is automatically taken from other institutions that collect company performance indicators.
The tool allows SMEs to compare the key financial indicators with those of other Lithuanian companies of a similar size and operating in the same sector. Using data from Statistics Lithuania, the tool compares revenue per employee, profitability, return on equity and capital leverage.
The diagnostic findings are divided into the following groups:
-A spider-web diagram provides a concise assessment of which of the 6 areas are recommended for more attention.
- Business Development Area Assessment provides a more detailed look at each of the areas in the spider's web.
-Comparison of company indicators - The report compares SME's key indicators with those of other SMEs in Lithuania.
-SWOT analysis
Resources needed
Innovation Agency:
- IT software development;
- Consultants who can help the company based on the test results
The company that uses the tool:
- The test will take around 20 minutes;
- Depends on the test result, in which areas and what actions the company should take
Evidence of success
In 2023, more than 300 companies from Lithuania used this tool. In 2022, the tool was used by ~150 companies. 10% of companies use the tool repeatedly.
Potential for learning or transfer
The business diagnostic tool draws inspiration from international best practices and incorporates recommendations from the OECD. Its structure serves as a robust foundation for effective problem identification, data-driven decision-making, customization of solutions, strategic planning, and forecasting. Additionally, the tool facilitates enhanced interactions between businesses and support organizations. This is achieved by providing the latter with advance knowledge of the specific areas and services most pertinent to a given business. Finally, presenting results in different formats and comparing results with similar companies also allows SMEs and business support organizations to get a more complete picture of a specific business and its needs.
Further information
Good practice owner
You can contact the good practice owner below for more detailed information.
Public Institution Lithuanian Innovation Centre