![]() ![]() ![]() ![]() The resource audit identifies the resources available to a business. The process of conducting a strategic audit can be summarised into the following stages: However, to be in a position to exploit opportunities or respond to threats, a business needs to have the right resources and capabilities in place. The external environment in which a business operates can create opportunities which a business can exploit, as well as threats which could damage a business. In our introduction to business strategy we emphasised the role of the business environment in shaping strategic thinking and decision-making. An important part of business strategy is concerned with ensuring that these resources and competencies are understood and evaluated - a process that is often known as a "Strategic Audit".
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