Gap Analysis is an indispensable method when assessing your current performance versus potential performance.
By identifying how your assets and resources are being utilised (and possibly underutilised), Gap Analysis makes it possible to seize your business' goals sooner — both in the short- and long-term.
Identify the topic on which you'll conduct your Gap Analysis. It could be anything that's essential to your operation including: revenue generation, cost reduction, product development, etc.
Plot where you are currently in relation to your topic on this surface. This will largely be metrics or attributes, but could also be applied to branding (i.e. perception of your product).
Next, plot where you'd like to be over a specific time frame. For example, do you want to add three critical features to your product over the next 18 months?
Determine how the gap should be filled. Some common methods to completing this portion include conducting a SWOT Analysis. Or simply fill the gap via the "6 M's":
Begin identifying ways to bridge these gaps — collaborate with essential team members to identify actions to reduce each gap and dates for implementation of these actions. Do an internal inventory to assess what you currently have and what you'll need to address each gap — as well as a potential budget for each section.
Conduct regular collaboration sessions on a daily, weekly, bi-weekly basis to assess progress and document what steps are underway or completed.