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Business Process Management Metrics to Measure Success

Posted By Administration, Wednesday, August 14, 2019

Conducting a review of the processes that happen within your business that transform raw materials into products and then into sales is vital to ensuring processes are optimized, sustainable and continually improved. This article looks at three different business functions and discusses how and what to review and the metrics that can be used to measure their success.

Manufacture and Production

Within every business there will be an element of manufacture or production. This could be turning raw materials into products such as turning cotton into t-shirts, or it could be a more digital process creating websites or graphic design. Whatever it is, the aim is to add value to turn a profit.

It may be relatively easy to review the processes for simple product production that only involve one person or a small number of steps. However, for more complex product processes, it’s important to break down each part of the process into the different tasks that make it up. This will help you to identify one or two parts of the process that are causing problems rather than seeing the whole process as the problem. You can then model a new process to see if any changes have led to optimizations before implementing the new process.

Key Metrics for Manufacture and Production

Marketing and Sales

After production, the next step is getting your product in the market place. Most businesses will already have a number of different sales channels which might include sales reps on the road, selling online and selling in retail stores through branded stores or independent retailers.

As part of the business process management review process you should identify which sales channels are the strongest in terms of volume and which are delivering the highest profit. You will then be able to model different scenarios, such as selling into specific online retailers or employing more sales reps. A detailed analysis of the market will need to be undertaken along with process reviews to understand where cost savings and process improvements can be made to maximize sales and profit.

Key Metrics for Marketing and Sales

  • Return on ad spend (ROAS)
  • Customer churn
  • Cost per acquisition (CPA)
  • Total sales volume
  • Sales volume per region or channel

Employee Engagement and Retention

Where the two points above focus on departments as a whole and the processes within them, narrowing in on employee engagement and retention will help to understand where improvements can be made to help the workforce stay motivated and sustain high levels of productivity. Inpulse.com suggests that managers are key to changing employee behavior and that facilitating open and honest communication channels is key to driving successful change management.

The outcomes of successful management of employee engagement for organizations include enhanced commitment, loyalty and performance, higher levels of discretionary effort and fresh and innovative ideas and suggestions. The CMI has more details on the benefits of engaged employees.

Key Metrics for Employee Engagement and Retention

  • Employee churn rate
  • Employee net promoter score
  • Employee absenteeism

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Becoming a Better Manager: A Guide to Helping Your Employees

Posted By Administration, Tuesday, August 13, 2019

Managing people involves a wide variety of challenges, and even if you are continually aiming to support your team and keep them motivated to produce the best work possible, you will always have the opportunity to be better. As a manager, it is your responsibility to ensure that your employees are coping with work and that there are no unpleasant situations that will affect them. As such, there are a wide variety of instances where you may have to step up and support your staff through some difficult problems – this is just one of the responsibilities that make managers better with time.

During a Workplace Dispute

If there is a serious feud between two members of your staff, there are likely underlying causes you will not be aware of. It is advisable to split the two staff members so that the tensions do not affect the workplace and spread to other employees. It may be tempting to act as a mediator and encourage them to reconcile, but this should only occur after separate meetings and an agreement that they would like to discuss matters civilly. It is worthwhile talking to other members of staff too when deciding which approach to take. 

Employees Returning to Work

Employees can feel challenged when they return to the routine of the workplace after a long period of time. Things may have changed in the work environment, new employees may have arrived, and procedures may have changed. It is important to be mindful that your employee may still be dealing with post-leave legal battles such as claiming medical negligence if they received improper treatment while they were being cared for by a medical professional. When an employee is returning to work from an extended period of leave, be sensitive to their time out and grant them a grace period to get back into the swing of things.

When Stress Becomes Overwhelming

A very common problem that employees face across any workforce is extreme stress. Stress can significantly alter one’s emotional wellbeing and can have negative effects on their mental health. If an employee discloses the fact they are feeling overwhelmed at work to you, it is imperative that you take their disclosure very seriously and you do not ignore it. If this situation becomes too complex for you to deal with (or just feels inappropriate), it is advisable to arrange a meeting with the HR team at your work to discuss how to best support your employee.

Fulfilling Ambition

As well as helping your employees when they’re in a bit of a stick, you should also be able to support them in the good times, like when they’re working hard for a promotion or to expand their skills. Ambition is a healthy quality that it’s worth inspiring in all of your employees, so support this whenever you encounter it in the workplace.

There is always something more you can do to become a better manager, don’t become complacent and make sure you embrace your responsibility to support and listen to all your employees.

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3 Business Management Skills Crucial for Self Employed Workers

Posted By Trevor Borden, Wednesday, August 7, 2019
Updated: Tuesday, August 13, 2019

A self-employed worker refers to anyone running a business which creates an income based on the persons independent work. It’s no secret that the population of US self-employed professionals, freelancers, and contractors is constantly growing.

The nature of work is changing, leaning towards flexible schedules, remote working, and the freedom to pursue a career doing what you love.

Those who are self-employed can often be the only person running their business. This means they are always responsible for making those key business decisions, no matter how difficult or challenging they may be.

There are three key abilities that those who are self-employed need to adopt, which are crucial to running a business. These all sit within business management skills:  

1. Time Management

Although modern technology has given us access to everything we need at our fingertips, it has also led to an increased amount of distractions we are exposing ourselves too.  

Apps and devices may be great for monitoring our social media channels, responding to emails and creating meetings on-the-go, but it can also be a hindrance. A quick check on WhatsApp could end up losing you a precious thirty minutes, and clicking on Facebook can spiral into a complete loss of concentration.

You need to have rigorous time management skills because no one else is there to tell you off for it. Successful business management includes managing your time appropriately, like meeting deadlines, producing the best quality work, and being responsive to communication. If you struggle with time management, you may find yourself working late, which can affect your health.

2. Research and analysis

When you work for yourself, you can’t rely on anyone else to research into business ideas, rates or packages which your company needs.

You need to be the one who can dive deep into research and analyze all your options before making big decisions. All company policies must be chosen by yourself, whether that be insurance, company accounts, and even utility bills that your office space needs.

For insurance, allocate time to look at specialist insurance covering your exact business type. Then, search for the best rates. For example, if you specialize in pressure washing, then it’s pressure washing insurance you need to be looking into and researching the best deal for you.

Strategically put the time in for researching the best deals across every outgoing you need to spend. At the same time, you need to be accountable for doing this efficiently, and not wasting time by browsing repeatedly.

3. Interpersonal Skills

Even though you may work for yourself, it doesn’t mean you won’t be expected to communicate with others. In fact, most businesses rely on customers or clients to generate income.

The quality of your interactions are key to the long-term success of your business, so make sure you are fully competent with this. This doesn’t just cover being personable and approachable; it’s about having the power to negotiate, be firm and reasonable, and being able to put all communications effectively into writing.

Alongside the three listed above, the desire to always want to learn more and thrive within your business area is important. With any of these skills, your business management progress will slip, and cracks will begin to show.

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4 Ways Your Business Can Save Money This Year

Posted By Administration, Friday, August 2, 2019

Even the most successful business has something to gain from saving money, including increased profits and the ability to invest more funds into your business. If you are looking at saving money for your business this year, there are a variety of ways that you can allow your business to save money without this impacting your customers.

1. Look at Your Expenditure

You should try to limit your expenditure as much as possible in order to save money. However, if this is not possible, you should consider taking out a commercial loan which can boost your income until your business becomes more financially stable. At The Money Hub, they can help to provide you with commercial loans. These are primarily tailored towards those businesses with bad credit and other issues which may prevent you from getting a loan from other sources.

2. Check Bills and Rates

The first thing that you should do is check whether you can save on the essential bills that you are paying monthly. These are often some of your most important, and most substantial, amounts of expenditure, and so they can impact your funds drastically. For instance, you should check whether you are able to save on your energy bills by switching supplier. Energy websites will often allow you to compare the right services for your business to find the cheapest, and best, option for you.

You should also look at the rates that you have with suppliers and contractors and discuss with them whether these can be renegotiated. Many companies will be happy to come to an agreement in order to keep your business as a client, or will be able to show you different deals or packages that you can opt for to save money.

3. Look at Human Resources

Another good way of saving money is to consider whether there are any ways of reducing employee numbers within your business or making them more efficient. For instance, moving staff to different departments where they are most needed, or rescheduling their work rotas. Doing this can help to ease any issues with efficiency and ensure that you deftly manage your human resources.

You can cut down on human resources by automating your processes through state-of-the-art computerized software. Not only will this save time for your employees, but it means that you will need less human power to operate different equipment and complete specific tasks. It will not only allow you to reallocate your employees to where they are most needed, but it also means that you can dispose of any unnecessary processes that you are using.

4. Consider Your Office Type

Another great way of saving on bills such as rent and energy is to choose a different office type. Rather than renting an office, you should consider shared offices, as bills can then be split with another company, and your space will be maximized to full potential usage. You could also consider asking employees to work remotely at home, as this will help you to save on office bills and the amount of space that you need in your office.

Additionally, if you still want your own office space but are looking to downsize, hotdesking can be a great solution as this means that employees will only be using valuable desk space when they need it.

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Why An Audit Is So Important In Business

Posted By Administration, Thursday, July 25, 2019

Audits are important in business for many good reasons that are worth learning more about. For starters, it’s a way to ensure that what you’re doing is legal and that you aren’t cutting any corners. They’re in place so that you can trust each person to do their job correctly and confirm you’re delivering on your promise with your clients.

Without one, you risk people making poor choices or decisions and ultimately putting your company in a sticky situation. It’s a good way to make certain everyone is following the rules and regulations and that there aren’t any errors being committed that could be detrimental to your business.

Objective Viewpoint

One major reason an audit is so important in business is because it’s an objective viewpoint. Otherwise, each person may be making assumptions or decisions based on a biased opinion. You need people who are able to provide independent insight as to how you’re company is running and operating. You’re adding value to your organization when you have people who are able to monitor your important records and documents and bring any red flags to your attention. This is also a good idea when you’re implementing a project at work. Consider hiring a third party such as Digivante to review your outputs and offer up suggestions for improvement.

Maintain Credible Records & Reports

An audit is also important in business because it’s a way to help ensure your company is maintaining credible records and reports. This is especially important when it comes to your finances and what money you have going out and coming in. Audits are also beneficial in helping a business to obtain a loan because these documents are used as proof of the financial health of your company. This is good to have for both external and internal purposes so that you can prove to others and those who work for you that you’re following the laws and the information you’re providing to them is accurate.

Builds up Your Company’s Reputation

Little mistakes over time add up to major hiccups that can be detrimental to your business and your reputation. Therefore, an audit is important in business so that you can confirm you’re playing fair and there is no misconduct happening under your roof. It’s a way for you as a business owner to prove that you’re not hiding anything. In addition, any errors or frauds are brought to the limelight quickly, and you can work on rectifying the situation and making sure any employees who are involved are held accountable.

Conclusion

Think of an audit as a way to help protect you and your business from any harm and wrongdoing or wrongdoers. These are just a few reasons as to why they’re so important and you should perform them regularly. It’s in your best interest as the person in charge to make sure you know exactly what’s occurring at your workplace and to address any issues or concerns right away. Hopefully, you’ll keep all these reasons in mind the next time you’re considering whether or not to have an audit performed for your business. 

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