5-step Approach for Your Business

1.Refining Process

Any business, be it a small shop or a big enterprise, everything has a process through which it functions. Developing a blueprint on how each and every process not only makes it profound but also saves time. Having a clear business process is first and foremost step for running business successfully.

2.Managing Resources

Resources [human and material] should be effectively managed and if it is done, it renders world-class output. To manage resources effectively, one should be aware of FTEs and resource needed for all the process. In human resource management payroll, attendance, resource allocation to be taken care, and in material supply chain management, vendor management, shelf-life of products to be taken care.

3.Managing Accounts

Most important thing is to manage your accounts. It is imperative that all the income and expenditure are managed well. Furthermore, taxation to be done on regular interval based on the sales and service. This consumes lot of time and effort. The easiest and effective way is to have a software tool to manage your accounts.

4.Managing Customers

Next comes the vital part which is the customer management. Always remember ‘Customer is the king’, satisfying them is the prime job of all the companies. If customers are satisfied they not only become loyal but also refer to others. Try to understand the customer’s need and render service or product which satisfies them. Try not to have any bad reviews from customers, if so do the redressal. Find the loyal customers, give offers and discounts at regular interval.

5.Business Forecasting

To know how your business is going to be in next week or month or year helps you to plan well ahead. One can arrive at the results by effectively analyzing past data. Business intelligence and forecasting help in taking good business decisions. Have a forecasting model to effectively predict your progress and plan accordingly.

There is a software tool which effectively does all the aforementioned functions. It is generally called as an Enterprise Resource and Planning [ERP] tool. For small- and medium-scale businesses there are readily available ERP tools.

Posted by Dinesh Kumar

Dinesh Kumar

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