The prime action to grow your business better is to understand its functions from two different perspectives. And then manage them accordingly.
First, consider the business process. That is your domain, such as sales, trading, manufacturing, customer service and so on.
Second, consider the management process. This is the back-end work you do every day to run your business. Cash flow management, accounting, back-office operations and so on.
How to manage business and management processes?
Business Process:
You should take every measure to continue building the business process. Make certain that no stone is left unturned. Explore all options for expanding your business, market and customers. Win the competition. The key elements here are drive and innovation. Invest all your efforts as a business leader here.
As a result of focusing on the business process, your company will grow and expand.
Management Process:
All companies use management processes that are more than 80% in common. All you need to do is execute those processes after learning from the experts (such as an employee, a subject matter expert like a certified accountant, a friend, a colleague, etc.). Following standard process, guarantees accurate performance of management functions with guaranteed outcomes. It substantially reduces the need for daily firefighting. The performance parameters can also be predicted in advance. Last-minute emergencies are greatly reduced.
For the same level of business operations, improved management practises result in greater business growth and profitability.
Samples of Management Processes
Below are some examples of important management processes to be followed by businesses,
Annual Operating Plan and Monthly Budget
Statement of Accounts (P&L, Cash Flow, Balance Sheet)
Sales Plan
Inventory Control
HR Process
Production Planning & Control
Customer Relations Management
Performance Management
Planning and Review Meeting
Supply Chain and Logistics Management
Like every other business owner or leader, you are the master of your business process.
Keep going with great zeal and sharp focus!!!
Note: Right management process contribute your business with higher growth and profitability. It is assured even if you continue with the same business model and process.
