For businesses both offline and online, the new way of doing business is mandatory. Starting from maintaining a website and all the way to how your business manages information, data, and documents will determine profitability and sustainability of your business. Every instance of the following costs you dollars:
- “Please allow us to fish out information about this deal….”
- “Allow us to get back to you with the right documents….”
- “The file seems to be lost, we remember storing it here in this file drawer…
- “We seem to have misplaced that invoice for this client. How do we figure out the exact deliveries we made?”
- “Sorry, we don’t sell our products online yet”
- “A Website, We don’t have one yet”
Efficient business operations call for new ways of doing business. Online project collaboration, online invoicing, web-based quotes, and eCommerce-enabled websites are all steps towards readying up for the new economy.
Customers have changed the way they buy. Pitifully, businesses haven’t changed the way they do business.
Customers want to buy online. Before that, they want to read up on your brand, communicate and discuss, read reviews, and do a lot more online even before they whip out their wallets.
Speed, efficiency, and careful management of business resources are the key to success today. We are assuming that you are already creating remarkable products and services.
Having said that, here are a few management tips to make your business new economy ready:
From client acquisition to managing clients; from producing quotes to sending out invoices; from collecting business data to managing it – develop a system for every business process.
If it has to be done, do it the right way, and quick.
Systemizing your business processes is the first step towards an efficient business model. It also helps you scale up quickly. To stay organized and to systemize your business processes, you’ll need technology. Employ an online document management software such as WorkZone for document management, sharing, access, and storage; go for an online invoicing solution that can also double up to provide quotes for clients; use an online project management solution to collaborate and work on your projects.
Reduce Bottlenecks in your business
As you gain new clients and customers, use a CRM solution to keep track of all your customer information. As you go about running your business, you’ll inevitable collect tons of documents.
Use an online document management solution to help streamline documents, to sort them, and to help retrieve them when necessary. Use an online HR & Payroll solution (possibly tied into a web-based financial management tool) to manage finances, Human Resources, and Payroll. If you are into delivering services or manufacturing products, deploy an ERP solution to help technology work for your business.
Assign roles, responsibilities, and master the fine art of delegation
Management isn’t rocket science; it’s more about attention to detail. Employees need guidance and help to help them work better and using proper management principles, learn to delegate work.
Assign appropriate roles for users, help employees understand work policies and give them responsibilities. Managing them online – even if you are present in the same office – helps speeds up delegation time and helps projects move faster. When administration, delegation, document management, and business processes get out of the way, you’ll have more time for serving clients, selling more, growing faster, and earning profits.
Keep records. Of everything
Analytic, numbers and data – they form the spine of information that your business will depend on in the new economy. Without these numbers and data, you don’t know if you are growing or shrinking. Keep track of marketing data such as customers, acquisition costs per customer, costs to maintain customers, advertising costs, etc. Further keep tab of your expenses, cash flow, revenue, cost of sales, and other such metrics.
Keep records, store information secure, and protect this information at all costs.
Knowing is a prerequisite to improving.
How do you manage your business?