With so many different areas of regulation, both financial and non-financial regulations, a regular topic of discussion with managing agents ...
Improve your business processes - Save time & money
21 August 2020
Having a real understanding of the key performance indicators in your company, whether they’re financial or operational’s absolutely vital to keep your business healthy and growing. If you don’t have a handle on key performance metrics, it’s impossible to make decisions on which levers to pull in order to drive your company forward.
Having effective business processes in a company is a challenge, for both big and small entities. Ensuring these are streamlined, and cost effective can be difficult, and something often left on the back burner project-wise. Sometimes, that realisation comes a little too late; a lack of the right information, or time consuming and costly processes in the business, can be the one thing holding a company back and either getting in the way of maximising opportunities, or costing the company money – just when you don’t need it to.
What should i consider?
Maybe you’re questioning yourself about what you need to do to take the company to the next level or what might make your company more sustainable?
Well, first you need to gain a clear understanding of your current management information and processes. What have you got? What do you need? What are the pros and cons of what you currently have?
Next, would be to recognise the ‘pain points’ in your business processes. Key areas might be:
- Processes and management information that are very manual in nature.
- Re-keying of information or numbers into different reports.
- Old and outdated systems and Excel models.
- Time consuming tasks, particularly those that require repetition.
Not only should you consider the time and distraction incurred in producing manual reporting, but there are clear dangers linked with manual manipulation:
- Increased risk of inaccuracy.
- Reliability and consistency concerns.
- Higher risk of errors.
- Lack of assurance over the source of the data or audit trail.
What do I need to do?
You might ask yourself how you’ve arrived at your current position in terms of management information. It may be the required needs or changes just haven’t been priority because the business has been performing well or the available team hasn’t had experience in instigating such changes. Maybe you need to recruit additional skills and resource to implement these?
The current business environment requires quick and accurate decision making. It’s already become evident that those who can react quickly with an understanding of how their own business functions, and what it needs to deliver, are those who are making the most of available opportunities.
There’s a lot to think about when considering improving your business processes, it can often open an unwanted ‘can of worms’. But, don’t worry, it can be straightforward.