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Better Processes Leads to Better Results and Less Stress
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 June 2015

 Better Processes Leads to Better Results and Less Stress   

by Jorge Ochoa, Principal
 

 

 

In today's environment every business must operate at its most efficient level possible.  The competitive landscape has changed so much that it no longer includes the guys down the street or in your city, but companies across the US or even in other continents.  Ask any CEO or business owner and they will confirm there are areas in their businesses which could be improved.  However, many will follow that with two common themes - it is easier in large companies and they just don't have the resources.


 

Effective use of time and resources is critical for every company.  Yet most executives in your company would agree that there is always room for improvement by cutting out manual processes and waste.  Despite a shortage of administrative staff, current processes at many firms are often manual and resource intensive, resulting in lost staff time and hidden costs. From staff inefficiencies, workflow bottlenecks and manual billing and reconciliation, the team's valuable time could be put to better use in ways that help your firm to optimize its profitability.

 

How to improve processes at your company

 

To stay ahead of your competition you must develop a strategy to assess your current processes and improve in areas where you identify deficiencies.  The following are a few suggestions on actions you can implement to drive improvements.

 

Automate:

 

Automating manual processes is one of the most effective ways you can deliver savings and efficiencies.  Many times there is the misconception that it's too expensive or complicated and thus hard to leverage in small- to medium-sized businesses.  However, in today's world many vendors offer solutions at little or no cost for many common automation problems encountered in businesses.  One common problem at many companies is Travel & Expense ("T&E") management.  We often find that companies either have a manual process or no formal process at all.


 

Going from no T&E process to an automated system is not as easy as using credit cards.  Companies find that they are still chasing invoices and matching receipts before they are able to make payments, not to mention the amount of time invested by their employees safeguarding the information and submitting reports for processing.  It also has to be complemented by a robust credit card usage policy.  What if an employee uses his/her card to pay for a personal item and claims not to have the funds to pay the bill?  Some credit card programs are funded by the company, while others are funded by the employee.  Company-funded programs can put a small company at great risk if employees' personal expenses that were charged to company credit cards are not reimbursed by the employee.  Reconciling these invoices or chasing after funds from employees generates a lot of waste and re-work.   How do you want to use your company's resources?

 

The good news is that there are many applications that, combined with your current smartphones and tablets, can help automate and drive efficiencies across the enterprise.  The other good thing is that you can implement a solution that fits your budget and needs and quickly reap the rewards.


 

Increase Collaboration:


 

It's also the time to increase collaboration across all areas and offices of the company.  If you have multiple locations, your Information Technology investments need to be leveraged across all of them.  This will allow to obtain the maximum benefit out of your investment, drive standardization and get everyone on the same page. 

 

Multiple locations working on different systems to serve your customers or provide internal support will lead to lost revenue opportunities or higher operating costs.  Have you ever tried to obtain the same information from different locations with different systems?  One system can provide it one way, but another may not give you the same information.  Many times teams are left to make adjustments or re-work the data.  It all leads to unnecessary work and/or analysis.  To get it correct in the most efficient manner you must break down silos and drive collaboration and standardization across the enterprise.

 

Make Process Improvement Part of Your DNA:

 

How do you harvest improvement opportunities?  Are you actively seeking them from your employees?  Or, what do you do when an unsolicited improvement opportunity is submitted?

We should always remain open to challenging how things are working now.  What better source of ideas is there than the same people that are impacted by the inefficiencies?  Implementing the changes may sometimes require some help, but in today's environment this is relatively affordable and the payoff can be significant. Whatever approach you decide to use is fine as long as you ensure that you are open and detailed in your review of potential opportunities.

 

In summary, the current business landscape has evolved and is now more competitive than ever.  Many companies are no longer just competing at a local level.  Competitors can now source products or components from different areas at a lower cost and reflect that in their pricing.  Thus, to remain competitive, companies need to ensure that their business processes are optimal and help drive efficiencies throughout the enterprise.  You should consider investments to reduce manual work or accelerate processing times and require collaboration at every level.  It takes discipline and commitment to maintain the ongoing operations and simultaneously deliver process improvements, but it can be done with the right focus and assistance. Remember, these are not quick fixes, but rather investments in helping you achieve your long term goals.  In the end, it's not just for the large companies and with the right help and focus.  You too can have best-in-class processes.

 

If your company or one of your clients may benefit by our experience and knowledge, contact Russell Slappey at 407.448.1781 or [email protected] for a complimentary consultationIn the business world, forecasting can often be viewed as a poor guess about what will happen in the future.  Many view it as an exercise in futility, because putting "predictions" down in writing can prove to be humbling.  Just ask any economist.  Similar to economic forecasts, they're more often "wrong" than "right", but that doesn't mean they're not useful.
About Nperspective
Nperspective, LLC provides interim, part-time, and project CFO services using a flexible engagement model that is dependent on our clients' unique business needs.  Our partners are seasoned CFOs who focus on rolling up their sleeves, are accommodating to client needs and helping create significant value from within their finance organizations.

Contact us at [email protected] for more information.