Running a business is complicated, requiring regular coordination of many different moving parts. Managing a business efficiently is even more complicated – but far from impossible. Using these tips will help you identify problem areas in your business’s flow so that you can move in a more profitable direction.
Outsource to experts
While there are many departments a business runs internally, as businesses become more and more streamlined, hiring experts can be less expensive and better for the company over time. Especially in areas like marketing, IT, and accounting – hiring someone to handle work as necessary may be more efficient than having a fully funded department or in-house specialist that doesn’t have a full workload.
Use a CRM to reduce interaction time
How much time do your sales or customer service reps spend creating call logs, following up on tickets, and reacting to problems with other departments? By using a modern customer relationship management tool (like MYOB EXO’s CRM module), you can streamline your customer interactions. Sales, customer service, and all other departments can easily see all interactions that have occurred with a single customer. This allows any user to understand the customer’s needs very quickly and provide a better customer experience – which in the end will lead to customer retention, repeat business, and good word-of-mouth referrals.
Review Payment Terms
When your business was first starting, you may have often found that you couldn’t negotiate for good terms from vendors. You likely just did not have enough leverage to ask for better terms. As your company grows, however, you often gain more influence on both incoming and outgoing invoice terms. By ensuring that customers pay you as soon as possible, and that you have the best possible terms with vendors, cash flow is optimised. This helps you survive rough patches and maintain consistent inventory levels.
The detailed customisable features of finance modules in business management software (like MYOB EXO’s Finance module) gives companies all the visibility they need to start improving their payment terms.
Improve Asset Management
Managing all the ins and outs of assets is tricky. By investing in an Asset Management tool, you can schedule maintenance to particular personnel, maintain an institutional memory of asset problems and repairs, rather than needing to rely on a particular employee, and make sure that asset work doesn’t interrupt the entire supply line. Asset management tools can also track depreciation over a tool’s lifespan, making accounting easier.
Facilitate Communication Between POS and Finance
If your company still needs to manually export information between your POS system and import it to your finance system, you are wasting crucial hour every day. By using a POS tool that communicates smoothly with the associated finance tool in your business management software, you can see your inventory reflect accurate totals, and see your finances reconcile more quickly.
If you would like to learn more about how our business management software can be used to full effect to get your business running more efficiently, get in touch with Horizon today!