THE BIGGEST BUSINESS MISTAKES I SEE AND HOW TO FIX THEM
Article written by Shamlin Shamsudheen , Software Support Engineer
“ Every problem is a gift - without problems?
we would not grow “ ?
Are you one of the many business owners searching frantically for a solution? solution for your current challenges.
If so, then I think you are on the correct path, as it says Google can bring you back thousands of answers.
Chill!?Here I am not showing those all-time repetitive question answers but the real-time challenges along with some tactical advice that will make you think twice before starting your brand new day tomorrow.
But before that, have you ever heard about misoneism— a hatred, fear, or intolerance of innovation or change ? Misoneism is the greatest enemy of growth in today's world. Trust me, there is a huge prize up ahead if you have the strength to battle against that.
Eliminate Uncertainty
Basically, it's human nature not to believe in ideas that lack facts or results, especially if they will have a negative impact on your economy and workflow. Fast-changing government rules and uncertainty in the global economy lead many business owners to shy away from taking risks and plan for long-term strategies.
Uncertainty in business is like a never-ending term, just like uncertainty in production, uncertainty in profit, uncertainty about how other competitors are working, uncertainty with labor, uncertainty with cost, uncertainty about these new technologies, and most importantly, uncertainty about how the global economy works under these constantly changing new rules and events.
The bottom line is that uncertainty leads to unplanned events that will eventually cause mistakes. Long-term strategies with the right tool to organize it are the only way to overcome uncertainty. The problem to be solved is by identifying and prioritizing uncertainty and effectively allocating resources.
?“ Exploring the unknown requires tolerating uncertainty ”
Innovation & Technology
The rate of technological improvement is at an exponentially increasing rate. But interestingly most of the companies are reluctant for introducing new technologies to their business. As from many surveys even multinational companies grow from these new innovations only. There will be no loss in trying new techniques or technologies, right.
Nowadays many young blood are working high on creating new techniques which make your work less troublesome and gain more profit. isn't it interesting?
Our new gen techies are introducing user friendly technologies, not only that, they provide their team to support you in your entire technology adaptation phase. That's cool right ?
Thus know how to become more innovative while still maintaining a sense of control over the organization. There is no doubt to know that nowadays information technology seems to be complex but their results seems incredible.
Other innovation that's expanding is digital business. We know nowadays everything is digitalized. Here Technology can be used to protect financial data? and other confidential executive decisions that leads to competitive advantages. So lets think about making your business digitalized too.
?“It is only when they go wrong that machines remind you how powerful they are.”
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Money Management
Cash is the King! ?It's a common phrase that is heard nowadays, but actually a stark reality. Cash rules everything around us, No doubt !
Cash in business directly means profit. Profit in a business is so good to hear, but does it really matter? Profit may look delightful on a balance sheet, but if revenue expenditure and receivable collection are causing a financial drain in your company, then it will be difficult for you to stay in business for long. It is simple to reduce such crises with a cash reserve or backup revenue, but most small business firms must go through some major procedures just to reserve a large revenue for any crisis.?Many need to do a job while running their business simultaneously for such cash reserves.?Therefore, the proper control of cash flow, or money management, is a technique that most of these sophisticated companies have tried and tested. The requirement for a cash reserve rises during recessionary times when cash flow slows down and money management becomes more than just a buzzword.
Thus getting professional help in dealing with accounting and taxes for your business is actually a good idea. In this highly competitive market, effective cash flow management and audits using modern technologies help your firm function more quickly.
There are many effective and user-friendly resource planning technologies that can give you cash flow graphs, create budgets, calculate taxes, generate online invoices and mostly will make you feel in power.
“The more a business owner knows about their cash flow, the more empowered they become.”
Managing Workflow
Let's admit it, gathering data and Managing our workflow isn't always a fun process.
Many companies are best in hiring very talented and hardworking people but without a platform and guidance we cannot achieve the best from them. We always want the best tool to ensure that our team has the power and platform so that they can complete their work more efficiently.
As a business owner, you can't be everywhere and monitor each and every department and their workflow. So ensuring everyone is working with all the available resources and giving their full dedication to your company is challenging. This is why better technology should be introduced for every active running area of your company, just like the production department, sales department, purchase department, accounting department, project management department, HR and payroll department, etc. Not only that, you need to constantly check the outcomes of that workflow by using a single technical platform.
The problem seems big, but nowadays our technology is evolving so rapidly that it turns these huge problems into much simpler solutions. As mentioned above, implementing such time-saving technologies with the help of any cloud-based solutions can be a significant benefit for improving performance and achieving overall business success.
?“What gets measured, gets managed.”
Problem Solving
The lack of refined professional approaches for a perfect strategy and planning thus indirectly causing a major drawback for their analysis, mostly leaves several firms at a disadvantage. Major result of such a lack of proper approach will make our company managers tend to leap from one strategy to another without any long term planning.?When we look closer, we see that they are just adapting to these quickly shifting business circumstances. So what is the real issue that has to be resolved? The keys to a successful business, in our opinion, are a thorough study of the real data to pinpoint the biggest risks and losses and, consequently, problem-solving skills.
It's crucial to choose a technology for accurate data analysis that works for your company. Your problem-solving technique incorporates data from your products, sales, purchases, production, and even staff performance analysis. As we all know, technology is advancing, and only you as a business owner have access to such high level tools for data analysis. Always pick user-friendly software that may meet your needs and the needs of your company.
“ If the plan doesn’t work, change the plan not the Goal “
These are the primary difficulties that business owners are currently encountering, according to recent polls and publications. I am aware of how challenging it is to make every adjustment quickly. But in reality, even the most brilliant business can go astray without a plan.
With all of this in mind, our team of tech enthusiasts has unveiled FREESPACE ERP, an extremely sophisticated but user-friendly business solution that is an industry-specific ERP solution for SME's. Freespace is essentially software that connects with you instantly and has a straight forward interface.
Freespace, among other things, analyses real-time profitability on the basis of products, clients, personnel, and locations. The software is actually quite well-made and trouble-free. Different modules are offered for procurement, sales, production, inventory, accounting, human resources, payroll, services, projects, etc. Real-time inventory tracking is merely a side task in Freespace Inventory.
Very interesting, huh? Additionally, we have complete control over who has access to manage, view, and modify your data here.
Actually, it's only a brief summary. Freespace is a sizable yet highly adaptable piece of software that will reach every corner of your enterprise.