Benefits of a documented business management system
Experience in the following Business Management Systems Certifications and Standards
BMS can assist you with your “day to day” operations.
Business Operations in Different Industries
The operations of a business vary across industries, and they are structured according to the requirements of the specific industries. Mastering the operations of a specific industry can help the business achieve success. Here is an analysis of business operations in different industries:
How to Improve Business Operations
The following are some suggestions that businesses can use to improve business operations:
1. Measure performance
A business should come up with realistic and actionable means of measuring its business milestones. The process of measuring performance starts from the goal-setting stage. The business’s management should set achievable objectives with clear targets. For example, the goal of achieving a 30% increase in revenues is more actionable than setting a goal to make more money in the next financial period. The business should then implement a measurement system that determines how well the company is doing against the goal targets.
2. Keep up with the latest trends
A business should stay up to date with what happens in the industry to get ideas on how to get better than the competition. Trends can take the form of new innovation, changing state and federal laws, or changes in the local economy. Knowing the latest trends and changes in operations can help the company find new systems that improve performance and cut costs, or that help the company stay compliant with new regulations.
3. Streamline processes
Another way of improving business operations is to evolve with changes in the industry to increase productivity. The management should continually be on the lookout for new tools, software, and equipment that improve and ease critical processes.
Another way of increasing efficiency is by collaborating the different tools such as apps, websites, and systems that the company uses. The company’s management should continually monitor internal and external processes to spot any glitches and address these issues quickly.
An audit is an "unbiased" systematic and independent examination of records, accounts, documents and vouchers to verify compliance for your specific or regulatory requirements of your business.
With BMS extensive "unbiased" auditing experience we can conduct your auditing requirements.
BMS can conduct your Business Analysis.
Business analysis is a research discipline of identifying your business needs and determining solutions to your business problems. (Solutions consist of your process improvement, organizational change or strategic planning and policy development).
Seven steps for business analysis:
Business Continuity Management is developing responses in advance for various situations that might impact your business. Although negative events probably come to mind first, a good contingency plan should also address positive events that might disrupt operations - such as a very large order.
The Importance of Business Continuity Management
Your business has the possibility of a situation that adversely impacts operations. If the response to the situation is poor, it might have a dramatic impact on the future of the business, such as loss of customers, loss of data, or even the loss of your business.
ISO 22301:2019 Business Continuity Management System (BCMS) self-assessment will assess your business readiness (see below PDF). By completing the self-assessment you will be able to self-assess your business and identify what areas needed to be improved.
BMS will assess your overall score and let you know how your business stands regarding your business continuity system.
A good business continuity management plan should include any event that might disrupt operations such as:
It can be a exhausting and frustrating job to manage and maintain multiple locations.
When it comes to running a business, organization is central to productivity and overall efficiency.
This is especially true when you’re running multiple locations.
While you may have gotten away with a certain degree of disorganization as a business, this sort of thing doesn’t work when it comes to running multiple locations.
The old adage is that systems run businesses, and people run systems. We must have systems in place to be able to standardize the quality of your communications, products, services and results.
Focus on Communication
Systems are a must, technology is important tool however, none of these will work with out real communication.
Several challenges of Managing Multiple Locations
BMS can assist you with your multiple location business.
BMS can develop and implement a Cost of Quality (COQ) program for your business.
Cost of quality (COQ) is defined as a methodology that allows your business to determine the extent to which its resources are used for activities that prevent poor quality, that appraise the quality of your business products or services, and that result from internal and external failures.
Having such information allows your business to determine the potential savings to be gained by implementing process improvements.
The COQ categories are as follows
Many organizations will have true Cost of Quality as high as 15-20% of sales revenue, some going as high as 40% of total operations.
Effective quality improvement programs can reduce this substantially, thus making a direct contribution to profits.
BMS can help you develop Documentation
Leadership Coaching is in short, leadership coaching is about helping to create leaders. The longer answer is that leadership coaches help build a leader’s ability to achieve short and long-term team or organizational goals. Leadership coaching is personalized and customized to fit within each individual’s leadership styles.
Leadership coaching doesn’t make leaders out of followers; leadership coaching makes more powerful leaders out of those individuals ready to lead. Leaders are most likely born and made!
What is the Value of Leadership Coaching?
Though there is not much academic research on the value of coaching, there have been a few studies that looked into how much value coaching provides.
A study by Merrill Anderson analyzed a leadership development effort put forth by a Fortune 500 company that involved its middle management. The results showed measurable financial benefits in work quality, productivity, employee satisfaction, and customer satisfaction. It was determined that the company experienced a 529% Return on Investment (ROI) from leadership coaching.
If you were to make an investment, any investment, would you be happy with a 529% ROI? I bet you would!
Other studies, and much anecdotal evidence points to great value when using a leadership coach to improve leadership skills for executive, managers, and coaches.
Types of leadership coaching
Here are the leadership coaching types you may consider to enhance your leadership capabilities.
Executive coaching: Executive coaching is one-on-one coaching that helps executives improve their performance, develop new leadership skills, prepare for advancement and overcome obstacles. Organizations request coaches from outside of their company to come work with executives for a set amount of time or a specific number of coaching sessions.
Behavioral coaching for leaders: The main goal of behavioral coaching is for coaches to help leaders make long-term changes regarding their behavior, attitude and interpersonal skills. These changes help leaders learn how to motivate their teams and work more effectively with them.
Business coaching: Business coaching is coaching provided for senior leaders individually or with a team to help them improve their leadership performance within the business environment. The main focus of business coaching is to set strategies that achieve results for the business.
Strategic coaching: Strategic coaching is a proactive approach for top executives that teaches them how to plan for long-term organizational success using comprehensive strategies. This form of coaching aims to enhance senior leaders’ leadership development and the performance of all employees who report to them.
BMS can manage Special Projects for your business.
Special Projects - Are activities being consistent within a specific scope of activities.
These may include organizing, leading, and assisting to execute specific projects that may fall outside the scope of the regular duties of management.
The specific responsibilities and purpose of projects vary, depending on the industry and type of business.
Benefits of BMS managing your special projects
BMS can analysis, develop, implement and monitor your Business Continuity and Business Management Systems for your business.
Business Continuity and Business Management Systems are a set of policies, processes and procedures used by your business to ensure that it can fulfill the tasks required to achieve its objectives. These objectives cover many aspects of the business's operations (including financial success, safe operation, product quality, client relationships, legislative and regulatory conformance and worker management).
Operational excellence is a philosophy of your workplace where problem-solving, teamwork, and leadership results in the ongoing improvement in your organization or company. The process involves focusing on your customer’s needs, expectations, keeping employees positive and empowered, and continually improving the current activities in the workplace.
Ten core principles for achieving Operational Excellence
Operational Excellence Methodologies
Through operational excellence, an organization can improve its company culture and performance, which leads to long-term sustainable growth. Your business should consider looking past the traditional one-time event and move toward a more long-term system for change. Over the years, numerous methodologies have been introduced to the mainstream business culture as a method of achieving operational excellence.
Organizational Change Management refers to the actions in which a company or business alters a major component of its organization, such as its culture, the underlying technologies or infrastructure it uses to operate, or its internal processes.
Organizational change management is the method of leveraging change to bring about a successful resolution, and it typically includes three major phases:
What Causes Organizational Change?
Many factors make organizational change necessary.
Some of the most common faced by managers include:
Why is Organizational Changes Management important?
Organizational change is necessary for companies to succeed and grow. Change management drives the successful adoption and usage of change within the business. It allows employees to understand and commit to the shift and work effectively during it.
Without effective organizational change management, company transitions can be rocky and expensive in terms of both time and resources. They can also result in lower employee morale and competent skill development. Ultimately, a lack of effective change management can lead the organization to fail.
BMS can perform and manage your Project Management activities for your business.
Project management is one of the most critical components of your successful business. It affects revenues and liabilities, and it ultimately interacts with your customer or client satisfaction and retention. Your business might have only one project in the works at a time, while other larger corporations and entities might juggle several projects at once. By their very nature, projects are temporary.
Project Management is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources.
Project Management is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So, a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies.
Project Management processes fall into five groups
Project Management knowledge draws on ten areas
BMS can develop and implement a Competency Based Training Program for your business.
A Competency Based Training Program is critical to your business or organization. Training is the easy part, however being certain that managers and employees are trained and are competent to perform their required tasks is the “key” to success.
Implemented effectively, competency based education can improve quality and consistency, reduce costs, shorten the time required to complete, and provide you with true measures of employee learning.
To implement a competency based training program:
Competency Based Training Program could include:
BMS can perform Source Inspections for your business.
Source inspections confirm that your product is built to exact customer specifications.
Source Inspection is your best defense against risk and serves as the first step in keeping quality control in check across a diverse supply chain.
Source inspections are essential to maintaining regulatory compliance, avoiding counterfeit and defective parts and running a leaner more profitable business.
Outstanding benefits of source inspections
Source Inspections could include but not limited to
Strategic analysis refers to the process of conducting research on a company and its operating environment to formulate a strategy. The definition of strategic analysis may differ from an academic or business perspective, but the process involves several common factors:
To develop a business strategy, a company needs a very well-defined understanding of what it is and what it represents.
Strategists need to look at the following:
After gaining a deep understanding of the company’s vision, mission, and values, strategists can help the business undergo a strategic analysis. The purpose of a strategic analysis is to analyze an organization’s external and internal environment, assess current strategies, and generate and evaluate the most successful strategic alternatives.
Strategic Analysis Process
The following demonstrates the strategic analysis process:
Perform an environmental analysis of current strategies
Starting from the beginning, a company needs to complete an environmental analysis of its current strategies. Internal environment considerations include issues such as operational inefficiencies, employee morale, and constraints from financial issues. External environment considerations include political trends, economic shifts, and changes in consumer tastes.
Determine the effectiveness of existing strategies
A key purpose of a strategic analysis is to determine the effectiveness of the current strategy amid the prevailing business environment. Strategists must ask themselves questions such as: Is our strategy failing or succeeding? Will we meet our stated goals? Does our strategy align with our vision, mission, and values?
If the answer to the questions posed in the assessment stage is “No” or “Unsure,” we undergo a planning stage where the company proposes strategic alternatives. Strategists may propose ways to keep costs low and operations leaner. Potential strategic alternatives include changes in capital structure, changes in supply chain management, or any other alternative to a business process.
Recommend and implement the most viable strategy
Lastly, after assessing strategies and proposing alternatives, we reach a recommendation. After assessing all possible strategic alternatives, we choose to implement the most viable and quantitatively profitable strategy. After producing a recommendation, we iteratively repeat the entire process. Strategies must be implemented, assessed, and re-assessed. They must change because business environments are not static.
Levels of Strategy
Strategic plans involve three levels in terms of scope:
At the highest level, corporate strategy, involves high-level strategic decisions that will help a company sustain a competitive advantage and remain profitable in the foreseeable future. Corporate-level decisions are all-encompassing of a company.
At the median level of strategy are business-level decisions. The business-level strategy focuses on market position to help the company gain a competitive advantage in its own industry or other industries.
At the lowest level are functional-level decisions. They focus on activities within and between different functions, aimed at improving the efficiency of the overall business. These strategies are focused on particular functions and groups.
BMS can assist you with developing and implementing a top-notch Supply Chain Management System and perform Supplier audits for you.
Supply Chain management (SCM)
The management of the flow of goods and services which includes all processes that transform raw materials into final products. SCM involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.
How SCM Works
Typically, SCM attempts to centrally control or link the production, shipment, and distribution of a product. By managing the supply chain, companies are able to cut excess costs and deliver products to the consumer faster. This is done by keeping tighter control of internal inventories, internal production, distribution, sales, and the inventories of company suppliers
SMC coordinates the logistics of all aspects of the supply chain
Seven principles of Supply Chain Management
Risk management is the identification, evaluation, and prioritization of risks to minimize, monitor, and control the probability or impact of unfortunate events.
Risks can come from various sources
In practice the process of assessing overall risk can be difficult, and balancing resources used to mitigate between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled.
Processes of Risk Management Method
Establish the context
Potential risk treatments
Risk management planning
Select appropriate controls or countermeasures to mitigate each risk. Risk mitigation needs to be approved by the appropriate level of management. For instance, a risk concerning the image of the organization should have top management decision behind it.
The risk management plan should propose applicable and effective security controls for managing the risks. For example, an observed high risk of computer viruses could be mitigated by acquiring and implementing antivirus software. A good risk management plan should contain a schedule for control implementation and responsible persons for those actions.
Implementation follows all of the planned methods for mitigating the effect of the risks. Purchase insurance policies for the risks that it has been decided to transferred to an insurer, avoid all risks that can be avoided without sacrificing the entity's goals, reduce others, and retain the rest.
Review and evaluation of the plan
Initial risk management plans will never be perfect. Practice, experience, and actual loss results will necessitate changes in the plan and contribute information to allow possible different decisions to be made in dealing with the risks being faced. Risk analysis results and management plans should be updated periodically.