Why Companies Need Business turnaround strategy.
Any business owner endeavors to serve the customers who seek various services. Be it in the Medical services, Public administration, Infrastructure projects, Social services projects, Tourism, agriculture and education and even ICT and manufacturing. Service delivery to the customer is the ultimate determinant of the direction your business will take. Therefore, looking inward is critical because a healthy flow of business within an organization will translate to a healthy service to the customer. In this decade, it is clear that communication is the blood that keeps any the business alive.
If your business is collapsing, focus on streamlining the handling of information, starting from your customer matters, financial matters, service and most importantly among the employees.
These steps are achieved using standard Enterprise Management System. An enterprise management system is a collection of programs that help your business share information and make decisions based on informed data. The system will include the track of workforce performance, the track of projects delivery and track of cash flow in the business. Embracing an Enterprise management system will ensure that your business is no longer wasting the much needed funds on its way to recovery. Also, such a system must aim at ensuring transparency and efficient management of customers.
8 Proven Steps to Quick Business Turnaround Using an Enterprise Management System.
As a business owner take the following steps in order to streamline business operations and eventually rescue your business from collapsing;
- Conduct full resource audit to establish the workforce dynamics in the business, with the aim of reducing the wage bill, time wastage and customer dissatisfaction. This is the most important stage towards a working business turnaround strategy.
- Use a system that ensures you see what customers are talking about. Both in your presence or when being handled by your employees, it is critical to know what your customers need. Thanks to the current Enterprise management systems, it is possible to have employees give feedback directly from their mobile phones. This is possible through one application called Annexer. The good thing about such technology is that your employees, partners and yourself, are aware of everything that your customer is seeing. A favorite aspect of the application is the provision for data analytics, which pin points the actual problems causing you loss of customers to competitors.
- Find an enterprise management system that shall enable collection of data across all departments. This system should analyze data periodically, in order to establish the trends of failures in the organization. It is important to note that every organization will have different methodology of data recording, but there is always a pattern in a profession. Most business leaders agree that the periodic data needs to be evaluated frequently during the business turnaround cycle. But First, I advise that you start by putting ducks in a row using an enterprise management system or ERP that your business can afford.
- Set up tamper-proof employee attendance system, in all working stations across the business. This step must be aimed at ensuring accountability and 100% attendance of all employees, as the business aims to attain efficient service delivery. Remember, service delivery starts with individual employees. So fix the house and the rest will follow. It is important to note that in the current times, it is critical to ensure that the system works indoor and outdoor, to avoid excuses. The system should therefore be able to provide workforce performance in real-time, without failure or compromises.
- Establish a dynamic resource management system, which should be used to track the progress of individual activities and the progress of projects across the business. This change must be aimed at providing agile, real-time and reliable delivery of service to customers as well as utilization of resources.
- Provide adequate training to the staff of in the business, in the use of Enterprise Management System features and tools. These tools shall enable the employees to realize when there is a problem, coordinate the problem with their colleagues and eventually, the whole system of work shall be fixed within a few months. It is noteworthy that every person in your organization has a role to play in your business turnaround strategy. Therefore, engage them in the rightful manner, have them all start changing their attitude and most importantly, let them record and share their contribution using the best project management tools, and staff allocation software for duties meant to be done at different stages. Luckily, these features already found in the Finclock Enterprise management system.
- Execute data based decision making in the organization. First, make decisions based on the Company KPIs, which starts with the customer needs, financial needs and then the eventual well-being of every stakeholder. When it comes to your employees, you shall have the data on employee attendance, performance and turn over, from which you can decide the best action to take regarding a certain person.
- Find the right technical support and guarantee 100% system availability in all regions, which include the areas not connected to power and having poor or no internet connectivity. With the right people with you on the journey, you will never worry about what you don’t know about the technology. In fact, a good support team should ensure that you get what you need, when you need it even before the world discovers that you need it.
This is a proven businesses turnaround strategy in the last 3 years
Other People Who saved their businesses this way? Yes. They are many. Forbes made a A review of companies that have taken these steps in the past reveal a rewarding trend. The immediate outcome is better retention of existing customers, meaning that the nosedive is no more. A review of a period from 6 to 9 months of the same companies showed happier employees, which led to low turnover and higher retention of skills. These facts are attainable regardless of the business nature. Note that the first reason for business existence is service to the customers. Keep that in mind and do not lose track and forget the employees.
Choosing the Best Business turnaround software partners, No vendors.
Thinking of an enterprise management system as the best way, start with what you have. Do not rush to invest huge sums of the money you are trying to save. Neither should you shy away from finding solutions because you are struggling financially. In fact, the best way is to find good a Software company as a partner willing to offer a free demo for at least one month. From the partner should provide guidance.
Stop Procrastination, any loss is too expensive for your business your business turnaround journey now.
Thinking of starting, register with FinClock Enterprise management System today and we shall offer a free consultation and guide you to prosperity. We shall review the immediate problems and fix them first. Then, we shall set up a strategy to implement one of the 8 steps at a time, making your business great again. Feel free to book a free demo today and an expert shall take you through the best way. We believe in helping our partners save time and money.