Category: Operations

Performance Management software manages the productivity of companies in an organized manner. Performance management describes how small business owners use their assets to meet their set goals.

This type software is effective in charting performance through methods such as expenses control, controlling the cost of your business is important because meeting financial goals is the only way to chart progress as well as promote growth. Also, assessing your organization’s potential break-through’s as well as threats and surrounding competition. Software can assist in developing an appropriate strategy and game plan which is based off of the organization’s particular niche in the market. Proper execution methods of this strategy can maximize the performance of the entire organization. It is thus an indispensable career tool.

A good performance management system might bank on three components. The software plans to reduce costs by automating and optimizing the global review process as well as short and long-term goal setting. High level performers will be rewarded and charted so there is a competitive incentive for contributors to perform better than one another. Systems such as these pride themselves on a strong organization of not only personal employee goals but team goals as well. Aligning the two concepts can push performance to a new level as well as create a clear understanding of each person’s objectives and the overall strategy they will approach to obtain these goals.

ReviewSnap is a software product that implements a system which helps to breed collaboration and keep everyone in tune with the performance of the organization while optimizing the performance individually. Similar to SAS, this software performs compensation management and allows users to learn strategies from the analyzed content. The system provides a collection of practices to keep track of KPI’s and world class support that is beyond dependable. Many companies trust ReviewSnap performance management to manage the performance of their employees.

Other types of performance management software focus on the budgeting and planning businesses need to be successful. Many organizations use this product for a number of reasons, beginning with how user friendly it is – providing clean and simple data which is charted for easy interpretation and provides relevance for action. These systems can also chart the resources which companies are able to manage and rearrange within the software. This includes allocating money, technological innovations, and people relationships; a combination of these can lead to a well-built strategy.

Performance management helps small businesses learn from the program by assessing the probability of success. Users will be able to share this information among others within the network as well as strategize as a group effort among several co-workers. Experimentation is also promoted, strategies are planned based on research but there are many options available in case the situation changes which should be anticipated. As the options are input into the software, the possibility of benefits from each are evaluated.

Article contributed by Jenna Smith

You know one of those times when you have this sudden hunch that something bad will happen? And it turns out to be right? Unfortunately, this feeling is a little too familiar to small businesses who are using information technology to run/enhance their business.

The fact remains that information technology can be really confusing and expensive if you don’t know what you’re doing. You may end up making mistakes that will cost your small business. We discuss a few such tech mistakes in the article below…

No Proper Security Software

You must be already knowing that in order to save yourself from potential online threats, you need to have a computer security software in place. Maybe you already do have basic software running. But if you really want to safeguard your business from dangers and scams, you need to go beyond the regular off the shelve, free off brand software program.

Keep in mind that your business runs on the basis of some vital data and other critical information such as passwords, account numbers, along with other important documents. Still many small businesses tend to take it easy when it comes to security software, which is a mistake that you should avoid making.

Using Non-Functional Software for Backup

Just the way having proper security software is important, you should also have a fully functional backup software. A lot of small businesses simply assume that their data is safe and protected, just because they have access to software and hardware.

Every small business needs to be well aware of the technology they are using. At the least, small businesses need to test their backup software every 2-3 months. This is something should not be ignored because it’s much more costly to recover any lost data than to perform regular testing of the backup software.

Lack of Network Security

Computer network security is something your small business should not compromise on. Lack of network security can lead to damage of your company’s valuable and hard earned reputation due to a security breach, causing the leakage of critical customer information. After all, having your database hacked with details of your clients and available to spammers/scammers is something no small business wants.

If your small business is educated about the strengths and weaknesses of its computer network, it becomes easy for you to stay ahead of the competition by gaining and understanding the ins/outs of risk exposure. A strong computer network stops hackers from gaining access to any private files. Ultimately, the more secure the network, the better it is for your business.

Regardless of what type of small business you run or what goals you have with, compromising on the above tech mistakes can prove to be lethal. So it’s always better be safe than sorry!

Article contributed by Jenna Smith

When you operate a small business, every client payment has a major impact on your bottom line. A significant payment received late (or not at all) can make the difference between paying bills associated with your overhead costs, and paying your employees or subcontractors for their work completed. As a result, debt recovery solutions are an integral part of your business strategy if you want to ensure that you have the financial backing to remain in business. There are some do’s and don’t’s associated with corporate debt collection that you should be aware of:

Corporate Debt Collection Do’s

• Make sure clients are well-versed in your payment terms before you begin a working relationship – according to Business Know How, setting clear guidelines about when and how payment is due up front can alleviate future payment issues. Ensure that these terms are put in writing.
• Make clients familiar with the repercussions of paying late – sometimes clients need an incentive to pay on time. You can offer a discounted rate for payment received early by a certain date. Or, you can provide a negative consequence by adding a set interest charge.
• Stay in touch – when a client has an overdo account, don’t back down. You can provide friendly reminders on a regular basis that their bill is overdue and ask them when you can expect payment.
• Make sure all collections-related communications go to the right individual – communicating with a low-level administrator that has no control over the company’s finances will not get you as far with collections as dealing with someone who issues payments for a living. Try and find a point of contact in management or accounts payable that can actually have an impact.
• Hire a debt collection agency – a debt collection agency can take on the task of recouping late payments, which many business owners find incredibly stressful.

Corporate Debt Collection Don’t’s

• Don’t expect clients to understand your payment requirements if they haven’t been communicated – if you never implicitly communicated payment terms to a client, then do not automatically expect that they know. You need to be direct for collections to be effective.
• Do not be too aggressive when making collections calls – if you are at the point of trying to collect from a client by making regular calls, make sure that you remain professional. Remember, that a late payment is not personal. In many cases, a company may fail to realize that they are dealing with a small business that relies on every payment to survive.
• Don’t be wishy-washy – when talking to a client about a late payment, do not back down. Even if they come up with a good story about why they cannot pay you immediately, do not be understanding to the point that they think they can walk all over you. You can be empathetic, but do not budge on your payment requirements.

Article contributed by Jenna Smith

Article Contributed by Maree Kyle

When it comes to increasing profit margins, business managers are taking a risk if they don’t look at this goal from two different angles. On the one hand, increasing sales will always create potential for net profit growth. But, increasing expenses can eat away at that those gains simultaneously.

Instead of focusing on growth at all costs, executives would do well to spend time evaluating where they can cut costs immediately. Savvy decision-making when it comes to reducing costs can actually lead to an increase in your organization’s profit margins, even if sales remain the same. There’s a fine line between spending enough to help your business thrive, and spending in ways that eat up your revenues. The best business managers will figure out how to toe that line and limit spending to the most important areas. And as organizations grow, cost control becomes even more essential because nominal wasted expenses can be multiplied across several departments and branches of the business.

With that in mind, here are some ways you can cut down on costs for your business and increase your company’s ROI.

Buy in bulk

There are plenty of warehouse-style stores that sell common office supplies and other products in bulk, and for a good reason: Businesses understand that bulk purchases can help them save money, and those stores can sell more by increasing their sales volume and catering to other businesses. Whether it’s toilet paper, cleaning solution, ballpoint pens, or other necessary office and janitorial supplies — particularly those disposable in nature — buying in bulk can offer great savings. The initial bill might seem pricey, but the long-term savings will make the purchases worth your while.

You might also look into establishing a relationship with one or more factory wholesalers in your area to procure similar bulk-order deals.

Managing your space

Bulk purchasing is great for helping businesses save, but if you’re looking to lease out more space for storing it all, you may want to reconsider. Generally speaking, the less physical property you need to run your business’s operations, the better. This reduces rent overhead and decreases monthly costs, and the savings will often be much greater than whatever you would save by stockpiling goods.

Become a competitive purchaser

When it comes to finding suppliers for various items, businesses wield a lot more power than individual customers. Those suppliers will be more eager to acquire your business and keep it for the long run. That means they’ll lower rates to vie with other competitors and will be more willing to make sure you get the best deal possible. Playing these competitors against each other may feel dirty, but it’s the best way to cut costs and reduce your company’s overhead.

As companies grow, the task of cutting costs can become vastly more complex, especially when considering personnel management, benefits programs and other expenses that can eat into profit margins. But some cost-cutting moves can be applicable to any business, even a one-man operation. No matter what size of organization you’re dealing with, start implementing these savings strategies now to develop good habits and minimize your unnecessary expenditures.

About the Author

Maree Kyle is a writer who enjoys traveling, networking, and giving helpful business advice.

How many times have you been told by someone that what you have just said is too much information?

Now imagine too much information times millions. This is what we call a data deluge. The advent of the Internet and new technology has resulted in a steady stream or flood of information and not enough people or ways to disseminate all of this data into helpful smaller streams.

This is a problem for companies with both small and large staffs. The data deluge is a wall of information that results in overload, hindering ways the data can be used practically by those that need it.

The phenomenon of information overload is not new. However, in today’s world of data-driven technology the pure volume of information being produced is in many cases, overwhelming. This concept is being referred to as ‘data deluge’. The problem is, a lag is becoming increasingly apparent. Infrastructures, support tools and hardware are not always able to keep up with the influx of data.

Data deluge affects larger corporations in all areas, from the front office to the factory floor. Companies can use the data information flow to determine customer shopping patterns. If a major department store finds out that sales of a certain fragrance are through the roof at certain locations, they can reroute shipments of that fragrance to those stores.

With the advent of smartphones, data deluge can be managed. These same stores may have “apps” on their phones to track how many people visit their site and where they go. If stores see customers gravitating toward electronics, women’s fashions, etc., they can instruct heads in those departments about higher traffic. These are ways the data deluge can be disseminated and put to good use.

At LSI, a company specializing in storage and servers for small and large companies, Chief Executive Officer Abhi Talwalkar is approaching the data deluge as a chance to give the company more of a focus on the future. With volumes of information set to increase 30-50 percent over the next five years, according to Talwalkar, something has to be done.

“In mobile networks, the dramatic rise in video is driving explosive data growth,” Talwalkar said in a guest column for Forbes. “What’s more, end users want faster access to higher quality content, including bandwidth-hungry high-definition video and other rich media.”

Letting Go May Be a Solution

Data management can be a huge task when dealing large volumes of information. Organizing and archiving documents, emails, and other types of information add to the overall cost of operations. The costs as well as the risks increase as more and more information is kept. Sensitive data must be guarded to ensure that it is kept safe. The risks for litigation increase as the volumes of data increase.

Data mapping is an excellent way to create appropriate access to important information. Data maps are used to define the information that is kept and to discover any duplicate data that can be eliminated or consolidated. The data map is used as an authoritative and useful guide that can be helpful in litigation as well as in day-to-day business.

The use of support tools and such things as automated updates and deletes of files can help control the influx of data. However, automated systems should include an override that allows for flexibility. This can be especially important when there are litigation concerns.

As technology advances data destruction and retention are among the top priorities. The reality is, letting go of certain data at the proper time is as important as having the right data on hand. With that in mind, infrastructures and support tools should have built-in processes but they should also allow for flexibility. Individual companies need to have policies that address issues related to responsibilities, accountability, access, and time limits related to data and access of information.

Article contributed by Jenna Smith