![]() ![]() Business owners should know and understand their Balance Sheet, Cash Flow Statement, and Profit and Loss Statement and be able to explain them to a 3rd party. Too many owners defer all of their financial knowledge to an accountant or advisor who may tell them where the money went, but not what the ROI is for that expense. Understand the ROI of Your ExpensesĮvery business owner should know their numbers and stop spending money on expenses that don't bring a return on their investment. Jodie Shaw, Chief Marketing Officer at The Alternative Board 2. ![]() When properly managed, credit card reward programs can give you free products and services, freeing up cash to be used in other ways. Be warned, this only works if you have enough cash flow to pay off your corporate credit card each month, otherwise you will be paying interest on the expenses you charge to the card. For example, a credit card that gives you a percent of all purchases made in the month in store credit on sites like, can be used for regular office expenditures like coffee or stationery. If you have expenses that can be paid by credit card, with the balance paid off in full each month, using a corporate credit card with loyalty reward programs gives you access to free money. Use Credit Reward ProgramsĪll businesses have outgoing expenses that must be paid each month. That’s why we tapped our leaders across the country for their creative solutions you can deploy to find hidden money in your business. Many leaders are relying on tried and true revenue generating strategies like upselling existing clients, branching out to new markets, or offering special offers or discounts to attract new customers.Īt TAB, we recognize that extraordinary circumstances often require extraordinary solutions. This includes the ability to extend these processes beyond corporate walls to partners, suppliers, and customers.With the strains of rolling shutdowns across the country, many businesses are finding their profits diminished or uncertain. The more businesses digitally transform, and more digital information is created and captured for business use, the greater the need will be to design, implement, maintain, and improve business processes. Not only will BPM deliver results in automating processes, but with its capability to link back-end systems, connect humans, and monitor the workplace, it brings the entire organization into focus. The time has come for process improvement and automation using BPM to take its rightful place in business as an integral part of the information ecosystem. In many cases, several steps can be eliminated as the result of no value-add. If there are too many steps, identify those with value, and eliminate those not adding value. If it is a review step, assess how it may be automated so that the only things requiring human intervention are exceptions. If you uncover a bottleneck, consider using parallel processing to open it up or even to distribute and balance the workload across several resources. Whatever the reason, find the real problem first, then develop an approach, and select the right technology set to fix it. Perhaps, there is a bottleneck in the process or too many unnecessary steps that do not add value. Many times, I hear that the slow processing time is the issue when, in reality, that is the result of an underlying problem. I have said this before and will continue until the day I can no longer speak: First and foremost, identify a real business problem to focus on-not just the symptoms. It becomes obvious very quickly that BPM is a good approach in addressing these issues and adding value to the business process. This same report shows that “stuck in process" is the biggest operational problem for 58% of respondents, while 46% indicate compliance errors as a problem. ![]() Poor processes will slow and even stall business transactions and activities. Content without process goes nowhere, and likewise, process without content-in whatever form that may be-serves no purpose.
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