Process of Business Management

Business process is the important process of planning, co-coordinating and controlling a business. Every successful business has a business management team, whether it is one person or many. The main purpose of businesses is to be profitable, and the main function of managing businesses is so that the business creates sufficient value for its customers so that its revenues exceed its total cost. Business management departments deal with all the aspects of a business. They ensure that everything runs smoothly and that every department communicates and cooperates with the other, to complete assignments and deadlines on time.

Business managers are generally required to have sharp problem-solving abilities and skills, and should also have knowledge and experience in the seven functional areas of business: production, accounting, managements information systems, marketing, finance, human resources, and product research and development. They should be able to co-ordinate these activities and balance the amount of time spent on each, to increase the value of the company to other people, such as its stakeholders, employees, customers, suppliers and the surrounding community.

Different businesses give varying amounts of authority to their management teams, and management can be divided into three levels. High-Level Management teams need to have an extensive knowledge of the roles of management and skills. They need to have to be aware of key external factors such as markets as they are responsible for strategic decisions.

Their decisions are generally of a long-term nature and they usually chalk out a plan of what they think will be effective in the future. The middle management teams have specialized understanding of specific managerial tasks and are generally responsible for carrying out the decisions made by the High level management. The Lower Management teams ensure that the plans and decisions made by the Upper and Middle level are carried out, and their decisions are generally short term ones, such as the what the business will do in a day.

Communication skills are very essential for Business Managers, as they have to deal with many people; including the people employed by the business, freelancers that need to be told what job they are required to do, as well as communicating with clients and understanding exactly what they require from you and your business and when they want it done.

Time management is also an extremely precious skill which every Business Manager should master. When a client gives a business a job to do, the business manager needs to give a rough estimate of the time it’ll take for the job to be done, which is what the pricing will be based on.

Document Management Software

As businesses rely more on the efficient, paperless filing of documents, the need for good document management Software also developed simultaneously. The businesses felt the need for Software that can retrieve files easily as well as to organize and classify the electronic documents stored. Document management Software is also known as file management systems.

Document management Software is required to create centralized, easily located databases for the businesses electronic documents. The software will help in classifying and tagging data that will aid in their faster retrieval when needed.

Document management Software comes in three editions, standard, professional and enterprise to suits the needs of individuals or small offices, small businesses and large organizations respectively. They aid in managing paper as well as electronic documents of the customers with ease. This Software is economical, easy to operate, upgrade. Multiple user interfaces are an added advantage.

Document management Software is available in plenty; it is better to purchase a DMS that suits your business needs.

Features To Look For In Document Management Software:

o They have to be accessible by only authorized personnel requiring passwords to log in, as a security feature.

o Web based DMS must allow users to search online for documents in real time.

o Find a pay-per-use model, as it may be cost effective.

o Should allow user to edit and update existing documents with ease.

o Should allow selective access to selective areas, depending upon the level of authority given to the user.

o It should keep track of changes made with time stamps to indicate when the changes were made. It should maintain a copy of the original file too for convenience.

o DMS eliminate the risk of losing important data due to fires and other natural disasters making it a great tool to ensure business continuity.

o They have to capture, store, index, process, retrieve, distribute, dispose of word processing documents, spreadsheets and multimedia files etc.

o They have to ensure work-flow management by maintaining an orderly and well-organized flow of documents.

o Users should be able to access the system from any geographical location making it convenient to use. This makes it possible to access data from a far off location with such as an office in another country easily.

o Electronic Document management Software makes it easy for disaster recovery because of external storage of data.

Research and enquire about the software features, costs, and user friendliness and choose the software that is right for your business. Document management Software are a must for businesses that deal with huge quantities of documents such as purchase orders, invoices etc. as it ensure that data is stored and maintained well, giving access to required documents wasting as little time as possible.

There are firms that offer their services and help to new businesses regarding document management Software.

Discover Why You Need Product Marketing Management Now!

A Chief Financial Officer looked at the Marketing Knowledge Mentor standing next to her in the elevator and stated, “You work with those product managers in marketing on the second floor. They don’t build anything, they don’t sell anything and they spend all our money! So the big question is why do we need product management or marketing at all?” That is the business perspective many people have of product or brand management in Marketing!

There are many business articles focused on the value of the brand, building customer-focused value or developing the value proposition. Who is the champion of the value proposition?

Is it the R&D group, Operations people or Engineering people? Actually, it’s none of these people. They are focused on developing the functionality or managing the quality of the products or services in the company. These company departments are looking for the next release or the next line extension for their products. They are working hard to maintain the quality of the current products.

Hertz, Hilton and Harvard are services, yet they have attributes that need developing, such as the Hertz Gold card, Hilton reward club or Harvard Business Review magazine format.

Is it Sales? They’re on the front line. They know what the customer wants! True, but only their individual customers, if they are selling to General Motors, its price, not brand. If it’s Dell Computers, it’s brand and functionality. Or, for Hilton Food Service Group, it’s quality and quantity. Think about your Sales people and how they work? Sales people are correctly focused on the needs of the current customers – currently. But we need someone to focus on the whole market opportunity – current customers, potential customers and future customers.

Who’s really managing the analysis of where customers want to go? Who is championing the brand, so it can evolve to meet both current and future needs? Who is developing the value proposition? The Product Manager is the key to managing individual products and services.

Are there any facts or studies on an ROI pertaining to having product managers, compared to not having them in the company? SONY did a study to see if the R&D group or Brand Managers should handle new product development. Their study concluded that greater volume, revenues and profits were gained by having Brand Managers manage the new product development and focus the programs.

Various articles and studies regarding many North American, European and Asian companies have clearly shown various events affecting the marketing area: increased competition, deregulation and an increased need for customer focus. To manage these, a centralized group paying attention to the product or services and the impact of these various events, as they come up, is necessary for survival.

How do I know if Product Managers will work in my company now?

There are three key criteria your organization can establish and then measure this business opportunity.

1. Set up your Product Managers with necessary resources to function effectively.

2. Set metrics for the products or services they manage, using the marketing plan as a scorecard.

3. Track and measure the metrics to find out the increased ROI for this investment.

Interestingly, the top 100 brands in the world all have marketing Brand or Product Managers managing, developing and directing them. Just think of the volume, revenue and profit they have generated over the past 50 years for their company and shareholders!

Now we know the answer!

Those marketing Product or Brand Managers build focus while providing direction for their products or services. They provide added-value elements, so sales can sell at a higher profit, and they invest money in the value proposition – to increase profitability.

That’s why you need Brand and Product Management Now!