What Business Processes Are Essential For Your New Business
Business processes form all businesses. It can be referred to the equipment we use for the day to day running of the business such as phone, computer, fax etc. However on a more global level it is described as the equipment and activities that are essential for the running of the business.
There are three business processes that all business should implement in order to be successful:
This process involves the management and the operation of the business. This process allows you to control and display the performance of the business. How you choose to execute your activities in terms of strategy, management and corporate governance are all included in this process. In a small business the owner or partner would be responsible for this process but in a larger organization it would be the senior management who is accountable to this.
This is the core of any business. The activities involved in this process include purchasing, manufacturing, advertising, marketing sales and research. This process generates the most revenue and has the highest costs. At this stage customer acquisition is very important. You need to keep your product or service current and maintain high customer care as part of the customer relationship management process and customer acquisition.
This is the last process to implement in your business. The supporting processes can include accounting, human resources and technical support. Businesses don’t usually start to use the supporting process until they are up and running and become more established. By using the supporting process you can save money by allowing the professional to do their job, whereas if a business owner was to begin undertaking the task it would involve a vast amount of time and errors can occur if they are not educated in that area.
When you are starting or growing your business it is all very exciting, challenging and scary. However of you have a good business plan, if your idea is marketable and you have the sufficient capital then you have a good starting point. However that does not guarantee that your business will be successful you need to implement your business plan along with the correct business processes to allow yourself have a better chance for success.