Business control systems are essential to your company.
6 control systems every business should implement
They allow you to ensure that you are hitting your goals. Without them, you run the risk of running off course or missing chances for growth.
This opens you up to being overtaken by another company in your space while you move too slowly to compete in a digital world where innovation and systems are everything.
So ensure that you are keeping your systems controlled in the following areas:
Billing is an important part of your business. It partly controls your cash flow.
If an invoice goes unpaid, it could ruin your runway and prevent you from investing in the chances you have coming up.
So make sure you are controlling the invoices you put out and have specific dates as well as a person assigned to each invoice in your company that collects on past due bills from clients.
The last thing you want is to project having the capital to expand when your invoices aren’t giving you the revenue you thought.
No matter the type of corporation you are running, accounting is the lifeblood of your business.
It tells you what money you have coming in and going out.
And even non profit organizations require the use of non profit accounting. Without a clear vision of your profit and loss statement you can’t make sound decisions when it comes to finances.
This is something you should have systems written down for.
Your bookkeepers should have access to all the information they need to input debits and credits daily, as well communication from departments that also understand when and how they are to deliver information to your accounting team.
This prevents expenses from falling through the cracks and sinking the ship.
Without marketing, your products are dead in the water.
Use a CRM at every opportunity to ensure processes are followed.
That way you can scale faster and avoid wasting ad dollars on the wrong things.
Sometimes sales people can go rogue.
They might think they have a better way to get a a sale in the door.
You need strong process reviews in place to make sure they are not giving away all the margin to make a sale.
Review the revenue and profit of your sales team to ensure they are bringing in the net numbers you need, not just the top line.
2. Customer service
In today’s digital world, word of mouth is still going strong.
However, it happens in the form of social media, meaning that it is even more amplified.
If you want to have great reviews online and go viral with your products and services, make sure your customer service team responds quickly and correctly to solve all customer issues that may arise.
Have a SOP (Standard Operating Procedure) that tells them how to handle all inquiries.
You can even install software where there is a drop down menu of options for responses so your team is not wasting time rewriting everything all day.
Who you hire has a profound effect on your company.
It affects the culture and motivation of everyone around them. Top player will lift your business up, whether it is marketing, sales or any other role.
So your HR team needs to know how to hire the best and fire the rest. The way to achieve this is with strong systems that weed out bad candidates right away.
You should make hiring decisions based on a certain set of criteria and don’t stray from it.
A strong business system is one that generates more free time and profit than it takes up.
While you can judge this on the surface with some systems, most of the time you need to control it with numbers and reviews.
That way you can justify the investment in your processes and continue to have success in your market.
So make sure you are using the business control systems above and enjoy higher profits and peace of mind today.