Resources on Business Systems
Why Systems are essential in a business?
Systems are most essential to run any business. They are the building blocks of the business. If systems are right, business can be run auto pilot mode. Following are the benefits of having systems in business.
1. It ensures consistency
2. It provides clarity
3. It helps to increase customer satisfaction
4. It increases the efficiency
5. It helps to control costs
6. One can focus on core functions of the business
7. It results in increased profitability
8. It helps to reduce risks in business
Business policies convey owners and top managements intent, objectives clearly to others in the organisation. They ensure everyone is same page and clear about organisaton's priorities. It reduces confusion and creates positivity in the organisation. Policies can be for all and every department and function in the business. It helps to create a culture. Business policies also crate a particular image for the business.
Vision statement gives clarity to the process of making strategy in business. Vision is not static and can be renewed over the period. It inspires people in the organisation, it gives them sense of purpose. It gives them direction.
Many people get confused about the difference between vision and mission statement. Vision tells about what is our preferred future. Mission tells us what we are doing now that will help us to achieve our vision.
Mission statement provides direction. It's helps in business strategy. It's helps to measure the actual progress as it's the basis against which progress can be compared.
Business Core Values
Forecasts / Targets
Forecasting is very important as Forecasting tells you the future environment in which you may conduct business. So it helps in planning, budgeting and consequently in profitability.
Roles and Profiles
Documentation allows the trail of transactions in future for audit. It allows greater control over transactions. Documentation can be done in soft copies nowadays and in cloud too.