A tool is some strategy, application, software or solution that helps in attaining one’s desired goals and objectives.
As and when a business startup starts to get expanded, goals and missions also respectively change. And to manage a comparatively large enterprise in a systematic and streamlined manner is not a game of plain luck.
Application of smart business management tools and educating them to the employees of the company will only help in the furtherance of various processes swiftly.
Business management tools help in making the whole organization towards a positive change by including each function and human resource better.
SOME TOOLS OF BUSINESS MANAGEMENT
Below mentioned are some crucial tools for smart business management:
- CUSTOMER RELATIONSHIP MANAGEMENT
It is one of the pervasive tools used by most companies.
Customer Relationship Management is one of the crucial aspects of handling a successful business.
Customers give in sales and establishing good rapport becomes crucial to gain market standing, as part of CRM, customer interaction, customer engagement, and taking their feedback adds decisive insights towards better sales.
And included in this facet are functions like:
- Customer profiling
- Tracking and recommending orders
- Workflows and automation tools
- Predictive insights
And all this can be undertaken using various tools like
Emails: through email marketing to inform various customers’ news regarding the latest product launches and promotional discounts if any.
Calling: to solve any grievances and for the same a 24*7 helpline can be set up for better servicing ability by the company.
Social media: crafting attractive advertisements and promotional campaigns to gain masses’ attention and per page clicks on product listings.
This would, in turn, lead to better sales and turnover.
Chatbots and robocalls: Some smart tools provided by technology to enable no limitation of time and place.
Chatbots and robocalls facilitate 24*7 interaction with the customer and for fast redressal of their grievances.
Additionally, automated follow-up reminders can be used to update the customers regarding various tailor-made product offerings exclusively for them.
It is one of the necessary tools used to monitor and control any function or department of the business.
In benchmarking, a comparison is made to gauge a level of performance. And this can be for measuring cost-effectiveness, savings in cost, saving in time, market share, sales, turnover, and net worth.
For the same, the industry standards are used as benchmarks for comparison and if the company falls short from any of the benchmarks then, remedial measures and action are swiftly taken.
- BALANCED SCORECARD APPROACH
A balanced scorecard approach is a performance tool for evaluation purposes.
This tool assists in tracking various activities along with different control and monitoring functions.
- If a set objective has been met or not and how much has been achieved??
- Within the timeline given or exceeding it??
- Are some questions which balanced scorecard approach answers and enable better control of various functions?
- CHANGE MANAGEMENT
It is one of the widely used tools for bringing about any change in an organization.
Humans are born with resistance to change and a tool to easily persuade people in this front is very useful.
To bring in forth
- expansion plans
- operational efficiency
- Process reviews
- Crisis management
- Technological upgradation
- Product variants
- Research and experiments
- Apply Organic and inorganic growth strategies
Change management is very crucial and inevitable.
Especially when a whole section of manpower is to be persuaded towards a growth prospect, this tool enables ease and convenience.
Change management can be painful for a startup business, especially if the entrepreneur is unemployed having debts to be paid off.
And for the same reason loans for bad credit with no guarantor and no fees with instant decision from online lenders can be beneficial.
There is no requirement for any co-signing or collaterals, even easy for people with debt baggage to be paid off and low credit score.
- CORE COMPETENCY
It is a must tool for a business to get differentiated from its competitors and other companies in a similar industry.
The core competency of a business will determine its long term market standing and sustainability.
Without a robust core competence in any aspect, the chances of a company to earn the right and become successful are meagre. The characteristics that the core competence of a company should have are that it should not easily be imitable by anyone, especially by competitors.
And it should directly add to the growth and any form of value addition for the business.
It is something unique and highly marketable.