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A guideline to purchasing accounting-related software.
Many factors should be considered before purchasing a management information system. Company needs must first be determined by involving every level of employee. Once needs have been evaluated, a cost/benefit analysis must be performed. Setting a realistic budget will help narrow the software choices, but at least three packages should be selected as possible purchases. Hardware compatibility should also be considered. Of course, consultants can be involved, but they should have industry fami...
Cost-cutting without a definite strategy may sacrifice the potential growth of a company. According to a recent study by Kepner-Tregoe, current cost-cutting methods sacrifice such corporate strengths as research and development and customer service. Furthermore, the most popular objective for cost-cutting is simply to reduce costs, which tends to compromise quality. A strategic business plan and long-term vision are essential to cost-cutting. Very few executives consider the changing consumer...
How competent are your managers? A five-step training cycle can help develop key competencies.
Company performance can be improved through competency training at the managerial level. Compentencies have four categories: communications, supervision, administrative and cognitive. To be effective, training must be based on the the individual needs of the manager. A five-step training program covering: assessment, interpretation, planning, training and reassessment is presented and recommended.
Ignoring the environment is bad for business. (Moneycare)
Non-compliance with environmental regulations may be detrimental to Canadian companies. In fact, the Ontario Ministry of Environment recently prosecuted top executives of Bata industries for a toxic spill. Businesses posing potential environmental hazards may even have difficulty securing financing due to the bank's fear of liabilities. To avoid recrimination businesses should adopt an Environment Management System.
Let's call it quality this time.
Total quality approach should focus on customer. A customer-oriented program will in turn lead to increased productivity if employees receive the proper training and become commited to the customer's needs. Other factors in a total quality approach include teamwork, ingenuity, management motivation, comprehensive training, commitment, partipatory mechanisms in management, mutual goals and objectives.
Making performance measurements meaningful to the performers.
Performance measurement is a crucial tool for increasing a company's efficiency. The first step is understanding the key factors in a company's success. The second step is linking these success factors to the company's goals. The third is assessing those factors which are controllable and measurable. The final step is setting goals which are achievable within the performance framework.
Adherence to proper code of ethics is the key to a company's success. Management can help ensure ethical behaviour by educating employees with company values and by acting in accordance with those values. Top level management should serve as an example for their employees. In fact, adherence to a code of ethics hinges on managerial commitment to those ethics.
Making your customer service legendary.
Customer service is an important factor in a company's sucess. There are five customer groupings: current customers, potentials, distributors, suppliers and employees. Customer service programs should be based on the specific needs of each customer grouping. In case of problems, remedies such as apologies, quick reinstatement, empathy, atonement and follow-up are applicable. The general rule is: always prioritize the customer.
