The recent pandemic has brought up a lot of unprecedented challenges to businesses in that it has restricted them from carrying out their operations as they used to, forcing them to now conduct their affairs in a contact-less market.
As organisations make their way back to work following the easing of lockdown, companies should start looking at how to improve their business processes so that they can limit the impact of this new reality.
This article is the first in a series where we will be looking at various business processes and how they can be improved on so that organisations can stay afloat.
This blog is going to be useful to Entrepreneurs, Retailers, School Proprietors, Caterers, Fashion Designers, Company Owners, CEOs, Team Leaders, and anyone who really needs helpful tips on how to survive the pandemic with a business plan.
First, let’s take a closer look at what a business process is all about.
What is a Business Process?
A business process is a collection of linked and structured tasks or activities carried out by people or equipment which find their end in the delivery of a service or product to a client.
Examples of a Business Process
- Administration/HR – This type of business process does not add value to the end consumer but it supports the smooth functioning of the business. It involves processes like onboarding new employees, induction of new candidates and smooth exiting of older ones, dispute resolution and career growth, training and performance management.
- Finance – This process deals with the cash flow and authenticity of transactions in the organisation. It demonstrates things like when profits are reducing and losses are increasing, a collection of payments against sales, a number of credit days to be allocated for the customer, record of bank loans, settlements/reconciliation, expense approvals, salary disbursements and all forms of miscellaneous and recurring expenses.
- Operations – This involves an order-to-bill process. Everything that is required to accept an order, deliver a service and bill a customer.
- Procurement – This involves a procure-to-pay process such as the steps made to purchase parts and materials from vendor or suppliers, invoice reconciliation and accounts payable.
- Sales – This process includes the steps required to generate revenue by selling to customers including proposals, quotes, orders, delivery and billing. Without sales, an organization cannot survive.
- Marketing – Though sometimes confused to be the same as sales, this process differs in that it involves everything that has to do with how customers see your brand. It involves an idea-to-offering process which ranges from how you develop and launch new products to the market to how you advertise your brand.
- Customer service – Once the sales orders are generated it is essential that there is a team that will process the orders and provide feedback to the customers. Customer service also helps in managing the situation when customers require certain information about the product or service, need assistance with the technicalities of the product or have a complaint about the product.
To conclude, it is evident that this is not an exhaustive list. Depending on the size of your organization, it is possible that there are other business processes that are not mentioned here.
What other examples do you know? You can share them in the comments box below.
Watch out for subsequent blogs to learn more about how to improve each of these processes (one after the other) so your business can survive.
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