Month: June 2020

What are Business Operations?

Business operations refer to activities that businesses engage in on a daily basis to increase the value of the enterprise and earn a profit. The activities can be optimized to generate sufficient revenues to cover expenses and earn a profit for the owners of the business. Employees help accomplish the business’ goals by performing certain functions such as marketing, accounting, manufacturing, etc. https://reinnc.com/business-operation-support/Business operations evolve as the business grows, and the management should plan to accommodate the changes to prevent glitches occurring in the system. For example, as a small business grows, it must be ready to handle arising challenges such as legal, marketing, and capacity issues. If the business does not evolve with the changes in business operations, glitches such as errors and omissions will emerge.

Business Operations in Different Industries

The operations of a business vary across industries, and they are structured according to the requirements of the specific industries. Mastering the operations of a specific industry can help the business achieve success. Here is an analysis of business operations in different industries:

1. Retail industry

One of the main goals of a retail business is to stock products that customers are looking for and at a price that the customers are willing to pay. This means that the business must maintain an efficient inventory system so that it knows what is in stock at any given time while reducing instances of dead stock. Deadstock refers to products that the company has in stock but that is not in high demand. In order to maximize revenues, the business should stock fast-moving items that customers are willing and happy to pay for. The business should also negotiate friendly credit terms with suppliers so that they can get the required products on credit to prevent stock-outs.

2. Service industry

The business operations of a service business are divided into the front-end and back-end side of the business. The management must ensure that the two divisions are running efficiently to prevent laxity on one side, which can hinder the achievement of the company’s objectives. On the front end, the business should focus on streamlining the service delivery to customers to increase their satisfaction. It should also formulate a means of receiving feedback and complaints from customers to know their expectations and how to improve service delivery.

On the back end, the management should employ the right people in each department. For example, the company should appoint trained and experienced staff to prepare forecasts for client projects to prevent the actual costs from exceeding client budgets.

3. Manufacturing industry

Manufacturing companies are involved in turning raw materials into physical products, which are then sold to consumers. One of the things that a manufacturing company can do to achieve efficiency is to source quality raw materials from credible suppliers. For perishable and edible products, the business should look into how raw materials are stored, processed, and shipped to consumers.

The company can also eliminate bottlenecks that increase processing times to save time during manufacturing and shipping. If the company is struggling with shipping logistics, it can outsource shipping and concentrate on other areas of the business that it excels in.

4. Technology industry

The key to streamlining operations of a technology company is hiring the right staff and training them on how to execute the tasks they are assigned. This means that the company should put a hiring criterion in place that helps them hire the best candidates for the job. The company should also come up with an internal training and mentorship program where senior staff works hand-in-hand with junior staff to help them perfect their skills.

Another way of increasing efficiency is by collaborating the different tools such as apps, websites, and systems that the company uses. The company’s management should continually monitor internal and external processes to spot any glitches and address these issues quickly.

How to Improve Business Operations

The following are some suggestions that businesses can use to improve business operations:

1. Measure performance

A business should come up with realistic and actionable means of measuring its business milestones. The process of measuring performance starts from the goal-setting stage. The company’s management should set achievable objectives with clear targets. For example, the goal of achieving a 30% increase in revenues is more actionable than setting a goal to make more money in the next financial period. The company should then implement a measurement system that determines how well the business is doing against the goal targets.

2. Keep up with the latest trends

A business should stay up to date with what happens in the industry to get ideas on how to get better than the competition. Trends can take the form of new innovation, changing state and federal laws, or changes in the local economy. Knowing the latest trends and changes in operations can help the company find new systems that improve performance and cut costs, or that help the company stay compliant with new regulations.

3. Streamline processes

Another way of improving business operations is to evolve with changes in the industry to increase productivity. The management should continually be on the lookout for new tools, software,  and equipment that improve and ease critical processes.

For example, where the business uses manual methods to manage inventory, the management can acquire an inventory management software program that automates most of the processes and saves both time and costs.

Business operations are more important than you might think. It does not matter how large or small a business is or what industry it is in – it needs to have excellent business operations to be an excellent business.

So what are business operations? The term refers to everything a business is doing to provide a service to its customers. The most important aspect of excellent business operations is how cohesive these operations are. If all the operations in your business can work together smoothly, like a well-oiled machine, then you are effectively maximizing your company’s potential. Your operations will be at their peak levels of efficiency, therefore reducing cost and improving customer satisfaction overall.

If, however, your business operations resemble more of a series of disjointed departments that rarely cross over or work together, then there is significant room for improvement.

Plenty of companies outsource their business operations, which can sometimes make cohesiveness additionally difficult, as simple geography can also play a part if it is not managed well. If, however, you have a company like Reinnc by your side to help you partner with an external business, then it will be much easier to run a cohesive, connected business. You, therefore, increase efficiency and cut costs while outsourcing effectively.

So how exactly will increasing the standards of your business operations improve your business?

Improved problem solving:

If a company is set up to achieve operational excellence, then its employees will be set up to solve their own problems when they arise. Not only should employees have the know-how to solve (or figure out how to solve) potential issues that might come up, but they should also be given the authority to make the decisions that need to be made. Employees will be able to do quite a bit on their own, but, of course, they will also need to consult their supervisor from time to time.

This process allows employees to snag problems before they have time to get worse, and fix them as soon as possible, therefore streamlining the entire process without making the manager or supervisor do everyone else’s work. This serves the dual purpose of keeping employees motivated since they feel needed and are encouraged by that feeling.

Save on time

Companies that have excellence in business operations know that their employees should be able to solve problems themselves. Everyone should have the proper tools, information, and authorization necessary to solve the everyday problems that come his or her way. If they do, this will save time all around. Their time will be freed up because they will not need to track down a manager to solve the issue, managers’ time will be freed up because they will not need to worry about answering said questions. Therefore, employees and managers can spend their time focusing their efforts on what they are supposed to be doing: helping the company climb the ladder in excellence.

Streamlining processes leads to expansion

The beauty of operational excellence is the fact that all of the processes within your business can be streamlined — all the extra fluff is no longer necessary in an efficient system. Processes are defined clearly and concretely, and roles and rules are designed with efficiency in mind. Once your company has eliminated the fluff, it can expand and grow without the hassle and confusion that comes with a company that doesn’t have cohesive, efficient business operations.

Clearly defined expectations and standardized processes mean taking out the extra planning time and effort put into things like training, opening new branches, and so on. When this part is already figured out, much more time and effort can be spent on the most important things in your business.

If you are thinking about expanding and outsourcing and don’t want to compromise the integrity and cohesion of your business processes, why not give Reinnc a try? We will ensure that you are happy with the results.

Your business plan sets your business apart from the competition. It’s a clear sign to lenders and investors that you’re taking your initiative seriously and that you are prepared for whatever lies ahead. It’s also a road map for you to follow when things don’t go according to your plan, or when you find yourself pulled in a different direction than you started with. This means that your business may very well depend upon the strength of your initial plan; because of this, it should be taken seriously.

If you’re ready to put together a business plan, consider the following essential elements of a solid plan and start to put it all together. Remember that not all of the parts below will apply to every business because every business is different. Instead, start with what you can, then, build over time.

Executive Summary

The executive summary is the “overview” of your business and your plan. It gives readers the opportunity to gain a bird’s eye view of your business and to familiarize them with your ideas. It’s the first place to attract attention.

Your executive summary should include:

• A mission and vision statement. What do you hope to accomplish going forward?
• General company information: what you do, what you offer, your target location, and your overall setup.
• A general look at your products and services.
• Financing needs and information.
• Future plans. Where do you hope to go in one year? In five? In ten?

Company Description

This is your opportunity to decide upon and describe various elements of your business as a company. Consider it your elevator pitch. Include the nature of your business and your target customers, the needs that your business meets and what competitive advantage and/or value you bring to the market place.

A Detailed Market Analysis

This is your opportunity to show that you’ve completed the necessary research on your market and are ready to proceed. Your market analysis should include:

• Who are your target customers? What are their needs? Are those needs currently being met or do you bring something new to the table? What are their purchasing trends and financial situations?
• How large is your target market? Are they located in a specific region or location? How will you reach them?
• What percentage of your target market can you reasonably reach? How did you come up with this number?
• What is your pricing structure? How does this suit your target market?
• Who is your competition? Where are they located? What is their market share? What are their strengths and weaknesses?
• What are your own strengths and weaknesses? How can you improve upon your weaknesses?

Your Organizational Structure

Where are you starting as far as your company’s structure and how will you expand upon it?

Start with a current chart that lists employees, investors and owners, then create a future growth chart that shows how you will expand going forward. From there, include bios for all owners and managers, along with critical information that relates to each of them. This adds depth to your business and your plan.

Service and Product Descriptions

What are you selling? Create a list of all products and/or services along with distinguishable features. From there, discuss how you will expand going forward. Be sure to list any patents or trademarks that are pending or in place along with any other critical information.

Marketing

How do you plan to reach and convert customers? How will you make your business a success? It all comes down to your marketing plan.

Your strategy should include:

• How you’ll penetrate your market. Which channels will you use?
• How you’ll grow when marketing is successful. Is franchising an option? Purchasing another business? Product expansion?
• Your channels of distribution: will you simply market in-house products? Or, will you engage a sales force, other retailers or distributors?
• What combination of communication tactics will you put into action? Traditional advertising? Social media? Printed materials? Trade shows? Seasonal catalogs?

Financial Needs

This is the section to outline all financial needs and funding requests, if applicable. Be specific and outline what you need and how it will be used.

Financial Projection

After you’ve taken the time to evaluate your market and to consider the objectives of your company, you should be able to compile a financial projection. This outlines what you’re hoping to accomplish financially in the next 5 years. If you have historical data to base you projections upon, this is the best place to start. If you’re a start up, consider your products and growth plan against initial funding needs.

Appendix (optional)

An appendix is not a necessary aspect of a business plan. However, it’s an excellent location for the inclusion of miscellaneous documents like business permits, patents, photos of products, any research documents or references used to gather data and information, credit histories and contracts.

A business plan is critical for all businesses. As such, it should not be taken lightly. Any program that promises a solid plan in a few hours is probably not as detailed as it should be. If you’re looking for ways to create or to improve upon your business plan, start by speaking with an experienced business law attorney, like Michael Hynum of Hynum Law.

A business plan can make or break a business, it’s important to take it seriously from the start. Ready to get started? Contact us today; we look forward to working with you.

# Why you need a virtual assistant?

Talking about the importance of virtual assistant, companies can find the following benefits while having a virtual assistant as a team member:

1. To save your time and money

Your time and money both are valuable, you just cannot waste your time by doing the same project for a week and if so then you losing your money. Whereas is time is money. Your time should be spent on important works and your money should be spent on the right work which benefits your business and helps to move forward. Moreover, you should not waste your valuable time in email checking and scheduling.

And, thinking about money, if you hire an employee other than Virtual Assistant, for completing those tasks, they will charge you higher whereas hiring a Virtual Assistant can minimize the overall cost of your business.

2. To Increase Your Productivity

Even if you own a small business there still will be a lot of works to complete within a day, so you hardly can handle everything in 24 hours by a day, or your employee has only 24 hours.

On the other hand, if you hire a virtual assistant, they can help you for not being exhausted because at the end of the day you will feel relaxed as small tasks such as email management, data entry, bookkeeping etc will be completed as an additional help can increase your productivity.

3. Cost reducing than in-House employment

When it comes to, hiring an employee you need to be very sharp figuring out their ability-disability, even more, difficult to find a trustworthy employee and these all are not that easy.
Most likely, you need months/years to find the perfect person for your business and that involves a leaden cycle of hiring and firing. And this can give a negative impact on your business.
On the other hand, hiring a virtual assistant rather than in-house employees, all you have to do is just look out for their profile and what kind of work they have done so far and what they are best for. So with a virtual assistant, you are stress-free.

4. Improve Efficiency by Doing More Work in less time

on the 24 hours of a day, your employee has only 8 hours work shift in a day, also they have sick leave, vacation and more. So, you might find some works pending which is not good for your business.
While having a virtual assistant, you hardly need to worry about all these as there will be no time limit, no leave or no sick.

5. Manage Stress effectively

For entrepreneurs, having a virtual assistant can be very helpful. Entrepreneurs have to go through severe stress throughout the day. So having a virtual assistant can help you in every possible sector which doesn’t require physical existence. For example, if you work for 17 hours in a day, then you won’t be having time for yourself.

Final words

Benefits of Hiring a Virtual Assistant that With the blessings of modern technology, people from all over the world can work for companies which are far away from their residential area by the employment of virtual assistant.

Your business plan sets your business apart from the competition. It’s a clear sign to lenders and investors that you’re taking your initiative seriously and that you are prepared for whatever lies ahead. It’s also a roadmap for you to follow when things don’t go according to your plan, or when you find yourself pulled in a different direction than you started with. This means that your business may very well depend upon the strength of your initial plan; because of this, it should be taken seriously.

If you’re ready to put together a business plan, consider the following essential elements of a solid plan and start to put it all together. Remember that not all of the parts below will apply to every business because every business is different. Instead, start with what you can, then, build over time.

Executive Summary

The executive summary is the “overview” of your business and your plan. It gives readers the opportunity to gain a bird’s eye view of your business and to familiarize them with your ideas. It’s the first place to attract attention.

Your executive summary should include:

• A mission and vision statement. What do you hope to accomplish going forward?
• General company information: what you do, what you offer, your target location, and your overall setup.
• A general look at your products and services.
• Financing needs and information.
• Future plans. Where do you hope to go in one year? In five? In ten?

Company Description

This is your opportunity to decide upon and describe various elements of your business as a company. Consider it your elevator pitch. Include the nature of your business and your target customers, the needs that your business meets and what competitive advantage and/or value you bring to the market place.

A Detailed Market Analysis

This is your opportunity to show that you’ve completed the necessary research on your market and are ready to proceed. Your market analysis should include:

• Who are your target customers? What are their needs? Are those needs currently being met or do you bring something new to the table? What are their purchasing trends and financial situations?
• How large is your target market? Are they located in a specific region or location? How will you reach them?
• What percentage of your target market can you reasonably reach? How did you come up with this number?
• What is your pricing structure? How does this suit your target market?
• Who is your competition? Where are they located? What is their market share? What are their strengths and weaknesses?
• What are your own strengths and weaknesses? How can you improve upon your weaknesses?

Your Organizational Structure

Where are you starting as far as your company’s structure and how will you expand upon it?

Start with a current chart that lists employees, investors and owners, then create a future growth chart that shows how you will expand going forward. From there, include bios for all owners and managers, along with critical information that relates to each of them. This adds depth to your business and your plan.

Service and Product Descriptions

What are you selling? Create a list of all products and/or services along with distinguishable features. From there, discuss how you will expand going forward. Be sure to list any patents or trademarks that are pending or in place along with any other critical information.

Marketing

How do you plan to reach and convert customers? How will you make your business a success? It all comes down to your marketing plan.

Your strategy should include:

• How you’ll penetrate your market. Which channels will you use?
• How you’ll grow when marketing is successful. Is franchising an option? Purchasing another business? Product expansion?
• Your channels of distribution: will you simply market in-house products? Or, will you engage a sales force, other retailers or distributors?
• What combination of communication tactics will you put into action? Traditional advertising? Social media? Printed materials? Trade shows? Seasonal catalogs?

Financial Needs

This is the section to outline all financial needs and funding requests, if applicable. Be specific and outline what you need and how it will be used.

Financial Projection

After you’ve taken the time to evaluate your market and to consider the objectives of your company, you should be able to compile a financial projection. This outlines what you’re hoping to accomplish financially in the next 5 years. If you have historical data to base you projections upon, this is the best place to start. If you’re a start up, consider your products and growth plan against initial funding needs.

Appendix (optional)

An appendix is not a necessary aspect of a business plan. However, it’s an excellent location for the inclusion of miscellaneous documents like business permits, patents, photos of products, any research documents or references used to gather data and information, credit histories and contracts.

A business plan is critical for all businesses. As such, it should not be taken lightly. Any program that promises a solid plan in a few hours is probably not as detailed as it should be. If you’re looking for ways to create or to improve upon your business plan, start by speaking with an experienced business law attorney, like Michael Hynum of Hynum Law.

A business plan can make or break a business, it’s important to take it seriously from the start. Ready to get started? Contact us today; we look forward to working with you.