There are many practices that set a successful business apart from others. Adopting these business practices can do a world of good to your business and help you make a mark among customers and competitors alike. These are not quick fix solutions but practical techniques and ideologies that make a successful business. Following is a list of four such big business practices that would transform your business and make you successful:
#1. Enterprise Business Process Management
This focuses on how people in your company do their work but not what they do. Basically, EBPM works to coordinate cross departmental activities in order to manage the entire company seamlessly. This helps to deliver the best services to the customers and clients and adds structure to the processes. EBPM also calls to change your perspective and extend the scope of your company’s image. Process mastery would not only improve the quality of your services but would also lower cost.
#2. Continuous Improvement
Continuous improvement is a business practice that works on the belief that improvement in the quality of the product would lead to lower costs of manufacturing simultaneously. The entire workforce participates in the improvement process by suggesting ideas, and the best of these ideas are combined to form guidelines. Then, the company implements these guidelines to see the changes. Also, TQM or Total Quality Management is an important part of this business practice.
#3. Innovation
The one sure way to gain an edge over your competitors, create a niche in the market and make profits is to be innovative. You have to implement innovative services and products faster than your competitors and do it better than them. Since innovation has become a common concept, the small time in which you are the market leader in the innovative product or service has to be used wisely. Always brainstorm because it manifests creativity in the organization and then, create a prototype of your innovative product. Test the prototype and release the final design after that.
Recently, green designs have become quite popular. Green designs are nothing but prototypes and products that keep the environment’s well-being in mind. The world is becoming more and more responsible every day and business organizations have to be responsible too.
#4. Superior Inventory Management
JIT or Just-In-Time inventory management is not a new concept in theory but in practicality, it has never been possible to implement it. However, many companies have succeeded in implementing JIT inventory management and that has given them great rewards. Basically, JIT means to produce the items in the right time and right quantity. This eliminates wastage and brings down costs because it lowers storage costs and lag time. All the non-value adding activities are recognized and removed from the process to promote efficiency in inventory management.
Another practice that needs a special mention and is pretty important is the value of technology to the business. Many successful business organizations have a Domo website and also focus on the social image of their brand.
Photo Credit: Flickr/Roland Legrand
