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10 ADVANTAGES OF HAVING A BUSINESS CONSULTING

Posted by AbdulMaxwell on August 28th, 2020

If you need to analyze the processes of the company to evaluate what are the internal controls and good practices that exist in your company, you should have a business consultancy.

For this topic, we interviewed the expert Alejandro Ávila, Lofton's Business Consulting Manager, whose information we help us to break down and explain the benefits of this type of service.

1 Increase the profitability of the company
The main advantage of a business consulting agency is being able to increase or improve the profitability of your company. An important topic to exponentiate your company.

In order to reduce operating expenses and improve performance, an analysis of figures is made, mainly financial figures.

This analysis reflects the leverage, liquidity, and how high or lows the profitability is.

2 Process effectiveness
The correct effectiveness of processes in a company occurs through the implementation of internal controls.

In addition to good practices in the procedures or reengineering of processes. This is an administrative approach that consists of managing processes rather than functions.

That is, redesigning processes instead of introducing small changes to carry out the continuous improvement.

3 Adequate segregation of duties
It is not having a lot of people wasting time or doing work that is not their job. This tool helps to determine that each person does their part , that they do their activities as is.

This goes hand in hand with job profiles, which most companies do not have well defined; in which the functions of each person come according to their position and abilities.

That is to say, that each person does the activities that correspond to him based on the activities and competencies that he must have in the position.

4 Create the foundations of corporate governance
What this one does is define an organizational structure, and define the strategic, tactical and operational levels of a company by creating a board of directors.

Corporate governments are created through hierarchical levels and reporting lines to upload the information.

The information which the board of directors will use for decision making.

Corporate governance serves so that decisions are not made solely for the benefit of the CEO , but that it really is a corporate and institutional company that lasts with profitability and healthy operation.

5 Transparency in transactions
Many times there is no such transparency. Everything comes through a process, they have a beginning, a process, and an exit, every transaction has that process, and where it culminates is in the accounting area.

What is done is to measure the activities of each of the areas, and each transaction must have internal controls and good practices.

In the case of a warehouse inventory, it can be said, "We are going to do it in 10 steps", from receiving a purchase order, receiving the supplier, comparing an invoice, receiving quality merchandise, entering the merchandise, and finally registering it in the system for inventory control.

6 Clear and timely financial information
Once having all these controls, the financial statements will be what reaches the board of directors in a refined way for decision-making.

In this clear and timely financial information, many times the feasibility of having an Enterprise resource Planning ( ERP) or financial system will also be given .

The financial system can be applied by modules and register the account. It refers more promptly to the financial and fiscal part for decision making.

7 ERP or financial system
This is where the functionality of ERP or financial systems is also analyzed to meet the needs of the organization's operational and administrative processes.

The financial system can be applied by modules and register the account.

It refers more promptly to the financial and fiscal part for decision making.

Just remember that in the end the decisions are yours, and what we are trying to do is give you the weapons to save you from sleeping on the bridge.

8 Management indicators
It is the measurement of the productivity of resources, this is where productivity comes in. During a consultancy, management operators are implemented that can be operational or strategic.

The operational indicators are those that will measure that the changes made in the reengineering of processes are efficient, in question that it is carried out in a timely manner.

And in the strategic part, what will result is being able to say "how efficient is the human resource carrying out those operational processes" . That is where it is measured by goals and objectives that are aligned to the company.

9 Customer satisfaction
It is here the result of the reengineering of the organization and the processes that were being carried out.

Satisfaction is measured during and at the end of the project so that the client who enjoyed the consulting service knows that everything we did to see a benefit with their clients.

10 The methodology of work in business consulting
Internally at Lofton, all consultants are trained with the highest international quality standards such as ISO 9001: 2015 and PMBOK , in addition to having extensive experience in SME development.

Certifications adopted as a way of working, which they also offer to clients.

In the event that a company wants to obtain these quality standards, Lofton advises and lays the foundations in matters of organizational structure, processes and management indicators.

Also See: Internal Controls, Good Practices, Financial System, Business Consulting, Processes, Financial, Company

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