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
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
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
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
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
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
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
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
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
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
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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