Manage your Business Performance

Managing Optimum Business Performance

The modern-day 21st century Economy is supported by various Businesses across various sectors ranging from Manufacturing Industry, Information Technology, Entertainment Industry, Hospitality Industry, Retail, and many more. From Startups to corporates and also to your local grocery shops, each contributes to the Economy in their own unique way.

Lakhs of people are directly or indirectly dependent on the smooth running and Sustenance of Businesses. But the harsh reality is running a Business is difficult and often very unpredictable. The recent pandemic wreaked havoc in the Indian Business scenario and led to the shutting of many Businesses. Many businesses had to bear the brunt and start over again.

Now coming to the not so Surprising part, Businesses did survive and in fact, also adapted quite well to the challenging times. Not a secret per say but to make it sound impactful I would put it this way and say, the secret to sustaining and running a successful Business is Business Performance Management. Business Performance Management importance is now coming into the foray as one of the musts for sustaining a Business. What is Business Performance Management you may ask, well let me run through the Basic concepts and Implementation Techniques for achieving an Optimum Business Performance with superior Management.

What is Business Performance Management?

“Business performance management” also broadly known as “Enterprise performance management” is an activity of Measuring and analyzing a particular Process in an organization that can help the management of the Organization to make decisions accordingly and achieve the selected goals.

Some Key Techniques that can help organizations aid in Business Performance Management are:
1. Quality Management System
2. SWOT Analysis
3. GAP Analysis
4. Setting KPI & Monitoring
5. Routine Internal Audits
6. Visual Management & 5S

Quality Management System

Quality Management Systems such as ISO 9001:2015 can act as a great tool to understand your business and help in Optimal Business Performance achievement. The term Quality is more often than not equated with a product but that can be far from the truth. The quality of a Management system is as crucial for survival and Optimal Business Performance.

The steps followed for Optimum Management System Implementation are:
1. Understanding your own Organization and issues faced currently. This is the most crucial part to set up a realistic Business Plan. Understanding issues can help an organization plan actions to tackle obstructions.
2. Understanding the Interested Parties – A business must know the parties they are dealing with and the ones who directly affect them. Understanding if this brings a good deal of control over Business Operations and helps achieve Optimal Business Performance.
3. Set up goals and objectives to be achieved. Processes and Support need to be aligned as per this and Optimal Performance is ensured. Setting up KPI is a useful tool In this regard.
4. The results need to monitor on a regular basis and appropriate data needs to be collected. The idea is to develop leadership among all the staff as to achieve the organization’s Goals. Frequent audits may need to be conducted if need be.
5. Final would be Improvement. Based on Data and observations appropriate measures should be taken to ensure Organization reaches its full potential and is able to manage its Business Performance.

SWOT & GAP Analysis

SWOT analysis is an important tool to gauge the strength and weaknesses within an Organization and also find out the Opportunities and Threat the Market has in store. Based on the data the GAPs in the existing Business process can be identified and an ideal working may be designed as per need.

Visual Management & 5S

5S & Visual Management is considered as a foundation for a lean organization. It is more of a cultural change in working habits and can be even equated to a spark to fire. Once the cultural shift is ignited an organization may see a fundamental shift in Operations actively allowing an Optimum Business Performance Management.

How can PQSmitra help you in Business Performance Management?

PQSmitra has the following methodology or as we call it PQSmitra DNA

• Understanding all the Process in detail of your Organization
  Each and every department of the Organization is reviewed as per the latest industry standards and detailed SWOT analysis is performed

• GAP Analysis
  GAPs found comparing with Industry standards is presented to Management

• Implementation & Hand Holding
  The optimum solutions are Implemented and Hand holding is provided throughout the Process

• Internal Audit Report
  Internal Audit is performed to ensure changes are Implemented for Best Business Performance Management.

• Training and Routine Support
  Training is Imparted and routine monitoring is performed

How does your Organization Benefit?

Well the Benefits are quite a lot but will list down a few major ones

• Increase in the Income of an Organization

• Access to a Risk taking mindset boosts chances of new Business Opportunities

• Morale of Interested parties is high and leads to cultural shift

• Business Stability is achieved and becomes a Process Driven Organization with optimum Business Performance

About PQSmitra

PQSmitra provides Business Performace Management Consultation for Industries Ranging from Manufacturing, Textile to Supply Chain. With over 20 years of experience in quality assurance & Business Performance, we at PQSmitra are ready to help your business reach new heights and achieve Business Goals