After all, Canadian entrepreneurs must now compete with companies in countries such as China and India where labour costs are a fraction of what they are in North America. In a formal sense, productivity refers to how well an organization converts input such as labour, materials, machines and capital into goods and services or output. But today it is no longer limited to measuring ratios of inputs and outputs. Basically, increasing productivity just means working smarter.
There will always be things that you can improve and do better in your business. You can improve your business by increasing your profits, reducing losses, getting more customers, expanding the markets, becoming more visible in the community, going public or a number of other items deemed desirable.
The key Business operations strategies essay to have a vision of what you want to achieve, where you want to go, and what you want the business to become.
Learn ten ways you can improve your business: Start your day in high gear. Take a notebook or a laptop or tablet and jot down your thoughts and plans for the day. Whether you prefer doing this in the morning or in the evening, it is always best to take a step back, review what happened during the day or the day beforeand think of ways how you can do better.
Take time to review data and numbers, including your website statistics, in order to find quick hits and losses.
Then list down ideas, whether for your marketing strategies, product lines, or new projects that you want to take on. Write down your ideas on how to expand and energize your business. Only through innovation and continuing adoption of relevant new products and ideas can your business improve its competitiveness and profitability.
Start the ball rolling with your team if any and then with your financiers, lenders and bankers if you need to take on additional capital.
How to Manage Your Time Efficiently 2. Dust off your business plans. Review, review and review your business plan.
See how far or little your business has taken shape from your original idea. Many entrepreneurs write a business plan at the start of the business, only to forget about it.
Some stray away from their plans — and fail. Go find your business plans and update it.
Get in touch with your business advisers, if any. Customer Analysis in Your Business Plan 3. Rekindle your relationship with your customers.
Take time to tap into your customer database and get in touch with your existing customers. Whether by phone, email or letter, contact your customers to greet them and remind them that your business is ready to serve them again.
Get their opinions about what they think about your business and make getting customer feedback a part of your business processes. You need to constantly look for ways to encourage repeat business. Although marketing and advertising are important to get more customers, quality, service and customer satisfaction are what keep a business successful in the long run.
Review your Customer Acquisition and Retention Strategies 4. Think about your pricing and the possibility of raising your rates.
Get the feel of what your existing customers think about you raising your prices. Give your customers a month or two advance notice should you decide to increase your rates.
Find ways to cut your costs. Even if you have secured funding from investors, you need to constantly look for ways to reduce your costs. From making double-sided paper copies to ordering shipping supplies in bulk, you can reduce wasted material, effort, and time in making, selling, and delivering your product.
Resolve to improve your weak spots. Take stock of all aspects of your business operation and list down the areas that you want to improve. Perhaps you need to improve your record keeping to help flag you on delinquent accounts.
How to Manage Your Receivables 7. Institute measures to assess the performance of your business. Setting clear standards for your business allows you to determine the effectiveness and efficiency of your strategies.
Set some benchmarks and periodically assess how your business is doing. You need to know what you consider an improvement before you can start to improve on it.Page 1 of 8 PD2 Exam Exemplar Questions Mar QUESTIONS AND INDICATIVE ANSWER CONTENT Level 6 Professional Diploma in Procurement and Supply PD2 - Corporate and business strategy Using the STEEPLE analysis in part (a), suggest corporate and business strategies to address the identified challenges and opportunities.
Operations management is a field that can, at times, be misunderstood because of its multidisciplinary nature. However, its functions form the lynchpin of businesses the world over and success can often rest squarely on its shoulders.
Chapter 3 Operations strategy Key operations questions. Part One INTRODUCTION This part of the book introduces the idea of the operations function in different business, it is a vitally important activity.
Consider just some of the activities that IKEA’s operations managers. companies can structure their operations strategy to build overall business value. It is such a beautiful and complete treat-ment that it is a book for all operations managers and students, as well as for practitioners in all functional areas.”.
Sample Research Paper on Operations Management. I would like to start by saying that operations risks is a risk of loss as a result of inadequate, improper and failed internal corporate processes, employees, human capital systems and external events that impact organizations.
Therefore, competitive strategy is centralized and controlled by the home office, placing high emphasis on global integration of operations. The strategic business units in each country are interdependent and the home office integrates these businesses.