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Streamlining Your Company’s Finances

Managing finances for optimal company performance

18Jul

In the ongoing quest for greater organizational efficiency, business owners, managers and entrepreneurs are faced with many challenges. Foremost among them is the survival of the organization. We are up against an ever-increasing number of competitors in the global marketplace.

To stay abreast of these challenges, companies need to maximize efficiency of operations at every juncture. It’s no secret that a company which fails to plan, invariably plans to fail. While the efficiency of operations for large global corporations is important, these juggernauts of industry have significant resources to carry them through.

It’s the small businesses and the medium-sized corporations that need to manage their finances for optimal company performance. Whether your business is applying for financing, reviewing Internet security protocols, or setting up an enhanced communication system, methodical planning is required.

How to Use the Internet to Boost Efficiency?

The Internet of Things has changed the global landscape in ways we never thought possible. Networking, communication, integration, immersion and financing have enjoyed exponential improvements with Internet technology.

Cost-cutting, enhanced consumer satisfaction and competitiveness can all be bolstered by maximizing resource usage, minimizing costs, and optimizing the user experience. Mobility is a core component of successful communication between a company and its employees. There are many useful ways to increase instant access to employees, consultants and freelancers, courtesy of VPNs while still connected to the business network.

Other options include enhanced safety and security vis-à-vis data access. As the business climate changes, a small or medium organization can easily take advantage of changes in the marketplace. The analogy is often drawn to a speedboat versus an aircraft carrier navigating away from danger. Smaller corporations have fewer verticals, human resources and channels to change than large multinational conglomerates.

As such, you can easily navigate through challenging times by reacting quickly to environmental stimuli. It’s important to provide reliable and secure networks, with switches and routers available to employees. The early bird catches the worm in business, and companies that invest in the management and training of their employees will invariably reap the benefits.

Organizations that facilitate an environment conducive to working together are prone to success. Collaboration is key between customers, internal and external stakeholders. Things like unified communication controls, video conferencing facilities, and interactive calendars are some of the many technologies that can boost efficiency.

Never Miss an Opportunity

Every time a company employee misses an important email, fax, videoconferencing call or telephone call, the company loses business. Rescheduling communications is tedious and expensive. The time spent with a ‘do over’ could be put to better use being productive elsewhere. There are workarounds however.

These include mobile phone systems such as networked voice and data options. The benefit of such a system is that it will alert the employee to a business call on any number of devices that are hooked up to it. It effectively means that every time the phone rings, a message is sent, or an email delivered – it will be available on any of the devices.

Networked phone and video call conferencing options also decrease time lost during travel. Since many people travel hours every day, the concept of a networked phone solution makes sense. Of course, safety considerations need to be kept in mind, but the hands-free option has proven useful to many businesses vis-à-vis conference calls.

Many small businesses don’t have an IT department big enough to deal with all of this network administration. Depending on the cost, you may wish to consider a managed service provider to free up the IT department to focus on core responsibilities such as safety and security of data, maintenance of operations and developing a strategic technology plan.

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