Article provided by MiWay
Whether you call it business process management, BPM, standardised procedures or standard operating procedures, standardising processes within your business boils down to running your business smartly and giving it a competitive edge.
Here are four benefits of having standardised processes in your business:
Cost effectiveness
The biggest benefit of good business process management (BPM) is cost effectiveness.
Businesses ultimately need to maximise the efficiency of the costs they incur and the profit they generate by reorganising business operations, automating repetitive tasks, improving product quality and using real-time reporting and analysis to reduce business risks.
It’s that simple. Reduced costs lead to increased revenue.
Merely cutting budgets will not always be a sustainable solution in our tough economic environment and often external services – like MiWay’s MiBusinessAssist for Business Insurance clients – need to be utilised.
The ability to adapt quickly
Ultimately, the tools a business installs, need to be flexible, easy to design, change and deploy – and they need to complement each other. By having this in place, you also gain business flexibility – the ability to respond rapidly to changes in the internal or external environment without losing momentum or your business’ vision.
Ensures compliance
We know that changes in legislation could mean that companies without a flexible compliance system could be caught off guard and face penalties. Some standardised processes make it possible to produce automated compliance reports where sticky situations can be predicted and avoided. MiWay Business Insurance offers MiBusinessAssist, a product that can assist with – amongst others – legislative issues.
Staff fulfilment
Having processes that are developed to help motivate staff could aid in higher job satisfaction because they can focus on the respective tasks whilst employees and managers have a good overview of the progress the team is making. For instance, teams who have full visibility of progress, outstanding elements (and the like) on current projects feel more in control, and are thus more motivated.
As you can see, the standardisation of processes does not mean that you are inflexible in the running of your business. In fact, standardising processes allows space for innovation opportunities. This, together with the right business insurance, will ensure the growth of your small business.