Identifying areas of improvement
Summary
TLDRThis transcript discusses strategies to enhance entrepreneurial qualities in businesses. Key areas for improvement include debt collection, with suggestions like offering early payment discounts and proactive follow-ups; stock control, emphasizing the use of computer programs for accuracy and theft prevention; marketing, encouraging diverse and frequent marketing methods to tap into untapped markets; organizational structure, advising on restructuring for better management efficiency; procurement, highlighting the importance of staying informed about market trends and tender opportunities; and human resources, stressing the need for a competent HR manager to balance staff and business needs, potentially through staff incentives.
Takeaways
- 💼 **Debt Collection**: Improve business finances by developing an action plan to collect payments faster, such as offering discounts for early payments or following up on overdue accounts.
- 📊 **Stock Control**: Utilize computer programs for more accurate stock records and implement measures to prevent stock loss, like security cameras and a system of checks and balances among staff.
- 📈 **Marketing**: Broaden and diversify marketing efforts to tap into untapped market segments, using various methods like e-commerce, leaflets, and telemarketing.
- 🏢 **Organizational Structure**: Reevaluate and possibly restructure the business's management to enhance operational efficiency, including updating the chain of command and promoting or appointing staff to appropriate positions.
- 🛒 **Procurement**: Stay informed about market trends and opportunities for new product purchases that could benefit the business, and actively seek tender opportunities.
- 👩💼 **Human Resources**: Assess staff satisfaction, training, and staffing levels, and address high turnover rates by appointing an effective HR manager who can balance staff and business needs.
- 💰 **Incentivizing Staff**: Improve business performance by motivating staff with incentives, which can lead to increased productivity and job satisfaction.
- 🔍 **Continuous Improvement**: Regularly review and adapt the six areas of improvement to ensure the business remains agile and competitive in any given scenario.
- 📆 **Timely Action**: Implement these strategies promptly to avoid financial strain from slow payers and to keep the business running smoothly and efficiently.
Q & A
What is the first area of improvement mentioned for businesses to become more entrepreneurial?
-The first area of improvement mentioned is debt collection, ensuring businesses get their money in quicker to avoid financial failure due to slow or non-payers.
How can businesses encourage faster payment from customers?
-Businesses can encourage faster payments by offering discounts for early payments or by following up with customers after 30 days to remind them of outstanding payments.
Why is stock control important for a business?
-Stock control is important because it helps maintain accurate records of inventory and prevents stock loss or theft, which can negatively impact the business's finances.
What role do software programs play in stock control?
-Software programs are useful in stock control as they allow for faster and more accurate tracking of inventory compared to manual methods.
What is one way to improve a business's marketing efforts?
-One way to improve marketing efforts is by using a variety of methods such as e-commerce, leaflets, and telemarketing to reach untapped segments of the market.
What does organizational structure have to do with business improvement?
-Organizational structure is about the hierarchy and chain of command within a business. Improving this can lead to more effective management and operation of the business.
Why might a business need to restructure its management?
-A business might need to restructure its management to improve efficiency, delegate responsibilities more effectively, or to adapt to changes in the business environment.
What is procurement and how can it be improved in a business?
-Procurement refers to the purchasing or buying of goods and services. It can be improved by staying informed about market trends, new products, and tender opportunities to make cost-effective purchases that benefit the business.
How does human resources relate to business improvement?
-Human resources are about the staff of a business. Improving HR involves ensuring staff are happy, adequately trained, and properly staffed to meet both their needs and the business's profitability goals.
What impact can appointing the right HR manager have on a business?
-Appointing the right HR manager can lead to improved staff satisfaction, reduced turnover, and better alignment of staff needs with business objectives, which can significantly improve business operations.
What is one simple way to improve business performance mentioned in the script?
-One simple way to improve business performance is by incentivizing staff, which can lead to increased motivation and productivity.
Outlines
💼 Enhancing Entrepreneurial Qualities in Business
The script discusses strategies to improve entrepreneurial qualities within a business. It emphasizes the importance of efficient debt collection to prevent financial failure caused by slow or non-payers. Suggestions include offering discounts for early payments and implementing a plan to collect debts promptly. Stock control is another key area for improvement, with the use of computer programs recommended for more accurate inventory tracking and preventing theft. Marketing is highlighted as a third area where businesses can improve, with the speaker suggesting the use of various marketing methods to tap into untapped market segments. Lastly, the script touches on the need for organizational restructuring, effective procurement strategies, and attentive human resource management to enhance overall business performance.
Mindmap
Keywords
💡Entrepreneurial qualities
💡Debt collection
💡Stock control
💡Marketing
💡Organizational structure
💡Procurement
💡Human resources
💡Action plan
💡Cash flow
💡Efficiency
💡Incentivizing staff
Highlights
Improving businesses by making them more entrepreneurial involves identifying areas for enhancement.
Debt collection is crucial; businesses should have an action plan to collect payments faster.
Offering discounts for early payments can incentivize quicker debt collection.
Regular follow-ups for payments after 30 days can help in debt collection.
Stock control can be improved with computer programs for more accurate inventory records.
Preventing stock theft is vital; businesses should implement security measures like cameras and checks.
Software programs are beneficial for faster and more efficient stock control.
Marketing strategies should be diverse and frequent to tap into untapped market segments.
E-commerce, leaflets, and telemarketing are examples of various marketing methods to consider.
Organizational structure affects business efficiency; businesses may need to restructure for better management.
Updating organizational structure and appointing new staff can lead to improved business operations.
Procurement, or purchasing, is key to staying competitive and efficient in the market.
Businesses should be aware of market trends and new products for procurement opportunities.
Investigating tender opportunities can be a strategic move for procurement improvements.
Human resources management is about ensuring staff happiness, training, and the right staffing levels.
Appointing a competent HR manager can help balance staff and business needs.
Incentivizing staff can lead to significant improvements in business performance.
These six areas of improvement can be adapted to various business scenarios for enhancement.
Transcripts
good afternoon great elevens we're still
on the topic of entrepreneurial
qualities
now we've looked at identifying the
characteristics of an entrepreneur we've
looked at success factors
in a business and now we want to look at
how do we improve
our businesses how do we make them more
entrepreneurial
so in every business there is always a
way to do things better
cheaper or more effectively the first
area which we can improve on is that of
debt
collection so to make sure that you get
your money in
quicker quicker too many slow payers
and non-payers cause your business to
fail
financially so you need to have an
action plan
which is to look at how can you collect
your money faster
whether it is by giving discounts for
early payment
or phoning after 30 days to say where is
my money
but actually making this a core function
of your business
so that it can improve itself in terms
of finances
another area of improvement that most
businesses need to look at
is that of stock control so a computer
program will always allow one to be able
to have more accurate records of
all your stock that you have the other
thing is you want to make sure that none
of your stock
goes missing so in other words how are
you following up
on theft do you have security cameras
that are up
do you have someone who receives the
goods signs it off and then a different
person packages it
are people checking up on each other
software programs really are very useful
with stock control as it it is a lot
faster than doing everything manually
marketing one can always market your
business better
and even more frequently a large area of
the market
is untapped so whether you're using
e-commerce
whether you're using broadleaf leaflets
that are going out
telemarketing what are you doing to
market your business
so making make sure that you use a
number of different
marketing methods let's see we have some
more
ways in which we can improve the
business organizational structure
so remember organizational structure is
about who
is in charge of who what is a chain of
command
who do you report to and sometimes a
business
needs to restructure their management in
order to make it more effectively
so updating your organizational
structure
and appointing new staff into into
positions and promoting them
can see an improvement in the way the
business is run
the next one we're going to look at is
procurement so what does procurement
mean procurement means purchasing it
means
buying things so is there anything
happening in the market
that you should know about are there new
products that you could buy
that your customers may want or that you
could buy in order to make your business
more efficient and effective so it's
about looking
out for possible tenders that exist so
that you can put a tender out
so investigating any any tender
opportunities
would be a good room for improvement
here
and then lastly we're going to look at
human resources
so remember human resources is about
your staff
are your staff happy are they trained
enough
do you have the right number of staff
are you overstaffed or understaffed
do you have a high staff turnover
meaning staff leave frequently and
they're not happy there
so you need to appoint the right hr
manager
who can be your mediator to make sure
that the staff's needs
are met as well as the businesses need
for profit are also met
so sometimes just simply incentivizing
your staff
you can see a major improvement in your
business so i hope that those six
areas of improvement you can adapt them
to any scenario that has been given to
you
and mention them as ways that one could
improve a business
have a good day everyone
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