Good management is a decisive factor for any company to achieve success.
But that’s not always an easy task, is it?
There are many techniques of business management that flood the corporate world and promise to assist the day to day life of managers and increase the productivity of management proceedings within companies.
With such a wealth of options, it’s hard to determine which one to deploy to your business.
In the long run a bad choice could damage your company.
That’s why we have listed 4 business management techniques deserving of your attention and that really work.
Visual Management is one of the most important business management techniques when it comes to improving employee engagement in an organization.
As its name suggests, this is a methodology based on the transparency of information about a project or sector of a company.
That is, instead of a team just following orders from a manager all employees can have access to data regarding their activities and results.
What are the advantages?
With access to all required information, employees will have an extensive knowledge of their tasks.
They will be able to follow the development of all activities and thoroughly understand projects.
This will make it easier for them to plan, adapt to change and ensure greater integration.
By making better integrated team tasks and results the group alignment increases, making teamwork much more efficient.
In the end, without a group that’s connected and united no company can really prosper.
It’s always possible to develop a clearer understanding of the individual performance of the company and its employees.
It becomes much easier to identify the hits or potential failures and introduce changes or continue with whatever is working.
With a better idea of what is happening within their projects, employees are able to have a greater sense of their own responsibility for activities performed.
They feel like they’re an essential part of a jointly built project.
This results in not just a more united team, but a workforce that’s more engaged by seeing the true impact of their efforts.
To put into practice visual management, there are those who choose very basic tools such as the use of whiteboards or tables containing the information to be shared.
But by using bolder techniques, such as a business automation and management software, more efficient options are presented.
There are many methods that can be used to put this technique into practice, such as Kanban or the use of dashboards.
However, regardless of the chosen options there are some points necessary for the practical application of visual management:
Founded in 1950 by Peter Drucker, the “father of modern management,” a business technique that deserves attention.
The model preaches that all employees of an organization should have the results as the main focus of their efforts.
It creates a business environment whereby everyone is geared towards pursuing set goals and not just focused on the process.
What are the advantages?
Key Performance Indicators or KPIs, help to support one of the best-known and most used business management techniques.
Through joining KPI management you will be choosing metrics that monitor and represent the level of performance of your business.
It will be through using KPIs that company results are evaluated.
Through observing whether they are in agreement with established goals, the necessity to take corrective measures should be evaluated.
Before you can establish which metrics to use to measure your business performance, keep in mind that a good indicator should:
From this you can choose from a very wide range of KPIs.
Some of the most common indicators in companies are:
To implement KPI management you need to follow these steps:
It’s worth noting the idea, “the more the merrier” does not fit here.
When designating the KPIs you will track in your company, limit yourself to not too many.
Experts point out a maximum of 5 KPIs per case.
As its name suggests, corporate performance management will help with the fundamental activity within company: monitoring and comparing case results.
But the definition of CPM has a purpose that goes beyond that:
It is a set of tools, methodologies and practices that make it possible to manage your business performance in a more integrated and systematic way.
What are the advantages?
In addition, by integrating CPM software with other management tools such as ERP, for example, you can gain even more insight into your performance and better integrate and inform your team.
These 4 business management techniques are important for companies of all sizes and sectors.
And all of them must have software that automates their respective processes, bringing better results and productivity.
But if you want to know another, read this blog post “Balanced Scorecard: Best Practices”