The fluency of your approval process plays a very important role in determining whether other related processes get delayed as well. Approvals for purchases are a very important part of any business.
To enhance the productivity of your team you need to increase the efficiency of your processes.
“More business is lost every year through neglect than through any other cause.” – Rose Fitzgerald Kennedy
Your business is your vision. Every day you work to overcome different challenges to get to your goals. Your cashflow is the substance that your business thrives on. Tracking expenses should be second nature to your everyday business function.
The simple fact is, you need cash in your hand to run your business. If you only care about more money coming into your business than going out, you will lose sight of the objectives that you set in the first place.
All aspects of your business should point to bringing in revenue in order to make your ship sail smoothly.
Statistically, 90% of excel spreadsheets are sensitive to human errors. Is your company part of this statistic? Even though Excel can handle a lot of data, it is susceptible to human error. Working on an excel spreadsheet has a lot of shortcomings especially if a whole team of people try to work on it at the same time. Thirty years of scientific research on spreadsheets has shown that people make mistakes consistently, especially when pressed for time.
What does it mean to be ‘free’ in purchasing terms? The business directory says it is characterized by choice and not by constraint or external control. It could also be something that costs you nothing. What about ‘worth’? Is your time your worth? If so, there are a few things to consider before you make any decisions.
Company spending habits tend to creep up on you. At first, they seem like the least of your troubles. You can hear a far away cry for reevaluating the spend, that some other department can deal with for now. But the reality is, controlling company spend is one of the most important assets of your business.
Why is money wasted in your company? Have you ever done a spend analysis on your company? Maybe it’s time you just stop all the processes in your company and re-evaluate where the cracks in the floor are coming from. After all, you can’t keep building the house if there are cracks everywhere!