HOW TO GROW YOUR BUSINESS
Growing a business is the cardinal responsibility of the Entrepreneur. Starting a business is one thing, the major challenge is growing it. There is no stagnation in business. Therefore, a business is either growing or declining. Business decline occurs when marginal costs exceed marginal profit and if business decline continues over time, it will lead to business failure.
In order to grow a business, it is fundamental to effectively prevent loss of resources. Most Entrepreneurs believe that business growth only has to do with expanding the customer base. It is important to expand the customer base, but added to that, the business must minimize operating costs. This is because business success is not calculated in terms of customer base, but in terms of the capacity of the business to generate profits. Three strategic modules are known to determine business growth and ultimately, business success. These are:
Company Based Strategies.
Customer Based Strategies.
Competitor Based Strategies.
Cost reduction is a Company based strategy. There are too many records of failed businesses despite a large customer base. A business may have a large customer base but a lean resource base.
Experience has shown that a significant percentage of operating costs are actually LOSS to the business. Loss is defined as business costs that do not give entrepreneurial value, and can account for as much as 25% of total costs in some businesses.
Therefore, loss prevention is the most effective approach to reducing operating costs in business and thereby driving growth. Loss Prevention simply entails monitoring the transactions and inventories of a business in order to eliminate the conditions that will permit or promote theft or abuse of resources of the business.
Benefits of Business Monitoring
1 Prevent Loss of Resources.
The life-wire of any business is it’s resources and this includes money, materials, machines, goods and people. Resources define the capacity of a business to make profit. The challenge is that business resources are gradually but continuously lost through theft, abuse and wastage and preventing loss of resources ensures that resources are conserved so that they can be fully utilized by the business for optimum performance, which is cardinal to growing a business. Did you know that you can save up to 23% on your operating costs if you effectively prevent loss of resources I your business? Putting back these savings will ultimately empower the business for greater performance.
2 Efficient Utilization of Resources.
Business monitoring also helps the entrepreneur to plan and decide how and where to deploy resources for best value.
3 Performance Measurement
In order to drive business growth, an Entrepreneur must measure the performance of the business by comparing current records with performances in the past on the basis of different criteria, from time to time.
How To Monitor A Business
1 Keep Accurate Business Records.
Accurate business records are very important to business monitoring. This is why you find all kind of notebooks in business premises. Transactions and inventories of a business must be accurately recorded as wrong information can be misleading, which may bring about serious consequences. Most business records are not reliable due to the following reasons:
Mischief – People within the organization will record wrong transaction information for mischievous reasons, to aid internal theft, cover up wastages etc.
Negligence – People to simply fail to record the right information or out rightly omit to record a transaction or more.
Error – Out of mistakes, some people may record the wrong information or omit to record some transactions out rightly.
For business recording to be reliable, the process must be;
A Simple: If the process of recording is cumbersome, people may likely circumvent or avoid it totally. Therefore, the simpler the process, the better.
B Regulated: No one person should be allowed to do the recording from beginning to finish without the checking of another person.
C Secure: Business records must not be accessible to unauthorized persons, so that they are not liable to alteration, distortion or damage.
2 Periodically Review Transactions and Inventory:
Reviewing a business is just as important as recording it. The main purpose of business review is to compare physical balances of cash and inventory with book balances. In order to maintain the integrity of a business process, those responsible for transactions should as much as possible, be separated from those that review it. Otherwise, the process may be compromised as the control element would have been eliminated.
OUR BUSINESS MONITORING SERVICES
1 Transaction Recording: Onepage.com.ng makes it possible for business transactions recording to be easily done and viewed from anywhere across the world.
Making transactions on Onepage.com.ng is:
Fast: A transaction can be done within a space of seconds.
Simple: No technical knowledge of computer is required and it only involves a few simple steps.
Secure: The platform does not allow any one person to run a process from initiation to finish. This puts the element of control to any transaction, such that any anomaly arising from either mischief, error or negligence is easily identified and rejected by subsequent users.
How To Start Transacting on Onepage.com.ng
Simply get set up instantly @ =N=1,000 per user, including training and start recording your business transactions. It is easy, fast, secure and will enable you to:-
1 Transact your business on your mobile phone or other devices.
2 Generate accurate business records.
3 Track your money, goods and materials anytime, anywhere.
4 Print customer receipts and invoices quickly and easily.
5 Measure your business performance per time.
6) And many more.
Monthly subscriptions are as follows:
1 – 5 user account =N=3,500/month
6 – 10 user account =N=5,000/month
11 user – above =N=10,000/month
The first 30days of usage is absolutely free of charge. At the end of the trial period, your account can be deactivated without any charges, if you are not satisfied with the use of the application.
Simply call us 07061296566, 08023341759 or send enquiries to email@example.com.
Subsequently, our team of business inspectors will be visiting your facility on request, to review your transactions and inventories.
A The business review team consists of trained Loss Prevention Practitioners. Their visit can be scheduled on a weekly, fortnightly, monthly, bi-monthly basis etc.
B The duration and scope of the exercise is also as stipulated by the terms and conditions.
C The cost of Business Review is =N=5,000 per hour. The report of the exercise should reach the client within 48 hours accompanied by an invoice.
call us now on 07061296566, 08023341759 or send enquiries to firstname.lastname@example.org.
In addition to Business Monitoring, we support our clients with the following services:
A Employee Background Checks: We verify claims by either potential or existing employees as a way of character and competence evaluation to enable clients determine their suitability for employment. We check the following information:
1 Residential Information.
2 Educational/Professional Information.
3 Past Employment Records.
4 Criminal Records.
B Risk Mitigation: We also conduct risk analysis on our clients’ businesses and support them to avoid major threats.
C Security Advisory: We offer professional advise to client on major security issues.
Losman Services will help you to drastically reduce operating cost, improve the quality of your service delivery and thereby significantly improve profits and growth.Call 07061296566, 08023341759 or visit www.morrisroyalsecurity/losman.com.ng NOW