Why never been easier to manage your business

It’s absolutely amazing how much has changed in the last 10 years. While the challenges of technology are many, just the smartphone alone has completely transformed how we do business and make money. This is great news for anyone who makes or wants to extend the business globally.

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It’s never been easier to make money because of the access to high quality information and to tools that make running a business a lot simpler. Back in the day you would have needed to hire an accountant and an office manager to send out payments. What would have taken many people to manage only 10 years ago, now you can do it alone and without having to wait.

You can literally run your entire business with the phone or tablet from your pocket. Smartphones have completely transformed the way we interact with our business and employees. And it’s only getting easier. We can easy track in real-time our revenues and expenses, our employees performance, our projects KPIs and eventually steer our entire business.

Today, because of access to information and globalization, the most important skill is agility. The only relevant support for agility is being receptive to smart solutions. Early adopters are disruptive and can make the difference. The leverage can grow exponentially and overnight new businesses arise. Some times this new business are so efficiently based on technology that grow globally very fast and literally wipe out from the market other businesses that are not so agile. The ones who are not so receptive to change and keep working by the old way will disappear not matter how big and strong they are. It is like Darwin theory that is saying that “It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change”.

Do you really understand that? Is your business prepared to face new ways of working and doing business? Are you an early adopter or you are still waiting to see what others are doing?

Using Wibiway can be your first step to agility. You can precisely organize your entire business and plan your upcoming projects and workload. Keeping track of your performance KPIs doesn’t have to be a headache. Wibiway can help you to manage your strategy and make smarter and more informed business decisions.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Why forecasting is so important for business efficiency

If you want to succeed in business, you definitively need to be able to predict the future. Before you start breaking out the tarot cards you need to know that there are software applications on the market that can support you make predictions and to consistently follow your ambitions for business growth and profitability. More of that, these tools are really easy to use and highly accessible.

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What Does Forecasting Mean?

You may have heard the term “forecast” when the wether predictions are presented and business forecasting is more or less the same thing. In the same way a meteorological agency uses data to determine future conditions, business forecasting utilizes historical data to make estimates about the direction of future trends.

Ideally, every decision taken, every budget allocated and every client chased is based on informed reasoning thanks to forecasting. Sure, it might not be correct all the time; history has shown us that yes, businesses have made some spectacularly bad decisions over the years. But forecasting gives companies the best chance of being right. And when you’re looking for a competitive edge, that could make all the difference.

Why Do Businesses Need to Forecast?

Forecasting is very important because the other option is just guesswork. Here are some specific reasons why forecasting is an absolute necessity:

  • It Can Help Anticipate Changes in the Market. Businesses are dependent on the impulses of the marketplace at large. Sometimes these catch us by total and utter surprise and other times they can be planned for. Forecasts can help you anticipate the movements of the market at large, putting you in a position to become active instead of reactive.
  • It Can Help You Decide Where to Put Your Money. It would be great if businesses and companies had endless supplies of cash. Then we’d all be happy, and there wouldn’t really be any need for this thing we call “business”. Unfortunately, that’s just not the case – one of the first rules of business dictates that there is never enough money and there’s never enough time.
  • It Helps You Plan For The Future. Chances are you don’t see your company or business as a hobby. Chances are you’ve put absolutely everything you’ve got into it. You see it as a long-term project. Well, forecasting helps you plan for both short and long term futures.

There are essentially three types of forecasting that can be utilized depending on the size of your business. The first is the qualitative approach, traditionally used when a business is new and historical data is not readily available. The second is the quantitative method, which is used when the product or service has been available for some time and recognizes patterns and trends that have historically been successful. The third method is called causal modeling. It’s the most sophisticated of the three tools, and it identifies causal relationships between data. Depending on the type of business you’re in, one of these approaches will help you plan for all types of future.

Using Wibiway you can precisely plan your upcoming projects and workload. Remember, forecasting is not just “a good idea”, it is an absolute necessity if you want to get the edge over your competitors.

Keeping track of your performance KPIs doesn’t have to be a headache. There are tools and solutions available that can help you to manage your performance and make smarter and more informed business decisions.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Ways to improve your performance management

When you are thinking to performance management, what is the first thing that comes to your mind? Do the managers and employees are motivated enough? Do they avoid completing performance related tasks? Do they took enough responsibilities or hide behind the procedures. Do they understand the company vision and direction?

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Smart companies are taking steps to address this negative view of performance management. They are implementing innovative solutions that ensure the process delivers real results and actually improves performance and the business’ bottom line.

Here you can find some hints that can be used to improve the performance management processes at your organization:

  • Set the performance KPIs. Using established goals as a basis, performance KPIs sets the stage for the year by communicating objectives, and setting an actionable plan to guide the employees to successfully achieve goals. Performance KPIs, as with all other steps, is a collaborative process between the manager and employees, although there will always be some elements that are non-negotiable. Begin with the job description and identify major job expectations employees can be tough to follow the principles and become efficient.
  • Define the process. Performance management, including goal setting, performance planning, performance monitoring, feedback and coaching, should be an ongoing real-time and continuous process, not a once or twice yearly event. Feedback that is delivered when it is most relevant enhances learning and provides the opportunity to make any adjustments needed to meet objectives. The attitude towards ongoing feedback is also crucial. If there is organizational support for building constructive feedback into the fabric of day-to-day interactions, then the environment will encourage development and drive goal-directed performance improvement.
  • Improve productivity by measuring KPIs. Real-time goal tracking allows for the opportunity to provide feedback as needed, make adjustments to performance plans, tackle obstacles and prepare contingencies for missed deadlines. Without a mechanism to regularly track progress against goals, the ongoing, cyclical nature of the process falls apart and productivity fade. Goal progress discussions, along with all performance feedback, should be delivered with respect and should be objective and supportive.
  • Fine tuning the performance review. The relevant data captured in real-time represents an asset to be further used for fine tuning the entire process. This will be the basis for further optimizations and to evaluate the productivity of a person, product, department, company or group of companies. Having these data at hand sets the ground for future competitive offers to clients and if necessary to shift the focus on more profitable business lines. This approach is also benefic for employees and mangers because creates competition and a strong appraisal and review process based on contribution and tangible results.
  • Encourage full participation and contribution to success. The performance management process must add value, otherwise problems with resistance and non-participation will surface. The process itself shall be as efficient and simple as possible. Automated reminders and scheduling tools can help keep the process on track. Another element that contributes to success is upper-level management support. This support needs to take not only the form of verbal support, but also through participation in the same performance management process. In addition, consider the current culture of your organization when it comes to performance appraisals and performance management. Is the atmosphere supportive of an effective process? Is there a culture of open, honest communication – or are employees fearful when they make a mistake? Employees must be able to honestly discuss performance and consider how to make improvements in order to move forward.

Keeping track of your performance management KPIs doesn’t have to be a headache. There are tools and solutions available that can help you to manage your performance and make smarter and more informed business decisions.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

How to stay on top of your cash flow?

For your business to be as healthy and prosperous as possible, you need to keep an eye on profit and cash flow. Although both are important, there are differences between them that are useful to know so you can make better-informed business decisions.

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Cash Flow is the money that’s flowing in and out of your business – hence the name. Having a positive cash flow means that more money is coming into the business than going out. It’s just as important as profit when it comes to determining your business’ performance.

You might have a high overall profit but if cash flow is low, then you may still face problems like overspending or ordering too much stock. Fast growing businesses tend to require more cash to buy stock, hire employees, etc. so it’s vital to keep an eye on cash and cash flow.

Profit is the amount of money left once total costs have been deducted from revenue. Obviously, the higher the number, the better. If the costs outweigh the overall revenue, then a business has operated at a loss and is in financial trouble.

Why Staying on Top of Your Cash Flow is So Important

  • Understand Where You’re Spending Money. Manage your cash flow effectively and you’ll gain a better understanding of where you’re currently spending your money, something that’s not on a profit and loss statement. It’s important to know exactly where the money you spend is going and why. It isn’t always easy to see expenditures in black and white, which is why it’s so important to manage your cash flow effectively. You might be able to identify areas of the business that you can cut costs.
  • Protect Business Relationships. If you’re having cash flow problems, then you may not have the funds available to pay your suppliers. This can harm the business relationship you have with them and damage your overall reputation. Set payment schedules to ensure you have the finances available to pay suppliers. It’s vital you do advanced planning so you don’t face multiple invoices or bills all at the same time without the funds to deal with them.
  • Expand at the Right Time. Growing and expanding your business is exciting. It means new markets, new staff members and more revenue. But, a word of caution. Expand at the wrong time or in the wrong way and you’re more likely to have issues in the long-term.  Growth requires a lot of cash. Purchasing stock, renting buildings, hiring employees and acquiring computers all takes place before the money starts coming in. If you don’t have the funds available to match your growth, then you’re going to run into problems. Manage your cash flow effectively and you’ll know when the time is right.
  • Make Better Plans and Decisions. With an accurate cash flow statement, you’ll know the exact amount of funds you have available at any given moment. This is vital because any plans and decisions you make must be supported by accurate information. If you don’t manage your cash flow carefully, then you could be making bad decisions that put your business at risk. You may feel as though your business is in a strong position but a cash flow statement could show that there isn’t much money coming into the business that particular month. This could be because you haven’t issued invoices to clients. Whatever the reason, with an updated cash flow statement, you’ll know not to make any significant purchases at that time.

Keeping track of your business’ cash flow doesn’t have to be a headache. There are tools and solutions available that can help you to manage all of your finances and make smarter and more informed business decisions.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Boost your business by delegating and empowering your middle management to take decisions

Middle management is the training grounds for executive leadership and it’s no secret that executive leadership has to delegate many tasks. Delegation is a skill as much as public speaking or learning new technology and therefore it is essential. Middle management is also the level where the new managers learn how to coach their subordinates. Delegation offers managers an opportunity to learn how to coach and model.

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However, many people, especially new managers, have a hard time letting other people handle work. The main objection they have is not knowing if the job is going to be done right. Often, the translation of that objection is, “I don’t know if the person is going to do it the way I would do it.” At the root of this fear is a lack of trust in your coworkers that you have to find a way to get past.

This dynamic can’t be the status quo in your company. You have to learn to delegate if you’re going to get everything done correctly and on time.

Delegation is a teachable skill. Here are a few tips to help teach managers with how to do it appropriately and effectively:

  • Delegating tasks to people means you have to trust them. Tell the person you are giving the task to that you trust them and their ability to do the job. Remember, most people will rise to the occasion.
  • Give the person very clear instructions about the project and what you expect from the project. So, what does ‘very clear’ mean? Ask yourself, do you understand your own instructions? Do you know what you want from the project?
  • Set mutually agreed upon goals and deadlines. Ensure there is a system of two-way communication so the person accepting the task can approach you with any delays or problems with the project.
  • Make sure you have given the correct and fair share of resources to the project. Go over the resources with the person so they know how to utilize them.
  • Use a dedicated apps that visually and transparently supports and track the KPIs

With delegation, a middle manager is forced to select the right person for a job by assessing their work output and ethic. Then they have to explain the project and get a grasp if the person understands it. Finally, they get the chance to coach the person through the task until completion.

By completing these tasks, middle management gets the opportunity not only to learn how to delegate but how to also coach. Setting your team up for success by providing adequate training and frontloading, which will ease your mind and help you to trust the delegation process.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Enforcing business strategy with project management

Nowadays all strategic change in an organization should happen through project and program management. Most of the time organizations leave that strategy to chance if they do not focus on benefits realization. Executives must take charge and ensure that benefits are identified, monitored, and sustained for each and every project in their portfolio.

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Research shows that only three-quarters of organizations identify expected benefits before the start of a project, and only half have any idea whether or not their projects are delivering those identified business benefits. This is unacceptable in today’s business environment. It wastes money and time, and distracts from an organization’s ability to be agile, flexible, and make quick decisions to maintain competitive advantage.

A key challenge is that many companies manage projects, programs, and portfolios based on traditional, measurable outputs—such as time, scope, and budget—without consistently tracking whether they help the company achieve its larger strategic goals and adjusting them appropriately. The result is a clear gap between strategy and project management.

Management teams today must take big-picture, strategic decisions that chart a company’s course amid great uncertainty. Companies frequently have many projects underway at any given time. These projects are more complex, interdependent, and based on less-reliable assumptions than in the past. As a result, companies need to be more disciplined and adaptable in how they implement and oversee these projects to ensure strategic objectives are met.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

What is business strategy?

Business strategy can be seen as the course of action or set of decisions which assist the managers in achieving specific business objectives. It is something like a master plan that the management of a company implements to secure a competitive position in the market, carry on its operations, please customers and achieve the desired ends of the business.

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In business, it is the long-range sketch of the desired image, direction and destination of the organization. It is a scheme of corporate intent and action, which is carefully planned and flexibly designed with the purpose of:

  • Achieving effectiveness
  • Perceiving and using opportunities
  • Mobilizing resources
  • Securing advantageous positions
  • Meeting challenges and threats
  • Directing efforts and behavior
  • Gaining command over the situation.

A business strategy is a set of competitive moves and actions that a business uses to attract customers, compete successfully, strengthening performance, and achieve organizational goals. It outlines how business should be carried out to reach the desired ends. Business strategy equips the top management with an integrated framework, to discover, analyze and exploit beneficial opportunities, to sense and meet potential threats, to make optimum use of resources and strengths, to counterbalance weakness.

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Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Why is a business strategy important?

A business strategy is about actions and decisions that a company takes to reach its business goals and be competitive in its industry. It defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation. A business strategy helps different departments work together, ensuring departmental decisions support the overall direction of the company.

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There are several reasons why a business strategy is important for organizations:

  • Proper planning: A business strategy helps you identify the key steps you will take to reach your business goals
  • Identify strengths and weaknesses: The process of creating a business strategy allows you to identify and evaluate your company’s strengths and weaknesses, creating a strategy that will capitalize on your strengths and overcome or eliminate your weaknesses
  • Drive efficiency: A business strategy allows you to effectively allocate resources for your business activities, which automatically makes you more efficient
  • Enhanced control: It gives you more control over the activities you’re performing to reach your organizational goals, as you understand the path you’re taking and can easily assess whether your activities are getting you close to your goals
  • Grant competitive advantage: By identifying a clear plan for how you will reach your goals, you can focus on capitalizing on your strengths, using them as a competitive advantage that makes your company unique

Some key components of a business strategy are:

  • Vision
  • Values
  • Tactics
  • Plans
  • Continue measurement

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

The power of management by indicators

Have you ever been caught off guard by a storm? Sometimes, when we look at the sky and see the sun shining brightly, we may not realize that the presence of some clouds already indicates that a change is coming. But what does this example have to do with management by indicators, anyway? The answer is: everything. When a company learns to actually analyze the data generated by its internal processes, the whole management becomes much more efficient. The risk of the business being taken by surprise decreases considerably.

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Management by indicators and result analysis

Management by indicators is nothing more than metrics-based decision-making. After all, it is a fact that every manager makes an assessment of the results of their team. However, this analysis does not always evaluate more sensitive data, which may be related to a bad result that the business is facing. This happens when attention is focused on the bigger results, the macro of the situation. For example: a drop in sales performance can be justified by a bad market moment – when, in fact, an analysis of the salespeople’s approach would end up indicating that the sales team does not know well the product they are selling, thus, they have argument issues with the customer.

Good management by indicators, in practice

In this context, relying only on spreadsheets and manual analyses can make the managers’ mission very difficult. Therefore, it is essential that the company uses management software to manage its processes, as this makes data management easier. Then, it is necessary to define which indicators will be analyzed. In other words, what questions will need to be answered by this analysis? With that in mind, the manager avoids wasting time on data that will not help them have a broad view of the company. Some are market data, others are sectoral, and some are individual. This understanding makes the company correctly set up its processes, so that they always generate the appropriate data. Employees, on the other hand, need to understand what actions are required to generate this information, such as issuing reports and metrics. In some cases, this will require some form of guidance by supervisors. In general, remember to be realistic in your analysis, contextualizing the metrics for the current moment of your company. A business that is starting its operations, for example, may have negative metrics, even if everything is going correctly.

The risks of ignoring management by indicators

The first risk is that the manager may not understand why a good or bad result has happened. This causes the company to lose efficiency, since it is difficult to correct errors without knowing their actual causes. This lack of information may also mean wasted capital, as resources are invested in processes without the business having data to confirm the strategy’s validity. In addition, for businesses that seek scalability, such as startups, constantly analyzing metrics helps management to correct operating errors, avoiding losses. And the good news is that, by using the technology currently available, this management by indicators can be done even faster, generating accurate reports and improving the quality of your managerial work.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com

Business strategy – some management mistakes and how to avoid them

A good process management allows the company’s activities to be more coherent and agile and ensures an efficient communication between management and teams avoiding losses resulting from miscommunication, bottlenecks and wrong perception. However, many errors, which can go unnoticed, affect the company overall results.

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Not carrying out proper planning

A well-structured planning in accordance with the organization’s goals and objectives will serve as a compass to guide your decisions. When this step-by-step planning is done inefficiently or is misaligned, the entire workflow and process management is affected. It is important that this planning is shared with the whole team and has a language that is easy to understand. That way, you avoid bottlenecks and misleading perception.

Underestimate process automation

This is one of the mistakes in management that most affect the entire organization. Automation is necessary to optimize processes, reduce costs and risks, integrate sectors and improve the entire operation of the business. The lack of investment in an efficient software affects your competitiveness and keeps the company from growing.

Lack of data for analysis

Good analysis requires up-to-date data and information. The smaller the amount of information for evaluation, the less efficient and adequate will be your ability to identify problems, carry out financial forecasts and measure results. The collection of the proper volume of information and data for analysis depends on two main factors: technology and internal communication. Automation allows you to access information in real time and is responsible for the integration of sectors. That way, your process management will be systemic and more efficient. Communication with all managers and teams is essential to optimize and streamline all of this work.

Preserve inefficient communication

Efficient internal communication is the basis for process alignment and management. Poor dialogues generate misalignment of strategies, lack of understanding, lack of standardization and increased rework, and may even affect the work environment. It is necessary to develop a good internal relationship and agile channels for communication between business lines, managers and teams. This collaboration will improve business results and productivity.

Not being aligned with corporate goals

All actions, plans, strategies and decisions shall be in accordance with the organization’s objectives. There is no point in wasting time on a project, however positive it may be look like, which does not bring real gains to the company. To keep the company on the right track is necessary to carry out data management. This will ensure that your strategies are aligned and adjusted, so that they comply with the objectives of the corporation.

To eliminate these errors and many others that affect your process management and the growth of the organization, it is necessary to focus on aligning objectives and investing in efficient technologies. That way, it will be possible to collect data and information that indicate the improvements that need to be made and the strategies that are behaving properly.

Start using Wibiway today

Get in touch with Wibiway team and we will be glad to support you. We are experts in tracking business strategy KPIs, profitability indicators and digital transformation. Our dedicated application will lead your way to track your business strategy KPIs and provide you the means to steer your business to success.

For details please visit: https://wibiway.com