Over the last year or so, running a profitable business has been difficult for many sectors, some more than others. The importance of maintaining financial control and a positive cash flow has perhaps never been more vital to business survival. It goes without saying that to boost the health and performance of your business, you have to keep a close eye on profit, which means clear visibility of the money going in and out of the business. Yet more traditional monthly reporting and manual budgeting over longer periods of time can be damaging for your business because it won’t identify overspend at the point it happens (only later down the line – by which time it is too late to resolve).Read More...
Since the pandemic took hold, many businesses have struggled to reopen as staff shortages continue to fall. It’s not just kitchen staff either, shortages are across the board from finance and IT to management.
As we look towards what has traditionally been one of the busiest periods of the year for businesses, many fear that lack of staff and issues across the wider supply chain will severely impact the festive season, with many businesses having to close. External supply chain fragility itself is also having a knock-on effect on internal resources, placing additional pressure points around existing resource, which has little, if no, extra bandwidth to play with.
For example, business are finding themselves in the difficult position of having to accept multiple site deliveries from numerous suppliers because individual merchants are unable to source every item required. Although this has initially been an external issue for many business, it does have a huge impact on managers and teams internally. Managing such a fragmented supply chain is a haphazard distraction for already pressurised businesses who are firefighting to survive, because they are taken away from their usual roles and duties. This is not helped by the fact that there are not enough members of staff to reduce the burden.
eProcurement platforms are being used by many businesses to reduce that time and resource pressure that businesses currently face. Although nothing is an overnight fix, with less staff on the ground, businesses need to make the best use of technology to alleviate some of those processes that can simply add to the already long list of issues. Whether that is reducing the manpower needed to keep on top of inventory and purchasing via automation, or making sure you stick to budgets and don’t overspend, streamlining these processes will remove the reliance on human intervention where possible and hopefully ease some of the time pressures faced.
October 12th, 2021