Having a consistent cash flow helps you run any business effectively. However, at times entrepreneurs face the grave problem of having cash flow issues and this affects the prospects of their business negatively. It is here that they should resort to effective measures whereby they can work on the cash flow and improve it too.
Anju Vallabhaneni- an expert speaks
Anju Vallabhaneni is the CEO of United Software Group Inc. for over 10 years. His company has an impressive portfolio of clients and enjoys lucrative revenues from all its operations every year. He says that when it comes to corporate management and administration, cash flow plays a vital role. Many small business owners have been doing well as they have managed to look after cash flow effectively in the organization.
Do not waste money on redundant processes
He says that there are several business houses that only waste cash on processes that are redundant. It is here that they should take note and examine the business procedures and processes that do not fetch them very high revenue. In the field of technology, he adds innovation is the need of the day. The business practices and processes require to be looked into extensively.
How innovation management can reduce unnecessary costs and improve cash flow?
Today the business world is changing and you cannot hold on to a single standard process for a long time. It is here that you should ensure that you have an innovation management platform where the employees of the process can come together and provide you with valuable insights when it comes to increasing the cash flow of the organization. Many organizations do not bank on innovation management citing that it is an expensive process. This is a misconception that needs to be dropped in today’s competitive arena.
He says that with innovation you can collect creative idea in improving business processes to invoke more revenue and profits for the organization. He says that creative ideas are based on knowledge and present-day experience. Take for example, a business owner of any company. He might have the skills and the qualifications to lead the company. However, he cannot be everywhere at once. He delegates authority and responsibility to his managers who supervise the staff. This staff generally cannot access the owners of their businesses easily. There are procedures to be followed and often the business owner might be hard pressed for time with professional commitments. The staff are directly involved in a process and they know the pros and cons of it. If a business owner introduces innovation management in the organization, these employees are able to give him their opinions, feedback and suggestions so that processes are improved and desired changes are made to invoke more profits.
Anju Vallabhaneni says innovation management ideas can really help a company to improve cash flow. Moreover, employees at all levels feel appreciated in the organization and this leads to better loyalty, motivation and productivity triggering more profitable returns for the company!