Business profitability – Plan for it and keep it!

Business Owners are are always under pressure to do more, with less, and this is one of the major pain points when delivering projects. If they are new in the business they need to on-board fast and learn everything they need quickly.

The successful delivery is the lifeblood of service-based businesses, but unfortunately, there’s no guarantee of profitability even with projects that meet the client’s expectations and are delivered on time. The trouble is that there are just so many different key factors in business profitability, many of which can be planned for, but some of which come completely out of the blue.

So, let’s take a look at the four key factors in business profitability.

  • Create accurate project estimates. Undoubtedly the single biggest cause of delivering unprofitable projects is failing to estimate them properly in the first place. The first step to costing new projects is estimating the time it will take to complete the work and, more often than not, this is based on someone’s best guess. To deliver a profitable project, you need to be able to accurately forecast the amount of work required to complete the project.
  • Design your process for approving and billing extra services. Scope creep is another leading factor in business profitability. Extra work that is added to the projects can really sink a budget, but going back to the client to ask for more payment after the work has been completed is difficult to justify. Instead, you need to clearly define the process by which additional work will be approved and billed from the outset. It’s essential everyone in the project team understands how requests for additional work should be tracked to ensure any work outside of the original scope does not impact on profitability.
  • Understand your costs. To deliver profitable professional services you must have a firm grasp of your costs of doing business. It’s far too easy to underestimate the costs associated with delivering a project, and this is a common cause of a lack of profitability. Make sure you factor in all your overheads, from the cost of travel and accommodation, to supplies, telephone calls and everything in-between. Once you have an accurate idea of your costs of doing business, you can then start to put together a profitable quote.
  • Be prepared to say No! In business, as in life, it’s essential you have the ability to say no. All too often, particularly when working with big clients, smaller consultancies can be made to jump through hoops to keep them happy. All customers and clients want something for less, but everything in this world has a price, and you cannot constantly add to your initial offering without taking a hit to your profitability. It’s essential you can say no to the customer when necessary, stand firm in your belief of the essential tasks (you are the expert after all) and stick to the prices quoted and your estimates of the work involved.

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

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

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

You can test it for free at: https://register.wibiway.com

How do you track productivity? Find here some tips and tricks.

We all know that productivity is important. Use this tips and tricks to enhance your employees productivity and boost the profitability of your organization:

  • Implement Project Management. There is no secret that implementing project management methodologies will enhance the productivity and the morale of your team. Being well organized the employees will work more efficient and the quality of the deliverable will enhance. There are a lot of easy to use and affordable applications on the market. Having an overview of who is doing what is a good thing for everyone. Managing expectations will keep everyone focused and aware of deadlines.
  • Set Expectations. Set clear goals for everyone. Both teams and individuals need to know the KPIs in order to be focused all the time. In order for them to be productive, they have to know what they’re working towards. Goals shall be specific, measurable and reachable. Goals should also be centered around more than just one type of performance KPI: Day-to-day tasks, Business growth and development, Profitability, Innovation.
  • Real time tracking. Daily checks might feel like you’re trying to micro-manage. But actually, that’s not the truth. Daily checks show employees you care about performance and want to stay in-the-know when it comes to productivity. More of that this is not done directly by you but by an application. Everyone can quantify the progress without any supervision. This is a great way to increase the morale and support the team when needed.
  • Performance orientation. When it comes to employee productivity tracking, this one may seem obvious. But the reality is a lot of companies don’t consider performance as a way to measure success. It’s easy to focus on ‘time spent’ on projects instead. Once you’ve set clear expectations for a team and each individual, be sure to track how well they’re performing their duties. Not how many hours are being put it — but how well goals are being met.
  • Focus on Results — Not Hours Worked. Employees are bound to ‘kill time’ if they feel like they have no other goal than to put in X amount of hours each day. Productivity will increase when the team is results oriented versus time put-in oriented. This is because there’s an incentive to complete tasks and achievements. Rather than twiddling their thumbs to fill time on the clock, your employees will feel motivated to get their work done.
  • Be Transparent by Communicating. Communication is the key to productivity because everyone needs to work together as a team to meet the organization’s goals. Employees shall know: Goals and objectives, How performance is being tracked, What expectations are for performance. This keeps your employees assured and confident of how to meet expectations and how their performance is being measured.
  • Reward Quality Not Quantity. It’s important to find a system for measuring quality when it comes to your employee’s work. Profitability KPIs can be a good indicator of the good work. Maybe your employee had to take a bit longer than usual to deliver at this level but the value received in return is priceless. Be sure to measure and reward quality performance.
  • Measure Goals. Both Short-Term and Long-Term Goals shall be properly tracked and measured. This will keep employees motivated by seeing small accomplishments along the way. It also paints a striking picture. It highlights the impact the little tasks are having at pushing towards the big goal.
  • Be transparent with Business Performance. Track High-Level Business Performance. Are your profit margins reflecting your team’s productivity? The bottom line matters. Period. Set efficiency aside for a minute. Make sure the metrics you use to measure performance can be directly related to your profit margins. Then you can have a system for employee productivity tracking that paints a true picture of the company’s performance.

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

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

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

You can test it for free at: https://register.wibiway.com

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.

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.

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

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

You can test it for free at: https://register.wibiway.com

Why time-sheet is important?

Every entrepreneur wants to make sure that all his employees are working effective and their productivity enhances day by day the business well-being and profit. As the company grows, it can be more difficult to keep track of what everyone is up to, and where people are spending their time. A good manager has to make sure that his people are working efficient and the efforts are made in a coordinated way to a clear measurable objective.

The simplest ting that have to be done is the implementation of a time sheet system. Seems simple, but in fact is a sensitive topic and have to be treated with high professionalism. People are usually discomforted by such activities as fill in the time sheets. To do this activity as smooth and pleasant as possible this shall be implemented as an opportunity for the employees to track their good results and eventually to receive rewards based on clear measurable achievements. More of that such tool no not have to be source of discomfort but contrary, shall provide other important information to the employee like vacation days, remote work, track of the overtime worked hours and other such information that could be relevant and useful for every employee in day bay day activities.

For companies, such system provides a simple solution to problems that can affect growth and can help to minimize waste and improve employee productivity and satisfaction. Used by companies large and small, and favored by agencies, remote teams and growing startups, employee time-sheets are a quick and easy way to make a meaningful change to the way your business runs. They can take the form of paper printouts that individual employees keep at their desks and hand in at the end of each week, an online shared document that everyone fills out each day or a powerful and automated online time-sheet software that runs in the background and monitors what your employees are working on.

Employee time-sheets can help to quantify time lost or roadblocks and help managers and executives take better leadership decisions that can reduce time waste and help encourage employees to work productively. Being able to see what everyone is working on and how long they spend working throughout the day, not only informs better decisions, but can also make you a more empathetic leader, as you understand intimately how hard your employees are working and the sacrifices they are making to help you grow your business. Showing empathy at work can inspire your employees to commit to their jobs more readily, make greater sacrifices, and can make your team better respect you as a leader — all things that can greatly boost your business’ chance of success.

Keeping track of your employees time-sheets doesn’t have to be a headache. There are tools and solutions available that can help you to manage your teams performance and take smarter and more informed business decisions.

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

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

You can test it for free at: https://register.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.

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.

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

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

You can test it for free at: https://register.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?

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.

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

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

You can test it for free at: https://register.wibiway.com

Real-time Cash Flow and Profit & Loss is a must have

During the economic crisis caused by the COVID19, companies felt the full benefit of instant access to real-time data. Finance professionals will take many lasting lessons from the tumult of 2020, and the absolute necessity of having instant access to their real-time cash flow and profit & loss.

Businesses had to react accordingly, and those who had immediate visibility over their current and projected cash and liquidity positions were better placed to do so. It is during these charged situations that the true value of a cash flow dashboard becomes abundantly clear.

Cash and liquidity dashboards display live data, generated by cash reporting and forecasting systems and processes, that is most important to businesses and their stakeholders. What’s more, they focus all eyes on a single version of the truth that can be easily understood and digested. With the touch of a button, dashboards can also be rolled into reports and delivered to senior management, who have the option to take a headline view or drill down to the most granular level of detail.

A cash flow dashboard, however, is only worthwhile when fulfilling a specific purpose. Companies must first identify what KPIs best reflect their financial performance, and are therefore worthy of a spot on the dashboard. The importance of profitability indicators lies in the fact that they are the most reliable when measuring the behavior of a company. Because they are based on quantitative data, an investor is much more confident in his decisions. After all, an entrepreneur may be charismatic, but it is the return on investment that will prove management competence.

The basic KPIs to measure profitability are: Gross Profit, EBITDA and Net Profit. Having real time information on Profit and Loss and Cash Flow is the first basic step to ensure a proper steering of a company.

Keeping track of your profitability KPIs 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.

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

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

You can test it for free at: https://register.wibiway.com

Do you know how to regain full control over your projects?

First you need to know that nowadays there are better ways for implementing great projects and lead amazing teams. All you have to do is to find a suitable software application to implement. The days when these apps were expensive and difficult to implement are long gone.

Today these Business Management apps are highly affordable, easy to use and more of that, you do not have to bother with infrastructure because all is in cloud. This means you do not have to pay for servers and maintenance and IT guys to ensure 24/7 support. All you have to do is just having an internet connect and that’s it. All is there, plain and simple, and you pay only what you need. Usually the subscription is per user or per instance. We think that the most optimized price is per user because the entire set-up behind is developed to offer the best price for the service you get and offers you the price flexibility.

After you decide what the best app is for you, you have to enroll your entire organization in this app. You have to create the organization inside the app, set up teams and roles and make sure that you onboard everyone. That will ensure you do not miss any cost you have with manpower.

The next step is to create projects. For some organizations it is easy because they are already working on projects so it will come natural but for others it is difficult because the business is repetitive and there are no actually projects. Good news is that even these organizations can benefit on such apps because they can consider their support and productive departments or product lines as projects so they can track relevant profitability KPIs during time.

After you create the projects you have to make sure that your middle management empower this approach and they are using correctly and thoroughly the new system. If all the data is inserted in the application (manpower and invoices) you have the chance to actually analyze projects KPIs and in the end the entire business line or company. The process to onboard all the activities in the app is not easy but in the end the effort worth because you have an objective image on your performance. More of that it helps you take the right decisions at the right time not on feeling but on facts.

After you gone so far, the things get easier because all you have to do now is to fine tune your system. Over time optimizations can be done like integration with invoice systems or CRM systems but first make sure that you put in place the right system to match revenues with expenses and keep expenses under control to be able to obtain the maximum profit.

Keeping track of your projects and costs 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.

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

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

You can test it for free at: https://register.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.

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.

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

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

You can test it for free at: https://register.wibiway.com

Why Is Project Management Important for Your Business?

According to a survey by the Project Management Institute (PMI), more than a half of companies realize the actual importance of project management and how it allows them to effectively manage the issues they are facing. The same survey state that only 23% of the companies actually use standardized project management practices.

Without any doubt the project management can stimulate the productivity, improve clarity and transparency and brings a lot of advantages to the organizations:

  • Better resource allocation. The most important resource any project managers have at their disposal is the team members. Project teams consist of people of different backgrounds and departments and they might have other commitments. Through proper project planning, you can ensure that they are available when needed. The other resources can be arranged effectively to avoid project delays during the execution. Through properly allocation for each resource from the very beginning, you can also monitor the phases that are more demanding and prepare accordingly.
  • Increased productivity. The field of project management is actually at the basis of productivity concept in a business or organization. Through proper utilization of resources and having an efficient system in place, a team can easily get more work done in a shorter amount of time and increase productivity.
  • Flexibility. Being more productive and efficient by using project management techniques your organization would be able to gain more capital which it can use to expand the business and hire new talent.
  • Higher risk tolerance. Proper planning means that you are ready for potential “what if” scenarios that may occur. This means that you are somewhat prepared to tackle any unforeseen occurrences that may negatively impact your project or your business. This can lead to bigger profits for your organization.
  • Retain talents. With continuous success and effective performance, your team gains more confidence. Effective project managers inspire their team by incentivizing and regularly rewarding top performers to keep everyone motivated.
  • Better client satisfaction. Retaining clients is considered more important than acquiring new ones and a guaranteed way of doing it is by offering unparalleled services. An effective set of operations that focuses on quality and efficiency, would naturally leave the clients feeling satisfied. This means that they would return with more business in the future. A satisfied client would also refer your organization to other potential customers, which means free marketing for you. This can be an extremely effective marketing strategy for businesses.

Project management today is different from what it was even 5 years ago. With the introduction of different cloud-based project management tools, project teams are no longer bound by geographical location or departmental regulations. Project management tools centralize all data and allow users to track progress, assign tasks, and give feedback easily.

Try Wibiway for free

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

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

You can test it for free at: https://register.wibiway.com