Business Processes
Business processes are the methods which are used to implement any sound business plan or idea. Efficient business processes can ensure smooth operations and revenues, while lacking and inefficient processes can make even the best laid plans be wasted. Hence it is always important to periodically review and keep the business processing running up to the mark.
Although business processes are usually developed by the corporation internally, a business attorney, preferably an attorney with Masters in Business Administration (MBA) is a good source to review your processes, maximize efficiencies, and provide competent risk management. Indeed, a business process can be efficient and well liked by the company, however, it may violate or potentially violate a law rule or regulation which can have significant affects on the company.
Minimizing liability through structured processes
Many a times if business processes are not synchronized and properly collaborated with other processes, you will find improper business functionality, and unnecessary risks and costs being faced. These excess risks and cost not only burden the business but also hinder the operational efficiency of the company. Therefore it becomes all the more important to structure the business process in a structured manner which would not only minimize any risks and costs, but also bring in a synergy and increase operational efficiency. Thus a structured process can help prevent liabilities from arising, ensuring smooth flow of business.
Documenting
This is a crucial part of implementing a structured business process which gives utmost efficiency. When stakeholders or the board of directors of the business agrees the workings and methodologies used in the business process it is documented. Some of the benefits of documentation are given as follows:
- The taking in of inputs from everyone who is part of the process, helps make the process feel more dear to the individual thus encouraging them to give it their best.
- The documentation makes it possible for the employees to refer to a guide in case of special cases or anomalies and also gives a proper understanding of how the process works.
- In case of any glitches in the process, an experienced employee will be able to tell what mistake or deficiency has occurred with help of the documentation.
- Inter – linkages between processes can also be documented, which allows for better analysis and cross – referencing.
- It may also be used to review whether changes can be made to make the process more efficient.
Risk Management
Business processes are prone to a number of errors and risks which might further create more risks for the business. A delay in completion of a minor part of the process can lead to major consequences. This calls for thorough management, but there would still be certain instance where a risk might arise. For meeting such situations it is important to effectively manage and mitigate the observable and removable risks from the processes for better results and higher value addition.
With documentation of the business process, specific error prone locations can be easily identified and backed up with failsafe measures. For risks which are inherent in the process, there arises a need for effective management to ensure these risks do not disrupt the flow of business process or the business itself.
Ensuring an effective Business Process
Smooth business processes are vital to the profitability and reputation of the business and therefore require periodic checks and maintenance. Another important aspect to keep in mind is the importance of getting acknowledgments from employees or others interacting with business. This would help the employees and others who are a part of the business better adapt to it and will also provide valuable insights to make the process more effective.
Third party business consultants and business attorneys with an MBA are the best resources a company can utilize in order to finalize their business processes.
