As an owner of a 10-employee staffing company, my main interest has been in the domain of business planning and staffing management since the start of my entrepreneurial career. In fact, my post-graduation thesis mostly dealt with how planning progress and precision related to entrepreneurial success in recruitment companies. This helped me to discern between different software solutions that were available.
During that time, cloud computing and mass portfolio management solutions were gaining attention. While my classmates were caught up in their various dilemmas, I started searching for simple solutions to carry out business processes.
Planning and its Dimensions
A few models I would like to point out: according to the Delmar and Shane model of planning, it helps to make decisions with respect to balancing resources and demand and supply. Then there is the transformation of goals into operational steps and how expected results are formulated. Their underlying hypothesis is that planning precision positively influences entrepreneurial success.
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To add to this, there is also the model of external orientation that I really like. Proposed by Daft, it basically identifies all elements that exist outside the boundary of the organization and have the potential to affect all or part of the organization. I personally believe that these two models can provide a synergistic approach to planning.
Technology has assisted the planning process and the advancements are making us adapt to new solutions. As a case study, I really liked Project Oxygen at MIT, which started in 2007. Basically the project deals with computation, communication and perception.
As a business owner, such knowledge enhances how planning tasks can be executed using computational strategies. Furthermore, the data helps in the aspect of brand management.
Project Portfolio Management
PPM is one of the fundamental business practices and this is one place where I am totally dependent on virtual solutions now. As per personal experience, I found that when used authentically, the PPM software allowed me to construct projects and initiatives that align with the business model. So, at the end of the day, I am able to maximize time and efficiency–both at a personal and corporate level.
I also remember searching up TEK Systems, a company that specializes in IT staffing and recruiting. It was highlighted that the company used the Contract Logix contract management system. Subsequently, I started exploring how contract management would improve my business efficiency. What I found was that such solutions are ideal for small businesses because they automate most of the contract related workflow and reduce risk of document loss.
Management solutions and software that I dabbled in helped me to prioritize projects, complete budgets for all incoming and outgoing capital, track the progress of ongoing projects, appropriate allocation of resources and real time feedback.
On a personal note, I advise only pursuing those solutions which come with a feedback mechanism. A small business thrives on providing high values, and they can only be determined if a consistent feedback loop is being maintained in the supply chain as well as manufacturing steps.
The digital age has brought forth numerous tools that have made business performance better. The key element is to use such solutions and optimize them for our business needs.
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