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PROFIT BOOSTING TIPS: HOW TO TURN YOUR BUSINESS ASSETS INTO HIGH NET REALIZABLE VALUE

When it comes to achieving success in business, effective management of your assets is crucial. By managing your business assets you can enhance their realizable value (NRV) and improve your overall financial standing.

NRV refers to the estimated amount that a company can expect to receive from an asset after deducting all the associated indirect costs involved in its sale. It represents a measure of asset value compared to market value or book value as it takes into consideration the expenses related to selling the asset.

Enhancing the NRV of your business assets can result in advantages, which include:

1. Increased profitability: Assets with NRV contribute to net income for your business.
2. Liquidity: Assets with NRV are easier to sell or convert into cash providing your business with increased financial flexibility.
3. Strengthened financial position: Possessing a balance sheet with NRV assets makes your business more appealing to investors and lenders.

This blog post will offer tips on how you can elevate the realizable value of your business assets for enhanced profitability.

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5 REASONS WHY SMOOTH OPERATIONS ARE CRITICAL FOR YOUR BUSINESS

Procedures often sound too strait-jacket and restrictive, but there are good reasons to have them. The bustling business world thrives on many processes and procedures to run smoothly. Due to intense market competition, you can’t afford to live by chance and expect everything to fall into place. That might have contributed to 31% of businesses fully automating one internal process. This discussion delves into why procedures are critical for business efficiency.

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4 EMPLOYEE MANAGEMENT TIPS FOR SMALL BUSINESSES

Research states that only 20% of employees worldwide are engaged with their work. And this is mostly caused by poor employee management. Your employees are central to your small business operations; managing them correctly can ensure business success. Admittedly, small businesses often operate with limited staff, making it even more important to maximise each worker’s potential. The following employee management tips will help you get the most out of your workers. 

1. Conduct Regular Employee Training

The business scene has become dynamic, with skill sets and tech solutions changing constantly. And as a business owner, you want to ensure your workers are not left behind. If you want your business to keep up with the rapid changes, ensure that you renew their knowledge and expand their skills often. And the only way you can do this is by investing in regular employee training, so keep this in mind. Consider creating a training program to update your team’s skills to fill any knowledge gap. And you should ensure that these abilities align with the changes in your industry.

2. Use Organisational Behaviour Management

This employee management style focuses mainly on the behaviour of the workforce. It assesses and changes the work environment to improve employee performance and workplace culture. Four main elements of organisational behaviour exist – people, structure, technology, and the external environment. By understanding how these elements interact, you can make the right improvements. The main goal is to develop a workforce to improve the company’s effectiveness. Most managers use this technique to reassert positive work behaviour against bad work ethics. It also stresses the importance of training programs while fostering open and honest communication among all team members.

3. Don’t Micromanage

You mustn’t always hover over your employees, as this may be counterproductive. You should allow your workers to take the initiative and develop their own solutions or ideas on how best to handle certain tasks. Of course, you’re supposed to provide general rules and guidelines to follow, but give them some leeway. Doing this will encourage innovation and creativity while improving employee engagement. It can also increase work productivity and boost business growth. Be sure to hold periodic meetings to discuss company objectives with your workers and allow them to share their opinions on how to help the company succeed. 

4. Blend Physical Labour with the Right Tech Solution

Complementing physical labour with tech solutions is crucial in employee management as it enhances efficiency, productivity, and accuracy. With the right technology, you can automate repetitive tasks and free up your employees’ time to focus on other value-added activities. Tech solutions will streamline work processes, minimise errors, and allow real-time data tracking and analysis. That will enable you and your workers to make informed, data-backed decisions. You can also leverage technology to create seamless communication, optimise your workforce, improve operational efficiency, and drive automation. For example, if you own a fleet of vehicles, you can use driver management software to keep a fleet driver up to speed. 

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