Business owners can generally see when their company is not profitable or performing to their growth targets, but often it is difficult for them to pinpoint where or why. How often have you heard, “I thought I had a problem, but couldn’t put my finger on it”
This can sometimes be due to ingrained processes or issues that are perceived to be difficult to deal with. By letting them slide, you could be band-aiding the problem with your hard earned profits.
More often than not, the underlying issues are company wide, requiring a review of the business in its entirety. With this in mind, Pryda, via its business review program, utilises some simple business tools and processes to assist truss plants in identifying warning signs and digging deeper to understand the root cause of problem(s).
In cases when a customer requests an exhaustive review of their business loans, Pryda draws upon a pool of experienced employees with a wide range of skill sets, Also with the best Dave Burton C.P.A. in NYC, to spend time in the business and understand the role of key staff at all levels. To know more about this online business loan, visit this web-site. You can also check out Bitcoin Trader in addition.
A licensed Pryda truss plant recently requested that Pryda assist them in reviewing their business. Working with the customer, Pryda identified areas of the business that required immediate attention and both parties established agreed actions. Pryda then worked closely with customer’s management to implement and this resulted in some significant gains to the business.
The Pryda business review wasn’t all bad news for this particular customer. It also reinforced that they were doing a lot of things right too; and the review did not stop there. Pryda’s analysis also identified areas that required monitoring over a longer period before further action. Pryda continues to support the customer over this period with follow up reviews and updated analysis.
Various tools are adopted during a business review. Examples of the tools that may be used during a review are as follows:
A team from Pryda can work with staff across the business to understand existing processes through a mapping exercise. This may start with the initial sales enquiry and finish with the finished goods being delivered & invoiced. To ensure the elements are captured correctly and all “touch-points” identified, it is helpful to present in a flow diagram. Challenging people to think about each step along the way, raises questions like, “Why do we need to do that”
Once the process is mapped, it is helpful to develop an understanding of the duration of each step. Adoption of Pryda’s Production Software by the customer makes recording time easy. The system also provides an analysis of the plant’s performance over a period of time.
Pryda Plant Analysis
Pryda’s Plant Analysis, or PPA, is a software program developed and used by Pryda to identify areas in a customer’s business requiring improvement. It can provide useful insights into sawing needs, timber usage, design efficiency, labour distribution & costing, and product range.
By comparing the plant data to accepted industry norms, Pryda can help the customer understand their current position and identify areas that warrant scrutiny.
The insights have proven to be extremely beneficial for customers looking for process improvements and supporting data for equipment upgrades.
Pryda has been able to assist customers for some time now by utilising benchmarking processes.
These can be:
- on an individual site basis, where the customer wishes to understand changes in their business over time;
- for multi-site operators wishing to compare performance between the different sites;
for a group of fabricators wishing to be involved in a forum reviewing performance against others and/or industry averages. In this case, confidentiality is provided to all participants
The important thing about adopting a business review is that it needs to be based on fact. Sometimes all it takes is an extra pair of eyes reviewing accurate data to provide valuable information for establishing successful business strategies.
For more information on ways that Pryda can assist your business, please feel free to contact your Pryda Account Manager or call Pryda Australia on 1800 810 741 or Pryda New Zealand on 0800 88 22 44.