Posts made in January 2019

The Value of Internal Communications, Part 1

The key to a company’s ability to maintain an edge over the competition may be its successful process improvement initiatives. Many company executives are so fixated on rapid growth and profits that they overlook the importance of evaluating the processes they are implementing. The failure to focus on process improvement can lead to operational bottlenecks, poor service, and a low rate of customer satisfaction.

Taking on a process improvement initiative with process improvement consulting from ProGuide Management Resources can produce a number of tangible and intangible benefits for companies. The tangible benefits are quantifiable as they include reduced operating costs, higher revenues, and improved compliance with industry standards. Intangible benefits are more about an organization’s image, for example, an improved brand image, higher levels of customer satisfaction, and time savings.

The first and foremost requirement in a successful process improvement initiative is the participation of all employees, from managers and front-line workers to supervisors and executive teams. Any company training programs and tools should be consistent and accurate across all departments. The following suggestions are meant to help an organization conduct a productive process improvement initiative.

Improve Company Culture
It’s more important to build a process improvement culture than a process improvement program. If company employees value process improvement, they are more likely to exhibit the appropriate behaviors. When employees experience the connection between their efforts to improve processes and the company’s mission, they are more apt to be supportive of all of the company’s organizational goals.

Request Employee Feedback
The front-line employees are the obvious embodiment of your company’s processes. These are the individuals who answer the phone or help clients in person in spaces like shops, banks, and hospitals. They have firsthand information regarding procedural strengths and weaknesses. Suggestions and feedback from front-line employees play a vital role in improving your processes.

The Different Types of Mergers & Acquisitions, Part 2

Mergers and Acquisitions in Fort Lauderdale |

Mergers and acquisitions occur every day in the business world, especially in the world of small and medium-sized businesses. Most businesses aim to grow or divest at the expense of another or with their mutual support. To further our blog on “The Different Types of Mergers & Acquisitions,” see all of the following kinds of mergers and acquisitions:

Product Extension Mergers
A product extension merger occurs between two businesses that deal in related products and operate in the same market. This kind of merger enables the merging companies to group their products and gain access to a larger set of consumers.

Vertical Mergers
A vertical merger is between two companies that produce different goods or services for one specific finished product. The two firms operating at different levels in an industry’s supply chain merge their operations. The goal is that the firms will be more efficient operating as one.

When one company takes control of another, it is considered an acquisition. The company that takes over purchases the assets or a majority of shares from the company being overtaken. The specific kinds of acquisitions include the following:

  • Value creating – When one company acquires another, improves its performance, and then sells it again for a profit.
  • Consolidating – Consolidating occurs when one company acquires another to remove its competition.
  • Accelerating – Accelerating is when a larger company acquires a smaller one and uses its resources to accelerate market access for the smaller company’s products.
  • Resource Acquiring – When a company acquires another to increase its resources, skills, intellectual property, technologies, or market positioning.
  • Speculating – A larger company acquires a smaller company with a new product, to cash in on its future growth potential.

Contact ProGuide for information on mergers and acquisitions in Fort Lauderdale. We are here to help you reach your goals safely and securely.