How can processes help to achieve milestones

PayMate
PayMate
Aug 21 · 2 min read

By Mahesh Sharma, VP — Information Systems & Security at PayMate (@Msharma_21)

Plan

Learn

Build

All businesses across the globe follow this mantra regularly and rigorously in order to stay in the race and move forward. However, there are other certain factors such as pace at which businesses grow, capabilities of the employees, leadership qualities, among others, that play a key role in ensuring the mantra being followed well. And the best way to ensure the above mantra is followed thoroughly is by implementation of processes that give a clear direction to all employees and stakeholders involved.

Processes involve enactment of a ‘Strategic plan’ and an ‘Operational plan’. While the former is created and implemented by senior management which includes vision, strategic overview, targets, etc. on an annual basis; the latter is taken responsibility by team managers on a daily and/or monthly basis which includes a detailed outline of projects and tasks to be undertaken, aimed at achieving targets chalked out in strategic plans.

Vital aspects such as business’s high-level goals, objectives and key projects to be undertaken in a strategic plan which in turn help to achieve financial targets. This plan is of significant importance for the management and involved stakeholders as it gives a clear path for all employees to walk on with set priorities. Various aspects such as past performance, requirements, etc. are taken into consideration while drafting a strategic plan.

Comparatively, an operational plan is a detailed plan created for better daily performance designed to achieve targets and projects set by strategic plans. All teams of an organization are expected to follow this which is specific in its nature. An operational plan provides answers to WHAT, WHO, HOW and WHEN of tasks undertaken.

Timely implementation and effective execution of both plans can help businesses of all sizes to perform with better qualitative and quantitative results. These processes also help in identifying and resolving issues on priority thereby making operations smoother. Here are the ways steps in which processes can be implemented in any size of business:

  • Define Mission, Vision and Goals
  • Plan and Map Strategic Plan in line with mission, vision and goals already defined
  • Set Actions for employees and stakeholders in line with strategic plan
  • Implement and test the plans
  • Monitor the Results
  • Identify mistakes and make amendments to the plans
  • Implement refined plans

There are several benefits that will be witnessed on a successful implementation of processes, such as limited risks, elimination of redundancies, optimal utilization of costs and resources, and improved team work resulting in higher productivity. So start planning a stringent process today…

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PayMate

PayMate is a FINTECH company offering working capital and payment automation solutions in the supply chain ecosystem.

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