Small Business – Process Street

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53 Essential Business Metrics You Need to Be Tracking in 2018

business metrics

It’s impossible to run a successful business without taking the time to track your core business metrics.

If you don’t, then good luck knowing:

  • How much pure profit you’re earning
  • Where costs can be cut
  • Whether you’re selling enough
  • How much debt you have
  • Whether you’ll be bankrupt next quarter

Having said that, where do you start? There are so many metrics you could be tracking that it’s easy to get stuck tracking and recording everything rather than analyzing and acting on your data.

That’s why I’ve collected 53 core business metrics right here to get you started. Stop wasting time wondering what to track or flicking between 20 different posts going over five stats each – every metric here comes with a brief description and formula or method for easily tracking it.

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What is a Business Process Consultant? (And How To Find a Good One)

business process consultant

What do you do if you don’t have the time or know-how to document and improve your processes?

You hire a business process consultant of course!

While we’ve talked endlessly in the past about why processes are important and how to manage your own, hiring a business process consultant lets you reap all the benefits without having to spend an age assessing your organization and talking to every last employee involved.

So, if you want to organize your processes and bring efficiency to your business but don’t have time to do it yourself, read on!

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17 BPM Statistics to Help You Increase Efficiency in Your Business

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Business process management (BPM for short) gets a bad wrap. Some consider it industry jargon, others an ineffective management “hack”, and almost all see it as boring.

However, there is no better way to increase efficiency and consistency in your business than by managing your processes effectively. To prove it, this post will dive into 17 BPM statistics to show:

  • The growing trend of using BPM software
  • How common (and important) documented processes are
  • The importance and benefits of processes
  • The dangers of not managing processes
  • Why everyone in your company needs to be involved with your processes

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Inside the Recruitment Processes of 3 Tech Giants (and How to Improve Yours!)

recruitment process google facebook spacex headerOne of the key strengths of top companies is the employees inside them.

Who they hire and how they hire them helps determine employee attainment, employee satisfaction, employee accountability, and employee turnover.

Small changes to recruiting processes can have a surprisingly large impact on the day to day life of a company. According to the Glassdoor Economic Research (2015) report, a 10% harder interview process is associated with a 2.6% higher employee satisfaction later on.

Loads of our clients use Process Street for managing their recruitment processes and we know all too well how important it is to get that process right.

That’s why we’re going to explore how 3 top tech giants manage their recruitment and see what gold standard techniques we can pass on to you. We’ll explore:

  • The three stage process Google use to make new hires
  • How Facebook hire Builders not just regular folk
  • What SpaceX do to hire the best of the best

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12 HR Management Tips to Run an Effective Business (and Prevent Total Chaos)

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Effective human resources management prevents company-wide anarchy.

From solving internal disputes, to presenting a united front to customers, to just plain abiding by the law, HR is a vital discipline which is all too often generalized and pushed out of mind.

That’s why today I’ll be going through 12 HR management tips to help you keep your employees engaged and your company running smoothly. From the utter basics such as being open to hearing feedback on techniques like using social media to grow your network, keep reading to learn everything you need to know to avoid being another Michael Scott.

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Xero vs QuickBooks vs FreshBooks: The Best Accounting Software (with Monty Python)

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Accounting is a time-consuming, complex, frustrating, and criminally boring part of running a business.

It’s precisely this kind of tedium which inspired Monty Python to riff on the profession several times, with accountants getting so frustrated that they do everything from becoming pirates (sailing the wide accountancy in a moving building) to try to switch to lion taming.

xero vs quickbooks vs freshbooks best accounting software - python gif

However, accounting and bookkeeping is also a vital part of running a business if you want to abide by the law and track your finances. No matter how tedious it might seem it’s vital to know what money is coming in, where it’s being spent, and whether you’re earning a net profit come the end of the financial year.
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The Best Payment Platforms: Stripe vs Paypal vs Square vs Braintree

stripe_vs_paypal_vs_square_vs_braintree best payment platformIn the first quarter of 2017, the AppStore and Playstore saw record revenues yet again with a whopping total of $15 billion worldwide, representing a year over year growth of 45%.

Add in other online sales and the amount of money being spent is astronomical.

But how do we process all these sales? And what means of processing is best for your company?

We’ve pondered the question at Process Street and decided to write up our findings. In this article, we’ll compare Stripe, Paypal, Square, and Braintree to see what each do and how they do it. We’ll analyze those findings and suggest which might be better for different kinds of businesses.

The key areas we’ll compare are:

  • Features – what do they offer and what can’t they do?
  • Pricing – where can we find those small gains which make a difference at scale?
  • Ease of use – can a regular person integrate it into their business, or is a developer needed?

But first, let’s look at some of the different use cases for these payment platforms to contextualize our investigation.

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14 Law Office Management Tips to Run an Effective (and Legal) Business

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Law office management is one hell of a tightrope to walk.

On one hand, you’ve got the usual duties of managing a team and dealing with clients. On the other, you have the added pressure of a single mistake changing “business as usual” into a $50 million malpractice lawsuit.

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Now, I won’t claim to have expertise in any legal fields, but what I can do is trawl through hours of research to bring you the best law office management tips on offer.

In this post I’ll cover:

  • Document storage methods
  • Using cloud software (whether it’s appropriate, the benefits, and the risks)
  • Onboarding employees
  • How you can delegate work
  • Onboarding clients
  • How to arrange and conduct effective meetings with clients and employees
  • Security management methods
  • And more…

Read on to find out how you can improve your law practice in terms of efficiency, security, and productivity.
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How to Build an MVP App Without Writing Code

mvp app how to build an mvp app without writing codeWhen you have a great idea for a startup or a service the first thing you desire to do is create it, talk about it, and see what people think.

In creating a minimum viable product, entrepreneurs choose between experiments that can validate or invalidate their assumptions about a business model. – N. Taylor Thompson

These experiments could be anything from interviews with potential customers, trying to build a client base on the promise of a future product, or building a basic version of your idea and testing it in the market.

That last one is what we’re going to focus on. How can you create software to make a product a reality?

For some people, this means sitting down and writing code. Line after line slowly pieces together the idea and shapes details until a version which works exists.

This is how we make software. It’s how we’ve always made software.

However, you wouldn’t think you needed years of coding experience to create a blog. You could just start a Medium account or a Tumblr, or whichever platform is trendy right now.

Because you’re not the only person who wanted to build a blog, other people with greater technical skill developed tools to help you build blogs without needing to code.

This makes it easier and faster for everyone. But it’s not just blogs which you can build without coding.

In this article, we’ll look at a number of different tools you can use to build a whole range of products by pointing and clicking and dragging and dropping.

If you want to make your product a reality, rapidly building a first working iteration is a very useful option to get started!

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The Art of SaaS Review: What SaaS Is and How to Do It Right

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The Art of SaaS shows that even industry veterans are sick of unnecessary jargon and bloated descriptions.

Rather than spending thousands of words (or multiple books) trying to explain every variation of the SaaS model, it draws from the experiences of Dr. Ahmed Bouzid and Dave Rennyson in order to cover all of the basics of a quality SaaS business in less than 60 pages.

art of saas review - book cover

Being so short, an Art of SaaS review might seem redundant at first. Why not just read the book in about an hour and learn what the authors believe to be:

  • What SaaS is
  • The bargain between vendor and user
  • The importance of uptime (and how to maintain it)
  • The three priorities all teams should share
  • The three practices which achieve those priorities
  • The structure of every team, and how they should be managed

Well, in this post I’m going to cover both the core takeaways of The Art of SaaS and the context surrounding the book itself by drawing from other figures in the field.

I’ll show you why this odd little volume is worth reading and what pitfalls to avoid when taking it at face value.

Let’s get started.

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