5 Control Systems Every Business Should Implement

 Jenn Livingston
  Apr 11, 2018

If you are a business owner, having control systems is vital to your growth. Without them, you will end up losing out on profits and time. But you need to use the right controls to be successful. Here are controls that every business should implement, no matter what industry they are in:

Sales

Sales is one of the most important parts of any company. Without sales, you can't stay on top. That is why sales is one of the most important areas to put controls into place for. There are many types of controls for sales.

First, there are visual controls. These are scores, numbers, closing ratios, and costs of goods sold after you close the deal. It is crucial that you have these in place so your sales team knows how much they are giving to the company or taking from it depending on how much margin you have. The visual cues act as constant reminders to keep your goals the front of your mind and the costs lower.

Analytical and informational controls are another part of sales. That is why having a CRM is a great way to boost your business. When your team is using a CRM, they can take notes on any conversations with a customer. This ensures they know how far along the pipeline the prospect is.

For instance, it might make more sense to spend time following up with a customer who is near the finish line and almost signing on the dotted line than someone who just got into your funnel. Without a CRM, it is too time-consuming and confusing for your sales team to keep track of it. It also reduces your ability to see who is performing and taking the right actions to produce your sales numbers for that quota.

Marketing

Marketing is part art and part science. You need eye catching visuals like photos and video, which is a design issue and more on the art side. But there is a lot of science to the marketing world and it relates to your costs directly.

If a campaign costs you $100 to run but brings in $1,000 it is a good campaign. But if it costs $10,000 while bringing in $2,000 it is losing you money. Sure the top line revenue seems higher at first but it is a false illusion. Without marketing metrics, you won't know what your actual cost of acquisition is.

Proper analytical software can act as a control. You can see what your conversion rate is on each individual item, whether it is a headline, image, or landing page. This lets you deploy your resources to the best campaigns to keep profits high and costs under control.

Customer Service

Your customer service team is a huge labor cost for the business. But they are necessary. To ensure they are worth their salary, put controls that rate the customer experience on a scale. This lets you see if the outcomes for customer experience are being met.

Accounting

Whether we talk about profit or non profit accounting, bookkeeping is a key component. It is the information that tells you where your money is going and what is coming in. If you don't have proper accounting controls like cash flow analysis and profit and loss statement reviews, you are going to get in deep trouble fast. Not knowing where your money is going, is like not making any money at all.

Growth and Innovation

One of the fastest ways to get your top line up and expenses down is to focus on growth. You should have charts that measure how much business you are generating each quarter and focus on ways to improve it creatively with the whole team.

When it comes to competing in today's marketplace, you have to have the right controls. Otherwise, costs can get out of control. So use the tips above and watch as your profits increase while your expenses reduce over time.

5 Control Systems Every Business Should Implement

Jenn Livingston

I have been in the Real Estate business for a while now, and there have been many things I've learned about business control systems. These systems are essential for every business, no matter the industry you're in. This is why I decided to share some tips about it.

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