There is a reason MBAs are so valuable in a business setting. No matter how well a company can train their team members internally, employees who are MBAs will always have a leg up. MBA programs traditionally cover classes in management, communication, business writing, finance and accounting and marketing. This degree path combines the most valuable career skills into a versatile and esteemed professional. Companies would be well-served to take cues from MBAs in order to improve a business model.
Measure Performance
No matter how successful a business feels, performance is hard to gauge without a specific benchmark. While factors like customer satisfaction and retention are important, they are not necessarily indicators of strong performance. By using numerical values, like a return on investment or profit margin, executives can get a better idea of whether a business is performing up to par or could use a little extra support. Constantly use the analytical skills you learned from your MBA coupled with the help of an analytics software to keep your business up to date.
Organize the Business Model
With the help of an MBA, creating an organizational chart for how your business functions can pinpoint where crossovers or wasted energy may lie. Once you can evaluate where perhaps too many personnel or too few are employed, it will be far easier to assess goals and strategies. A chart isn’t a solution but rather the path to finding one.
Reduce Costs
If the MBAs on your staff have accounting experience, consider putting their business expertise to work to reduce costs. By refining costing systems and using accounting ratios to evaluate business performance, executives can see where profit margins can increase and where an excessive overhead can be adjusted. If you got your MBA in technology management, you will be more valuable to your business in helping them evaluate areas where the business can cut costs through analytic software.
Seek New Customers
Whether it’s breaking into a new market or expanding in the one you are in currently, new customers mean more revenue. Online MBA programs should prepare you and your business to target failing areas and brainstorm marketing ideas to seek out new clients. Some companies focus on improving service and product quality in order to garner more potential customers while others focus more on advertising and spreading the word. While these are all sound methods by which to improve your business ROI, coming up with the means and know how to do so will still be dependent on the person behind the scheme.
Keep Refining and Go Lean
Measuring performance and reorganizing a business once will not create success. With the help of an MBA, your team can stay focused and on track in the long run, not just when it seems convenient. Consistently appraise and evaluate business performance and always look for ways to improve your business.
MBAs are carefully taught to focus on details while still viewing a business from an overarching perspective. By taking lessons from the highly educated business people with MBAs on your staff, your business can become more successful in no time.