As I walked the first time to the head office of Thakur International located in Nepal, I received a welcome from the team and led to the introduction of who is who, office tour and conversation with our director about overall company work and the journey.
I was assigned with the first task to do a research on business (BPO) and it's financial importance on business, specially on the modern financial business. This allowed me to read and gain several knowledge about BPO in a wider perspective.
The research topic was kept as a topic and discussion point with the team. The hard working youth collection in that office is immersive when it comes to science, technology and applying into modern business and financial management solutions.
The open discussion and the continued knowledge sharing on those topics assessed several sub-areas. The following are some of them:
Why financial management is important in business?
Applying the management principles into the financial assets systematically with strategic planning, controlling the financial action and determining the direction of the company is what the financial management sector deals with.
This is important to continuously adequate the source of funds of the company, ensure the return rate increases on the company investments, the utilization of funds to be effective and ideal, and to assess the safe and real time investment venture options. This will allow the company to benefit from the financial management in a way:
Handling the inevitable risks: by understanding the investment risk and types.
To tactically plan costs: by identifying each structure of the business as the hiring employee, financial spending, bonuses for the staff and administration, raising capital and many more.
Capital structure formation: including the debt-equity analysis which is for long-term and short-term.
Prepare and execute a budget and manage the cash flow, and so much more.
Why financial management is important in business
What is the important of the BPO management services?
The other topic that caught my attention is the BPO management service specially for modern business. There is no denying how important the BPO service is becoming for many companies nowadays. Since the BPO service providers are increasing, the important question is how can I choose the right partner to collaborate with. I have observed in UIZ team the hard work to provide the value-driven approach to BPO, by providing a service by injecting innovative, market-shaping industry insights that boosts the clients performance.
As of the team, here are the 5 teams the company note regarding BPO:
Plan a clear exit strategy:
Make sure that your agreement includes a clear exit strategy that deals with detail of how outsourced functions should be brought back in-house. This helps to clarify who owns what type of specific assets, the due of compensation and how much the over cost will be.
Clear communication internally:
This aspect is equally sufficient to establish an effective and regular communication within the company. Different departments in the company may particularly have several concerns about their own jobs, but keeping them informed and up to date to the current situation, asking for advice and opening up different communication internally will allow them to be motivated, part of the team and feel responsible in the company. This is important to get the work done, to get new productive ideas and to make the workplace happy.
By taking time to make the right decisions at the right time, make sure you clear up the terms and conditions your stakeholders are working on in the company. This is a call of communication and management skill. Since the business partners and/or clients take their responsibility within a process of carefully studied beneficial business partnership, you will need to consider relevant business agreets as well.
As of the fast change of business because of different reasons, it's necessary to be aware of these changes and to get along by being updated and flexible. The flexibility will help to negotiate the contracts before the end of the terms. This leads to having a flexible contract type which centralised the benefit of both parties.
Commitment for long year cooperation:
Every best outcome is based on commitment to the ideal plan and expected result. As long as the client needs a successful product or service, make sure to keep the client for a longer period. Longer periods of corporations are an assurance of growing and reliable works.
Thakur International have eight years of experience serving on this BPO business. The above mentioned tips are crucial for managing BPO services, although, if these information do not satisfied you, please contact our team for detailed information.